• Bharti Airtel receives bilateral financing commitments
Bharti Airtel has announced that it has received financing commitments of up to $ 2.5 billion from China Development Bank and Industrial and Commercial Bank of China.
The Company signed the term sheets for the financing options in the presence of Hon'ble Prime Minister of India, Shri Narendra Modi, who is currently on an official visit to China.
• NTPC, DVC owe Rs9,000 crore to Coal India
Power PSU like NTPC and DVC have dues of around Rs9,000 cr. to Coal India. The power generation firms owe huge dues to Coal India as state electricity distribution companies which buys electricity from power PSUs are facing tough financial conditions and in the last one year the situation of these Discoms have not improved. Non-payment of dues by Discoms to power and coal supplier is not sustainable, it would cause a break in supply chain.
• Power transmission projects, revival of ailing discoms to start soon
The government plans to offer Rs1 lakh crore of power transmission projects in next 6-8 months and has also initiated dialogues with states to revive ailing state electricity discoms .Adding long-term transmission capacity and designing customised and innovative financial model for state distribution companies will be the government's focus areas in its second year of operations.
• SC bars Glenmark Pharma from selling copy of diabetes drug
The Supreme Court has blocked Glenmark Pharmaceuticals Ltd from selling copies of U.S. drug maker Merck & Co Inc'sdiabetes drugs Januvia and Janumet. The court has, however, allowed Glenmark to continue to sell existing inventory. Merck sued Glenmark in 2013 for infringing a patent it has on sitagliptin, the chemical compound in Januvia and Janumet. Glenmark sells the medicines under the brand names Zita and Zita-met. The market size of these drugs are pegged at Rs300 crore. The development is sentimentally negative for the company.
• GMR Infra arm inks MoU with Chinese consortium
Kakinada SEZ (KSEZ), a subsidiary of GMR Infrastructure, has signed a memorandum of understanding ( MoU) with Guizhou International Investment Corporation (GIIC), a consortium of three leading Chinese manufacturing companies, to set up a 2,000-acre industrial park for Chinese equipment manufacturing companies.
• Dr Reddy's launches drug for stroke management
Dr Reddy's Laboratories has launched a new drug Somazina in India, in-licensed from Citicoline. The drug is indicated for improving cognitive function in patients who have suffered from stroke or cerebral infraction, or who have undergone a brain surgery or have suffered from head injuries.
• Eros announces first ever Sino-lndian co-production
Eros International Media Limited has announced the launch of its first ever Sino-Indian film, DA TANG XUAN ZANG (Monk Xuanzang) in collaboration with Chinese state owned production company, Chinese Film Corporation (CFC). Eros International becomes the first Indian studio to associate with the Chinese government and co-produce an Indo-Sino film.
• Meijer Inc files complaint against Sun Pharma
Meijer Inc has filed a purported class action complaint on May 12, 2015 against the Sun Pharma and its certain subsidiaries, alleging antitrust and RICO Act violations in connection with Ranbaxy securing market exclusivity as part of the FDA's approval for certain products. However, Sun Pharma has said it is reviewing a complaint filed against it and its subsidiaries by Meijer Inc alleging anti-trust and other violations in connection with Ranbaxy securing market exclusivity for certain products. The development is sentimentally negative for Sun Pharma.
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