Kotak Bank, ING Vysya Bank, Tech Mahindra and Dr. Reddy's to see some action today

Kotak Mahindra Bank has announced that it will acquire Bengalaru-headquartered ING Vysya Bank in an all-stock deal. ING shareholders will get 725 Kotak Bank shares for every 1,000 shares they hold. The deal will make Kotak the fourth-largest private bank in the country in terms of total business. The biggest three are ICICI Bank, HDFC Bank and Axis Bank, in that order. The combined banking entity will have a widespread network of 1,214 branches across the country. The deal will need regulatory approvals, including those from the Reserve Bank of India and Competition Commission of India. The management of the banks expects the new entity to be operational by April 1, 2015. Tech Mahindra has signed a definitive agreement to acquire global Network Services leader Lightbridge Communications Corporation (LCC) for an enterprise value of around $240 million, subject to regulatory approvals. The transaction is expected to close by Q4 of Tech Mahindra’s 2015 Fiscal Year. With this acquisition Tech Mahindra will also be addressing a rapidly growing market opportunity as Telecommunications companies and enterprises accelerate the network upgrade cycle. With Networks increasingly becoming all IP-based and Virtual, software will play a key role in managing the networks of the future. Hyderabad-based pharmaceutical company Dr. Reddy’s Laboratories has launched over-the-counter (OTC) Fexofenadine Hydrochloride and Pseudoephedrine Hydrochloride extended release tablets 60 mg / 120 mg. The allergy relief and nasal decongestant tablets are bioequivalent generic version of Allegra-D 12 Hour. The abbreviated new drug application of Dr. Reddy’s has been approved by the United States Food & Drug Administration (USFDA). The Allegra-D 12 Hour brand has US sales of approximately $49.8 million for the latest 52 weeks ending October 6, 2014. Tata Communications, a leading provider of A New World of Communications, has launched mobile LNS. The new service enables OTTs and cloud communications companies to open their communication ecosystem to telecommunication services such as voice calls and text messages, by assigning dedicated local numbers to their customers in countries of their choice. This allows the OTT’s customer’s contacts or employees in those countries to call and text the customer using a local number - significantly reducing the cost to the contact or employee. It also gives mobile operators a new revenue stream from leasing mobile phone numbers, offering growth opportunities to the entire mobile ecosystem. Aurobindo Pharma will replace about 600 products of Actavis with its own for cost optimization. Early this year, the Hyderabad-based Rs 8,100 crore drug-maker had acquired the commercial operations of Actavis Plc in seven Western European countries for euro 30 million. Aurobindo has already completed the front-end operational integration. In the second phase, it will be switching the Actavis product with Aurobindo’s wherever possible. In the third phase of integration over the next 18 months, Aurobindo plans to move manufacturing of some of the products from Europe to its own units to reduce costs. A rift between the five powerful labour unions at Coal India (CIL) is set to clear the way for Prime Minister Narendra Modi’s government to complete a stake sale in the state company that is critical to hitting budget targets. One of the unions, close to Modi’s Bharatiya Janata Party (BJP), says it has the backing of half of Coal India’s 370,000 workers and will not join a strike to oppose plans to sell 10% of the firm and let private firms to mine and sell coal. The stake sale of CIL could fetch a third of the government’s $9.5 billion annual divestment target. The Coal India offering would follow a 5% stake sale in state-controlled Oil and Natural Gas Corporation, worth $2.8 billion and slated for December. Canara Bank has launched 109 new branches and an equal number of ATMs on the occasion of Founders’ Day. The Bank was founded 109 years ago at Mangalore. The bank is expanding its reach and investing in technology, people and process for faster delivery of products and services to meet expectations of the customers. In the current financial year, the bank opened 875 branches, taking the total number to 5,632, including seven in overseas locations. The bank opened 1,188 ATMs during the year taking the total to 7,500. Sanitaryware Company, HSIL has commenced production at its faucet plant at Kaharani in the Bhiwadi region of Rajasthan. The plant, built with an investment of Rs 120 crore, has the capacity to manufacture 2.5 million pieces a year and is the country’s first bath-fitting plant with robotic technology. The company has recently shifted the production of faucets from Bhiwadi plant to Kaharani plant with effect from November 01, 2014 till the time the company achieve full capacity utilization at Kaharani plant.