Adani signs MoU with Australia's Woodside Energy; stk up
Adani Enterprises has signed a memorandum of understanding ( MoU) with Australian energy major Woodside Energy for cooperation for exploring business opportunities across a broad spectrum in oil and gas sector in India, as part of the Vibrant Gujarat initiative.
LIC likely to exit mutual fund JV, pare stake in LIC Housing
LIC is considering exiting from its mutual fund joint venture with Nomura, and paring its stake in LIC Housing Finance. LIC holds 45% stake in LIC –Nomura MF and 40% in LIC housing finance (LIC housing also holds 20% in LIC-Nomura MF).
Reliance announces investment intention of over Rs100,000 crore
Reliance Industries announced investment intention of over Rs100,000 crore over the next 12-18 months in Gujarat.Further, it is indicated that the company plans to partner with thousands of small businesses to expand in retail and digital services.
Tech Mahindra gains on acquiring SOFGEN Holdings
Tech Mahindra signed a definitive agreement to acquire Switzerland-based niche consulting and services company SOFGEN Holdings. The transaction is expected to close by March 2015, subject to regulatory approvals. The acquisition will add USD 45 million to the revenue. SOFGEN has a worldwide presence specializing in private, commercial and retail banking and has around 20 Tier-I clients across geographies.
Romania to develop new drugs with Indian pharma companies
Romania's state-owned drug agency 'Antibiotice Iasi' will collaborate with Aurobindo Pharma to develop anti-viral medicines; Macleods Pharma for tuberculosis and Cipla for cancer medicine.
The value of bilateral trade between Indian and Romania is estimated at USD 3 million in pharma sector, which will be increased in near future.
Bajaj Corp jumps 4% on robust Q3 revenue growth
Bajaj Corp revenues grew by ~30% to Rs205.8crore, driven by volume growth ~21% in Q3FY2015.The volume growth of flagship brand Bajaj Almond drop hair oil stood at 19%. Nomarks brand contributed around Rs14crore during the quarter. The gross margins improved by almost 200BPS to 62.6% and the operating margins improved by 120BPS yoy to 28.7%. The PAT before exceptional item grew by 30%yoy to Rs51.2crore, largely in-line with strong top-line growth.
Infosys' US based subsidiary aids in improving healthcare access
Infosys announced that its US based subsidiary, Infosys Public Services has successfully implemented a premium billing and payments solution, Benaissance's ExchangePoint financial management platform, for L.A. Care Health Plan, the largest publicly operated health plan in the US serving more than than 1.6 million members.
Ranbaxy sued by Novartis for challenging patent on Gleevec
Ranbaxy has submitted an Abbreviated New Drug Application (ANDA) to the USFDA to pursue the creation of a generic form of the Gleevec drug, which under patent. This has prompted the Novartis (innovator) to file suit against Ranbaxy. Gleevec (chemical name: Imatinib mesylate) is used to treat chronic myeloid leukemia generates close to US$2bn of revenue in US.
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