Kotak Mahindra Bank in focus as insurance biz gets regulatory nod

Kotak Mahindra Bank (KMBL) after market hours on Friday, 20 November 2015 said that Kotak Mahindra General Insurance Company (Kotak General Insurance) has been granted the certificate of registration to commence business as an Indian insurance company. With this, Kotak General Insurance has completed all registration formalities required by the regulators, KMBL said. Kotak General Insurance has received permission to underwrite all classes of general insurance business (including health insurance), KMBL said in a statement. Kotak General Insurance will initially focus on the retail side of the business comprising motor insurance, health insurance, home insurance and travel insurance. The company will soon expand into the commercial line of business, which includes fire, burglary, marine, etc, KMBL said. At inception, Kotak General Insurance Company has been capitalised at Rs 135 crore, KMBL said in a statement.

Adani Ports and Special Economic Zone and Asian Paints will replace Vedanta and Hindalco Industries as constituents of the 30-share S&P BSE Sensex with effect from 21 December 2015.

Aurobindo Pharma on Saturday, 21 November 2015 said that it has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Sildenafil Tablets, 20 mg. This product is expected to be launched by Q4 March 2016, Aurobindo Pharma said. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product REVATIO (sildenafil citrate) Tablets 20 mg of Pfizer, Inc.

Sildenafil Tablets are used in the treatment of pulmonary arterial hypertension (high blood pressure in the lungs). The approved product has an estimated market size of $80 million in the US for the twelve months ended September 2015, according to IMS data.

Cadila Healthcare after market hours on Friday, 20 November 2015, announced the launch of Tenglyn - Teneligliptin 20 mg tablets, which belongs to a new class of oral anti-diabetic agents, Gliptins. With an aim to make this important therapy affordable and accessible to diabetic patients, Tenglyn is being priced at just Rs 7 per tablet which is almost 1/6th the price at which the Gliptins were initially launched in India, Cadila Healthcare said in a statement.

Crompton Greaves (CG) after market hours on Friday, 20 November 2015, said that the High Court of judicature at Bombay has on 20 November 2015, approved the scheme of demerger of the consumer products business unit of CG into CG's wholly owned subsidiary Crompton Greaves Consumer Electricals (CGCEL). This scheme was approved by the shareholders of CG at the court convened meeting held on 13 August 2015. Upon the effective implementation of the scheme, CGCEL will issue and allot one fully paid-up equity shares of Rs 2 each for every one equity share of Rs 2 each to the shareholders of CG as on the record date.

Bajaj Electricals after market hours on Friday, 20 November 2015 said that its board of directors will meet on Monday, 23 November 2015, inter alia, to consider a proposal to acquire manufacturing business of Hind Lamps (HLL), pursuant to a scheme of arrangement. HLL, an unlisted company incorporated on 30 April 1951, is engaged in the business of manufacturing of glass bulbs, HID bulbs and aluminium caps, having its registered office and manufacturing unit located at Firozabad district in Uttar Pradesh and HID lamps manufacturing unit located at Parwanoo in Himachal Pradesh. HLL has been declared as a sick industrial company by the Board of Industrial and Financial Reconstruction (BIFR), Bajaj Electricals said.

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