ICICI Bank, Axis Bank: Global ratings agency Moody’s Investors Service updated the core credit ratings of ICICI Bank and Axis Bank, reflecting improving credit fundamentals, particularly asset quality. The global rating agency has updated the base credit ratings (BCA) from baa3 to ba1.
Quote: The big pharmaceutical company said it would acquire a 21.05% stake for Rs 25 crore in Achira Labs Pvt Ltd, which is engaged in the development and commercialization of point-of-care (PoC) medical test kits in India. . The company has signed definitive agreements with Achira Labs to this effect.
Adani Wilmar: Recently listed company FMCG has slashed prices of its edible oils by Rs 10 following the government’s decision to reduce import duties on the product. Stocks with new prices will hit the market soon.
Delhitrès: The integrated logistics player said it has launched a “guaranteed same-day delivery” service in 15 key cities across the country to help direct-to-consumer (D2C) brands deliver their orders the same day. Under the new service, orders received by 3 p.m. will be delivered the same day.
Canara Bank: The state-run lender, which recorded more than double its net profit in the fiscal year ending March 2022, aims to further improve its results by focusing on advances in retail, large and small businesses, coupled with a greater focus on digitization.
Aurobindo Pharma: The drugmaker has acquired a 51% stake in GLS Pharma, which operates in the field of oncology and has a manufacturing plant in Hyderabad. The acquisition cost for a 51% stake is Rs 28.05 crore.
Poonawalla Fincorp: Two people sold shares of principal NBFC for Rs 120 crore through an open market transaction. According to data from the block deal, Sanjay Chamria and Mayank Poddar sold a total of 52.48 lakh shares of
. The shares were sold at an average price of Rs 229 each.
Alkem Laboratories: The pharmaceutical company received Form 483 with three observations after inspection of its US unit. The United States Food and Drug Administration (FDA) inspected the company’s manufacturing facility in St Louis from June 6-17, 2022.
Union Bank of India: The public lender said it has raised interest rates on time deposits across all maturity bands. The new rates apply to various tenors for domestic term deposits, non-resident ordinary term deposits (NRO) and non-resident external term deposits (NRE).
Nazara Technologies: The Rakesh Jhunjhunwala-backed gaming company has decided to make a new strategic investment of up to Rs 20.1 crore in hardware subsidiary Absolute Sports by acquiring shares in developer Porush Jain and up to Rs 10 crore in Brandscale Innovations in subscribing to debentures that may be convertible into one or more tranches.
Zydus Wellness: The pharmaceutical company said it would halt operations at its Sitarganj production plant in Uttarakhand as part of an exercise to optimize the manufacturing network and supply chain. The company’s board of directors at its meeting passed a resolution to cease operations at the Sitarganj manufacturing plant with effect from June 18, 2022.
Engineers India: The state-run engineering company won three separate projects in the specialty chemicals, sunrise and infrastructure sectors. It will provide consultancy services and the estimated order value of these projects is around Rs 80 crore.
Dilip Buildcon: Joint venture of construction companies RBL-DBL has been declared L-1 bidder for the Surat Rail Metro project in Gujarat. The order is worth Rs 1,061 crore. The company has also received the Certificate of Completion for two road projects in Karnataka.
PTC India: The electricity trading company said it has signed a pact with Greenstat Hydrogen India Pvt Ltd to jointly develop green hydrogen solutions for beneficiaries in the Indian electricity market. Greenstat Hydrogen India Pvt Ltd (GHIPL) is a subsidiary of the Norwegian energy company Greenstat ASA.
Aster DM Health: The health service company said it plans to invest more than Rs 500 crore to set up a 550-bed super specialty hospital at Thiruvananthapuram in Kerala. The hospital will have a capacity of 350 beds in the first phase and is expected to be operational by FY26.
Max Ventures and Industries: The holding company has completed the acquisition of Accord Hotels and Resorts. The company’s subsidiary, Max Estates, has completed the acquisition of Accord Hotels and Resorts. The acquisition cost is Rs 293 crore. With this, Accord Hotels and Resorts becomes a wholly owned subsidiary of Max Ventures.
Vadilal Industries: The ice cream and dairy company, through its subsidiary
USAc, acquired KKC, a glacier operator Krishna Krupa Corporation, USA (KKC) for a share subscription, for $0.25 million, which would allow the subsidiary to hold up to 100% of the voting rights in KKC.
Kesoram Industries: The BK Birla Group company, on the back of healthy cash flow, said it plans to increase installed cement production capacity to 15 million tonnes from the current 11 million tonnes.
Bank of South India: The private sector lender has raised the marginal cost of fund-based lending rates by up to 0.20% over different terms, effective Monday. The incremental cost of funds-based lending rates (MCLR) applicable for multiple maturities has been revised with effect from June 20, 2022.
Co: The construction and engineering actor said it placed an Rs 110 crore pipe order in Rajasthan. The company said it got the work order from Ajmer’s Public Health Engineering Department. The project must be completed within 15 months of signing the agreement.