Ranbaxy, Coromandel International and Coal India to see some action today

European health regulator has lifted suspension imposed on export of drugs produced at Ranbaxy Laboratories’ Toansa plant to the EU stating medicines produced at the site posed no risk to public health despite having a number of manufacturing deficiencies. The European Medicines Agency (EMA) stated that European regulatory authorities have finalized their assessment of reported non-compliance with Good Manufacturing Practice (GMP) at the Toansa plant. As a consequence, the EU authorities will reinstate the GMP certificate which was suspended in January 2014. The certificate will be re-entered into EudraGMDP, the EU database that contains GMP certificates. Ranbaxy had voluntarily suspended exports from the Toansa plant to the EU in January 2014 after US Food and Drug Administration (USFDA) had banned the company from exporting drugs produced at the plant to be sold in the US. Coromandel International, a Murugappa group company, has entered into a joint venture with Yanmar & Co and Mitsui Trading for manufacturing and marketing farm machinery. Coromandel and Yanmar will hold 40 percent stake each and Mitsui 20 percent. The said JV will initially manufacture the Yanmar brand of mini-harvesters, planters and rotavators for paddy cultivation and then expand its range to include equipment for other crops, including sugarcane and vegetables. The machinery will target small farmers, a segment in which Japanese manufacturer Yanmar has a strong presence. The equipment will be sold and leased to farmers through Coromandel International’s Gromor chain of rural market outlets. Coal India (CIL) is planning a Rs 10,000-crore joint venture along withGAIL India, Rashtriya Chemicals & Fertilizers (RCF) and The Fertilizer Corporation of India (FCIL) to set up a urea and ammonium nitrate chemicals complex that will run on gasified coal. Coal India has appointed Projects and Development India (PDIL) to conduct a feasibility study on the project. The plan is to use around 6 million tonnes of coal from coalfields at Talcher in Odisha and manufacture about 3 lakh tonnes of urea annually and around 300-400 tonnes of ammonium nitrate per day. GAIL will be responsible for sourcing, from global suppliers, the technology for manufacturing ammonium nitrate and urea using gasified coal. The complex will come up at Fertilizer Corporation's land at Talcher, which houses a shut fertilizer plant. Bharti Airtel has entered into tie-up with African telecom operators Tigo and Zantel for providing customers in Tanzania mobile money transfer service across networks. The service is expected to start this month. Following this agreement, customers of the three firms will be able to send money by mobile to each other by using Airtel Money, Tigo Pesa or EzyPesa. This is the first agreement in Africa to adopt such interoperability whereby mobile network operators allow their customers to send and receive money across their networks and the e-money goes directly to the respective customer’s e-wallet account. HCL and Infosys are in the race for a $150-200 million contract from the US-based Rockwell Automation, an automation equipment and software maker. The contract is for modernizing IT infrastructure commonly known as IMS (infrastructure management services) and creating cloud eco-system hub for Rockwell Automation. If Infosys bags the contract, it will be its biggest during the last two fiscals. IMS is one of the fastest growing businesses for the IT sector. In the 2014 fiscal, this vertical contributed 7.1 percent to Infosys’ revenues. Wockhardt is recalling over 8,000 bottles of anti-hypertension drug Metoprolol Succinate extended-release tablets in the US market following failure of a dissolution test. According to US Food and Drug Administration (USFDA), Wockhardt USA Inc, a subsidiary of Mumbai-based firm is voluntarily recalling 8,712 bottles of the drug in the American market. The nationwide recall was initiated on April 10. The 100 mg tablets in 100-count bottles were manufactured by Wockhardt and distributed in the US market by Wockhardt USA Inc. The withdrawal was classified as a Class-II recall, which the FDA defines as a situation in which use of or exposure to the product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote. Mahindra & Mahindra (M&M) has launched the limited edition XUV500 Sportz built on its W8 model. It has been priced at Rs. 13.68 lakh (ex-showroom Pune). The features of the XUV500 Sportz include unique alloy wheels with signature red inserts, rear-view camera, leather-fabric seats, fog lamps and door handles with red accents. This new offering of ‘XUV500 Sportz’ aligns with the company’s leadership position in Indian motor sports & rallying and reflects it’s ‘Sporty’ DNA very well. KIOCL will operate and maintain iron ore beneficiation and pellet plants for NMDC at Donimalai in Karnataka. KIOCL has got an edge over other public sector undertakings with an experience of running such plants for more than two decades. To begin with, NMDC’s 1.89 million tonnes per annum beneficiation plant and 1.2 mtpa pellet plant have been finalized at Donimalai. Besides, the state-run iron ore miner has increased iron ore lumps prices for the month of June by 7%. Besides, it has also upped the iron ore fine prices for the month under review by 8.6%. Gammon India’s promoters and their affiliates will bring in about Rs 100 crore as Promoter Contribution by subscribing to equity shares allotted to them on a preferential basis so that the debt restructuring package, which has been approved by lenders, can be implemented. The board of directors of the company has approved the issue of 36,968,575 equity shares of Rs 2 face value each at a price of Rs 27.05 per equity share on a preferential basis to the promoters and their affiliates. Gammon India’s debt that needs restructuring aggregates about Rs 14,800 crore. The issue and allotment will be subject to the approval of the CDR lenders and also the shareholders.