Cipla in spotlight after signing agreement with MPP for TAF

Cipla after market hours on Thursday, 25 September 2014, said that the medicines patent pool (MPP) announced six new sub-licences with Cipla, Aurobindo, Desano, Emcure, Hetero Labs and Laurus Labs to allow generic manufacture of tenofovir alafenamide fumarate (TAF) for HIV treatment in 112 developing countries. MPP's announcement comes one day after Gilead released positive results on two of its TAF Phase III studies, suggesting that the medicine has the potential to play a large role in the international community's efforts to scale-up HIV treatment, the statement from MPP and Cipla said.

JSW Energy (JSW) and Jaiprakash Power Ventures (JPVL), announced the signing of binding Memorandum of Understanding (MoU), for the 100% acquisition by JSW of three operational plants of JPVL, namely 300 MW Baspa-II Hydro Electric Plant, 1091 MW Karcham Wangtoo Hydro Electric Plant and 500 MW Bina Thermal Power Plant.

Hindalco Industries after market hours on Thursday, 25 September 2014, issued a clarification with regard to the Supreme Court cancelling coal block allocations. The company said that at a suggested levy of Rs 295 per tonne on coal, the total one time impact on the company would be around Rs 500 crore. In any case, the company was not expecting the captive coal immediately and it has plans to operate on purchased coal. The only incremental impact because of the cancelation of coal blocks would be on the cost of production at Hirakud smelter starting April 2015, which is not expected to be significant, Hindalco Industries said.

Hindalco Industries said during market hours on Thursday, 25 September 2014, that the company had been allocated four coal blocks namely, Mahan coal block jointly with Essar Power, Tubed coal block jointly with Tata Power, Talabira II & III coal blocks jointly with Mahanadi Coal Fields and Neyveli Lignite Corporation and Talabira I coal block. Mahan, Tubed and Talabira II & III Coal blocks are not yet in operation while Talabira I coal block feeds coal to the power plant which supplies power to company's Hirakud Smelter.

Shares of Jindal Steel & Power (JSPL) have been hit adversely by the Supreme Court's decision to cancel most coal blocks allocated since 1993 as the company has operating coal blocks which stand cancelled. JSPL after trading hours on Thursday, 25 September 2014, said that the management is in the process of evaluating the impact of the Supreme Court's decision.

Usha Martin after market hours on Thursday, 25 September 2014 issued a clarification with regard to news item titled "SC cancels all but four coal block allocations" Usha Martin said that as per order of Supreme Court of India, the company's operating coal mine at Kathautia, Daltonganj in Jharkhand allotted in 2003 by the Government with initial estimated deposit of 30 Mn T and annual production of 800,000 T stands cancelled. As per this order, the company will have to wind up its operations and handover the mine to the Government by March, 2015. Also, the company will be required to pay to the Government at Rs 295 per MT on its coal production including about 2 Mn T upto March 2014, Usha Martin said. Post de-allocation, the company will meet its requirement of coal from alternative sources which will impact its cost of production and profitability, the company added. The extent of such impact would be worked out in due course, it said. The company would wait to develop clarity about process of handover and about investments it has made to make the coal mine operative, Usha Martin said. To the extent of non/under recovery, such investments may have to be written off, it said. The other coal block viz. Lohari coal block, which was allotted to the company but yet to be made operational, would also be cancelled as per Supreme Court order, Usha Martin said.

The board of Multi Commodity Exchange of India (MCX) has approved the Master Amendment to Principal Agreements to be entered into between MCX and Financial Technologies (India) (FTIL) for availing Technology support & Managed Services on such terms & conditions as contained therein. Pursuant to this agreement, MCX will continue to avail technology support and managed services from FTIL.

The board of Hindustan Motors will meet on 29 September 2014, to consider allotment of equity shares and non-convertible debentures to the lenders (banks and financial institutions) on preferential basis as approved by Corporate Debt Restructuring Empowered Group.

Upper Ganges Sugar & Industries has allotted 30 lakh non-convertible cumulative redeemable preference shares having face value of Rs 100 each on 25 September 2014 on private placement basis to Chambal Fertilizers & Chemicals.

JK Tyre & Industries said its board approved 1-for-5 stock split.

The board of Bajaj Hindusthan approved changing the name of the company to Northern India Sugar.

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