• M&M expands automotive plant at Zaheerabad
Mahindra & Mahindra ( M&M), India's largest maker of utility vehicles and tractors, opened its extended automobile manufacturing facility at Zaheerabad in Telangana on Wednesday.The facility, which was expanded with an investment of Rs250 crore, comes with an enhanced production capacity of 92,000 vehicles a year, while the overall plant capacity will be 140,000 units per year.
• Claris gets USFDA supplemental nod for Fluconazole injection
Drug firm Claris Life science has received supplemental approval from the US health regulator to market Fluconazole injection in 50 ml PVC bags, used for treating fungal infections, in the American market.
The firm is already marketing Fluconazole in 2 mg/ml formulation packed in 100 ml and 200 ml PVC bags. At present, the company has 13 approved ANDAs while 25 ANDAs are in the registration pipeline.
• Coal India to invest Rs5000 crore to procure wagons
Coal India is in talks with the Indian Railways for an investment of Rs 5,000 crore to procure wagons that carry coal. Coal India had approved a plan to acquire 2,000 railway wagons in December, with a total plan to procure 9,500 wagons. This would be positive for the Coal India in long run, as the supply of coal could improve as wagon availability has been mentioned as one of the constraint several times. Apart from that it’s a good news for wagon players like Texmaco.
• Godrej Consumers expects 6x increase in Africa business
Godrej Consumer Products expects 6x increase in Africa business revenues 15% of consolidated revenues) by 2020 through strategic acquisitions and new product launches – augurs well for GCPL from long term perspective. Godrej Consumer Products Limited (GCPL) proposes to increase its African business revenues (15% of consolidated revenues and 30% of international business revenues) six times by 2020 from around Rs1,200 crore now through aggressive acquisition of local brands.
• Mahindra Reva slashes prices for electric car e2o to Rs1.77 lakh
Mahindra Reva has slashed the prices for its electric car e2o by up to Rs1.77 lakh. The price reduction is on account of the incentive available from the Central government under the FAME (Faster Adoption and Manufacture of Electric vehicles) initiative and is expected to spur some demand for the product and hence is positive for M&M.
• ITC in talks to buy Century's paper business
India's largest cigarette maker, is in talks with Century Textile and Industries to buy its paper division in a bid to diversify revenue to non-tobacco businesses, as per reports. In separate transactions, Century's textile division will be merged with Aditya Birla Nuvo and the cement unit will be merged with UltraTech Cement, as part of the company's restructuring, reports. Axis Bank is advising Century Textile on the restructuring process, reports.
• Deepak Nitrite issues Commercial Papers worth Rs60 crores
Deepak Nitrite Ltd has issued Commercial Papers (CP) aggregating to Rs60 crores value dated April 17, 2015. These have been subscribed by HDFC Bank Limited for Rs30 crores each with maturity date on July 16, 2015 and September 04, 2015. The aforesaid issuance of CP is to fund working capital requirement of the Company.
• Government clears pending urea subsidy of Rs27477 crore
The Government has cleared pending subsidy payments of Rs 27477 crore to indigenous urea manufacturers for 2014-15. There was an estimated shortage of funds for payment of subsidy on indigenous urea to the tune of Rs27477 crore in 2014-15 due to carried-over liability. However, after allocation of funds the pending subsidy claims on indigenous urea are being cleared. Government is not considering to revise the Nutrient-Based Subsidy Scheme.
• Century Textiles to spin off cement business, merge UltraTech
As per media reports Century Textiles to spin off cement business, merge UltraTech in all-share deal: Positive for the Ultratech Cement. Century Textiles will carve out its cement business and merge it in an all-share deal with UltraTech, The enterprise value of Century's cement business has been put at Rs10,500 crore. The merged entity's capacity would add up to 87 million tonnes. Post merger, UltraTech will gain access to the eastern market while strengthening its presence in Maharashtra, Chhattisgarh and Madhya Pradesh.
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