Adani Ports board approves share buyback at Rs500/share
Adani Ports and Special Economic Zone said in the filing on Tuesday that the company board has approved the proposal for the buy-back by the company of up to 3.92cr equity shares from the equity shareholders of the company as on June 21, 2019, at a price of Rs500 per equity share for an aggregate amount not exceeding Rs1, 960cr.
The board also, recommended a final dividend at 10% per equity share of Rs2 each for the financial year ended March 31, 2019 subject to the approval of the shareholders at the ensuing Annual General Meeting.
BHEL order for 25 electric locomotives from Indian Railways
In a major technological leap towards modernisation of Indian Railways' existing fleet of conventional DC Traction Motor driven Electric Locomotives, Bharat Heavy Electricals Limited (BHEL) has successfully developed a Regenerative System for retro-fitment in these locos to make them energy efficient. Following the successful development, Indian Railways has placed an order on BHEL for 25 nos. Broad Gauge 5000 HP AC Electric Locomotives of type WAG-7 with the regenerative feature.
A pioneer in the transportation sector, BHEL has been working very closely with Indian Railways for the last six decades to meet their requirement of electric propulsion equipment for rolling stock and mainline electric locomotives. BHEL has already supplied 20 nos. 6000 HP WAG-9H Electric Locomotives last year and 10 more locomotives will be supplied this year. The company has augmented its capability to manufacture and supply around 100 locomotives per annum.
GE Power India wins order from Aravali Power
GE Power India has been awarded a contract worth Rs738.3cr by Aravali Power Company Private Limited (a Joint venture company of NTPC Ltd., Haryana Power Generation Company Ltd. and Indraprastha Power Generation Company Ltd.).
The contract is for design, engineering, civil work, supply, erection and commissioning of wet FGD (Flue Gas Desulphurisation) systems along with auxiliaries like limestone and gypsum handling system and wet stack on full turnkey basis.
Airtel Africa intends to list shares on London Stock Exchange
Airtel Africa Limited (Airtel Africa), a subsidiary of Bharti Airtel has informed about its intention to proceed with an initial public offering (the "IPO" or the "Offer"), for admission and listing of its shares on the main market of the London Stock Exchange (Premium Segment).
The Offer is targeted to raise USD 750 million (plus a primary greenshoe option of up to 15%) and will be used to reduce the net debt.
Further, Airtel Africa is also considering listing of its shares on the Nigerian Stock Exchange.
Dr Reddy re-launches Zenatane in US
Dr. Reddy, in a press note to the exchanges, informed that the company has re-launched Zenatane (Isotretinoin Capsules, USP), 10 mg, 20 mg, 30 mg and 40 mg a therapeutic equivalent generic version of Accutane, approve by the USFDA in US market.
The company has launched it with an approved Risk Evaluation and Mitigation Strategy (REMS) Program, Dr. Reddy said in a press note released after markets hours to the exchanges on Monday.
According to IQVIA Health, the Zenatane (Isotretinoin Capsules, USP), 10 mg, 20 mg, 30 mg, and 40 mg brand and generic had US sales of ~$525mn MAT for the most recent twelve months ending in March 2019.
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