Tech Mahindra has agreed to acquire a 100 per cent stake in Com Tec Co IT (CTC), an IT solutions and services provider serving the insurance and financial services industries, for a cash consideration of €310 million, including earnouts (about 4x EV/Sales on annualised CY21E sales). It is also acquiring a 25 per cent stake in SWFT Technologies and Surance for €16.5mn and €3.5mn, respectively, with an option to acquire another 20 per cent stake in the next two years.
PTC Industries has announced the allotment of 20 hectares (50 acres) of land by UPEIDA to PTC's wholly owned subsidiary Aerolloy Technologies (ATL) in Lucknow node of the UP Defence Industrial Corridor. This prime parcel of land is adjacent to the 80 hectares (200 acres) land provided by UPEIDA to Brahmos at the same location. PTC Industries, a manufacturer of high-quality engineering metal components for various critical and super-critical applications for more than five decades, in recent years, has taken a leap towards manufacturing of strategic materials, components and subsystems for various defence and aerospace applications.
Tata Power Renewable Energy, a 100 per cent subsidiary of Tata Power, has announced commissioning of two Solar Power projects of 50 MW each at Prayagraj, and Banda in Uttar Pradesh. The landmark projects have been completed by TPREL within the agreed timelines inspite of Covid challenges. The plants are expected to generate more than 221.26 million units annually
Strides Pharma Science
Strides Pharma Science has announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Oseltamivir Phosphate for Oral Suspension, 6 mg/mL from the United States Food & Drug Administration. The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Tamiflu for Oral Suspension, 6 mg/mL, of Hoffmann-La Roche, Inc. According to IQVIA MAT November 2020 data, the US market for Oseltamivir Phosphate for Oral Suspension, 6 mg/mL was approximately $ 132 million.
Dilip Buildcon has announced that the project “Four laning of Yavatmal to Wardha (Packege-III) section of NH-361 from Km 400.575 to Km 465.500 (design length 64.925 Km) under NHDP Phase-IV on Hybrid Annuity mode in the State of Maharashtra” has been completed. The completion certificate has been issued by the authority on January 17 and has declared the project fit for entry into commercial operation as on January 6, 2022. It also said that four employees who were taken into custody by investigating agency have been released and now nobody from the company is under the custody of investigating agency.
The board of Directors of Aegis Logistics has approved the sale of entire equity holding of 1,00,000 equity shares of ₹10 each of Konkan Storage Systems (Kochi), wholly owned subsidiary of the company to its other wholly owned subsidiary, Aegis Vopak Terminalsat fair value of ₹18.5 a share aggregating to ₹18.50 lakh. Pursuant to the aforesaid transaction, KCPL will cease to be a direct wholly owned subsidiary of the company and will become a step down subsidiary of the company.
The board of Directors of KIC Metaliks has taken on record the capital repair of the existing Mini Blast Furnace around ₹40 crore. The date of shutdown of the MBF will be announced later.
IFB Agro Industries
The board of IFB Agro Industries has approved an investment of up to ₹40 crore in equity shares and/or compulsorily convertible preference shares (CCPS) of IFB Refrigeration in one or more tranches for a minority stake.
The board of Infibeam Avenues will meet on January 31 to consider the unaudited financial results for the quarter and nine months-ended on December 31, 2021, declaration of interim dividend, a proposal of issue of bonus shares, a proposal for issuance of equity shares and/or other securities of the company by way of preferential issue or through any other permissible mode and / or combination thereof as may be considered appropriate. Shares of Infibeam Avenues closed 0.37 per cent higher at ₹40.85 on the BSE.
Anup Engineering, Bajaj Finance, DCM Shriram, Den Networks, EKI Energy Services, Eureka Industries, Just Dial, Jyoti Structures, ICICI Prudential Life Insurance Company, ICICI Securities, Kiran Syntex, L&T Technology Services, Network18 Media & Investments, Newgen Software Technologies, Orosil Smiths, Padam Cottons, Ramkrishna Forgings, Rajratan Global Wires, Shree Ganesh Remedies, Shakti Pumps (India), Star Housing Finance, Swiss Military, Tata Elxsi, Trident and TV18 Broadcast.
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