Tuesday 3 February 2015

Top corporate news of the day - February 03, 2015

Drug major Lupin has received approval from the US health regulator to sell a generic version of Vancocin capsules, used in treating diarrhoea, in the American market


SpiceJet said it will launch two daily return flights from New Delhi for Varanasi from March one.
 
Alstom T&D India has commissioned a substation in Anta, Rajasthan, that will help in more efficient evacuation of electricity from three power plants in the state.
 
Drug major Lupin has received approval from the US health regulator to sell a generic version of Vancocin capsules, used in treating diarrhoea, in the American market.
 
Sun Pharma and Ranbaxy have got the nod for their USD4bn merger from US Federal Trade Commission (FTC), which terminated a key waiting period clause, paving way for the two firms to fast-track their deal.
 
Bank of Maharashtra is planning to scale down the share of corporate loans to 60% of the total credit portfolio during the current financial year, from the 70% level.
 
Reliance Industries Limited (RIL) has applied for a payments bank licence with country's largest bank State Bank of India (SBI).
 
Kokuyo Camlin, has started construction work for its new facility at Patalganga, Maharashtra. The facility, constructed over 14 acres, will be one of the biggest facilities for Kokuyo worldwide. The upcoming facility - which will manufacture markers, mechanical pencils, fine leads, pens and other stationery products - is expected to commence its operations in 2016. 
 
Indian Oil Corporation Ltd (IOC) is planning to invest Rs53.02bn in three projects to augment pipeline networks for LPG and refinery products.
 
Essar Oil has sold a rare jet fuel cargo of 37,000 tones for export. The cargo was likely sold to BP at a premium of 50 cents a barrel to Middle East. It usually exports gasoil and usually sells the jet fuel it refines to local customers. 
 
Voltas is considering expanding into other product categories like electronics and consumer durables. 

SAIL has decided to ramp up capacity of Rourkela Steel Plant (RSP) to 10.8 million tonne (mt) by 2025 from the present 4.5 mt. 
 
Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks, under rules meant to put basic banking within the reach of hundreds of millions. 
 
French vaccine manufacturer Sanofi, though its Indian entity Shantha Biotechnics, will set up an insulin production facility in Telangana, involving an investment of Rs4.60bn. 
 
The government plans to sell another 5% of Coal India over the next few months, after raising about Rs230bn by divesting a 10% stake through a public offer that scraped through last week with generous support from the Life Insurance Corporation and domestic funds. 

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