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DAILY CORPORATE NEWS
Reliance Brands looks for alliances in beauty segment
Reliance Brands, a unit of Reliance Industries, is looking for alliances in the beauty and children’s wear segments with international brands as it tries to enter these segments. – Positive for RIL
Coal India, GAIL, RCF and FCL enter into a JV
Coal India, GAIL, RCF and Fertilizer Corporation of India Limited ( FCL) have entered into a Joint Venture Agreement on October 27, 2015 for incorporation of a Company namely 'RASHTRIYA COAL GAS FERTILIZERS LIMITED', to establish and operate new coal gasification based Fertilizer Complex (Ammonia Urea Complex) at Talcher along with power plant and associated facilities at Talcher unit of FCIL and to market its products.
Max Healthcare buys BK Modi’s Saket City Hospital
Max Healthcare, an equal joint venture between Max India and South Africa-based Life Healthcare, will acquire a 51% stake in Saket City Hospital from BK Modi Group company. The value of the transaction was not disclosed the media reports suggest enterprise value of Rs700 for Sake City hospital (SCH). The company plans to expand the number of beds from 290 to 900 in SCH. In May 2015, the company had acquired 76% stake in Delhi based Pushapanjali hospital (340 beds) for Rs290 crore.
Sun Pharma recalls over 10 lakh boxes of allergy drug in US
Sun Pharma is recalling over ten lakh boxes of its anti-allergic Loratadine drug from the US market as the lot was found to be 'super potent' and 'out of specification'. Loratadine is an antihistamine and is used to treat the symptoms of allergies, such as sneezing, watery eyes, and runny nose. Sentimentally negative.
Government mulls over raising foreign investment cap for PSU Banks
The Government is considering a proposal to increase the maximum amount that foreign investors can own in public sector banks (PSB) to 49% from the current 20%. A higher cap would help PSBs in raising equity to comply with Basel III regulatory standards. An increased in FII limits will be positive for PSU Banks for long term though in near term higher government holding and subdued performance has weakened investor sentiments towards PSU banks.
Hero MotoCorp launches new scooter Duet in southern markets
Hero MotoCorp has launched its first metal bodied scooter Duet in the southern markets. The Duet has been priced at Rs48,000 for the LX version and Rs49,900 for the VX version (ex-showroom Bangalore).
The Duet has been built on a new chasis and engine platform. The vehicle has features such as external fuel filling, telescopic front suspension and charging point. The Duet will compete against the Honda Activa and the TVS Jupiter.
Novartis drops on USFDA warning letter for two plants
Sandoz, the generic drug arm of Swiss drug major Novartis, has received a warning letter from the US health regulator for violations of current good manufacturing practice (cGMP) norms at its two plants; namely Kalwe and Turbhe. At Turbhe, Sandoz mainly produces active pharmaceutical ingredients. In Kalwe oral solid dosages or tablets are produced. Negative news for the company.
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