TOP CORPORATE NEWS
Glenmark gets tentative USFDA approval for epilepsy drug
Glenmark Pharma Arm Glenmark Generics has received US FDA’s tentative approval for epilepsy drug Rufinamide. The market size of the drug is not immediately known.
Recently, Eisai Inc have entered into a settlement agreement with Glenmark Pharmaceuticals, which allowed Glenmark to launch generic version of this drug after May 2022 or earlier in certain circumstances.
Techno Electric sells wind assets worth Rs215 cr
Power generation was not the core business of the company and accordingly it had decided to focus on transmission and distribution (power). Techno Electric had invested Rs350 crore in 2008-09 and another Rs650 crore in 2011-12 towards creation of these wind assets.
Rane group to invest Rs220 crore for capacity expansion
As per media reports, the Rane Group will be investing close to Rs220 crore in FY16 to augment capacity especially in Rane Madras and airbag manufacturing capacity in Chennai.The company is also looking at acquisitions in the aerospace business and targets a contribution of 10% from aerospace in five years. Positive for Rane Holdings and Rane Madras.
Tata Motors to launch next generation Nano
Tata Motors to launch the next generation Nano. The vehicle is expected to be priced between Rs2.25 lakh and Rs2.99 lakh and will have and AMT (automatic manual transmission) as an option in addition to an open able boot space.
Suzlon wins order for 98 MW project in Telangana
Suzlon won order for the sale of equipment for 98 MW project in Telangana – Positive for Suzlon My trah Energy has awarded Suzlon equipment sale contract for 98MW project in Telangana Suzlon will install 47 wind turbine generator (WTGs) with capacity of 2.1MW each. The project is the 3 rd repeat order awarded by My trah to Suzlon Energy. Suzlon has already commissioned 310MW wind energy project for My trah so far and 205 MW is under execution in Rajasthan, Maharashtra & Andhra Pradesh.
SpiceJet in talks raise funds worth Rs900 crore
SpiceJet is planning to raise $150 million (over Rs900 crore) in debt or equity and is in discussions with private equity firms and banks for the same. The funds will be used as working capital and to repay dues, the airline said. SpiceJet underwent a change in ownership in January with founder-promoter Ajay Singh stepping in as chairman. It then received a Rs 400 crore infusion and is undergoing fleet expansion after a difficult winter season, which saw grounding of aircraft, curtailment of schedule and cancellation of flights.
Crompton wins turnkey project in Germany
Crompton Greaves has won order for turnkey supply an installations of HV offshore substation for the 400 MW at Veja Mate offshore project in Germany. The value of the order is not being disclosed yet.
NBCC signs MoU with NAWADCO for development of properties
National Buildings Construction Corporation ( NBCC) has executed project specific Memorandum of Understanding (MoU) with NAWADCO for the development of four properties of WAQF Board, worth Rs398 crore. The four properties are Gulistan Shadi Mahal, Masjid-e-Mavalli, Dargah Hazrat Attaullah Shah in Bangalore and Takiya Chand Shah in Jodhpur.
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