Bharti Airtel gains 2.5% post acquisition of Tikona Digital Networks
Shares of Bharti Airtel gained 2.5% on Thursday after the company completed amalgamation of Bharti Digital Networks (formerly known as Tikona Digital Networks Private Limited) with Bharti Airtel Limited.
"The amalgamation completed upon the filing of Certified True Copy of the Order of the Hon'ble National Company Law Tribunal (NCL T), New Delhi with the Registrar of Companies (RoC)," the company said in a press note after markets hours to the exchanges on Wednesday.
Tata Power gets LOA from GUVNL to develop 100 MW Solar Project in Gujarat
Tata Power, India largest integrated power company, announced that Tata Power Renewable Energy Limited (TPREL), the Company wholly owned subsidiary, has received a Letter of Award (LOA) from Gujarat Urja Vikas Nigam Limited (GUVNL) on 28th May 2019 to develop a 100 MW solar project in Raghanesda Solar Park of Gujarat.
The energy will be supplied to GUVNL under a Power Purchase Agreement (PPA) valid for a period of 25 years from the scheduled commercial operation date. The Company has won this capacity in a bid announced by GUVNL in March 2019. The project has to be commissioned within 15 months from the date of execution of the PPA.
Glenmark gains after Q4 net profit rises by 6.62%
Glenmark Pharmaceuticals registered a 6.6% increase in its consolidated net profit at Rs161.66cr in Q4FY19. The company had posted a net profit of Rs151.62cr for the corresponding period previous fiscal.
The company consolidated revenue came in at Rs2, 563.47cr in Q4, the pharma company said in the filing.
For the fiscal year ended March this year, the company posted a net profit of Rs924.99cr as against Rs803.87cr for the previous fiscal.
Natco settles generic Carfilzomib Injection patent litigation in US
Natco Pharma has reached a settlement agreement with Onyx Therapeutics, Inc. on patent litigation related to generic versions of 10mg, 30mg and 60mg of Kyprolis. NATCO has partnered with Breckenridge Pharmaceutical, Inc., who will market the product in the United States, the company said in the filing.
The parties have reached a Settlement Agreement and the District Court case has been dismissed. By virtue of the settlement, NATCO and Breckenridge have been granted a license permitting the launch of their generic carfilzomib product on a date that is held as confidential in 2027 or sooner depending on certain occurrences. The parties cannot make further comment as to the terms of the Settlement Agreement.
IDBI Bank plans to sell MF business
IDBI Bank has initiated process of selling its mutual fund business, a livemint report stated.
As per the report, the bank has appointed ICICI Securities Ltd to advise it on a 100% sale of its mutual fund business to IDBI Asset Management Ltd and IDBI MF Trustee Co. Ltd. The bank has invited expression of interest from buyers by 10 June.
The bank mutual fund business has assets under management (AUM) of more than Rs9, 000cr.
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