NTPC in spotlight after signing MoU with AP Govt

NTPC after market hours on Tuesday, 16 September 2014 said that the company has signed a MoU with Government of Andhra Pradesh (GoAP) to develop 1000 megawatt (MW) Solar Power Project(s) at suitable sites identified by GoAP in a phased manner. The projects will be implemented on Build-Own-Operate basis in the State of Andhra Pradesh, NTPC said.

Apollo Tyres said that Apollo Tyres Africa Proprietary, a wholly-owned step subsidiary of the company in South Africa has voluntarily initiated business rescue proceedings and has appointed a specialist to re-structure its operations and to secure best value for all stakeholders. The evaluation by such specialist will decide the future course of action for the company in South Africa.

IDFC said that the Capital raise committee of directors of the company has approved the allotment of 7.30 crore equity shares at Rs 137 per share, aggregating to Rs 1000.10 crore, to qualified institutional buyers.

Aurobindo Pharma after market hours on Tuesday, 16 September 2014 said that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Amoxicillin for Oral Suspension USP 125mg/5mL and 250mg/5mL. Amoxicillin for Oral Suspension is the generic equivalent to the reference listed drug product (RLD), Amoxicillin for Oral Suspension, of Teva Pharmaceutical Industries and indicated in the treatment of infections due to susceptible aetalactamase-negative strains of the designated microorganisms. The product has a market size of approximately $19 million for the twelve months ending July 2014 according to IMS. This ANDAs has been approved out of Unit XII, Semi-Synthetic Penicillin (SSP) formulation facility in Hyderabad, India, Aurobindo Pharma said.

Wockhardt after market hours on Tuesday, 16 September 2014 said that the board of directors of the company at its meeting held on Monday, 15 September 2014, approved a scheme of Amalgamation for amalgamation/merger of two wholly owned subsidiaries Wockhardt Biopharm (WBL) and Vinton Healthcare (VHL) with the company. Since WBL & VHL are wholly owned subsidiaries of the company, no shares are proposed to be issued pursuant to the amalgamation, Wockhardt said. This scheme is subject to requisite approvals, including under Listing Agreement and by the Hon'ble High Courts, the company added.

Maruti Suzuki India after market hours on Tuesday, 16 September 2014 said that the company's Manesar facility has crossed the 25 lakh production milestone this month. A Swift Zxi was the 25th lakh vehicle that was rolled out from the Manesar B Line, the company said in a statement. The company's twin facilities at Gurgaon and Manesar have together rolled out over 1.4 crore vehicles cumulatively, it added.

"The Manesar facility achieved the 25 lakh production milestone in seven years and eight months. This milestone would be the fastest for any car manufacturing plant in the country," Rajiv Gandhi, Executive Director (Plants, Maruti Suzuki India, said.

JSW Steel will be watched. With reference to various news reports indicating that JSW Steel is close to buying assets/mills/plant of Italy's Lucchini, JSW Steel after market hours on Tuesday, 16 September 2014, clarified that in line with the company's long term strategy to acquire finishing mills near to the market, it has submitted binding bid for take over of rolling mills of the Piombini Plant of Lucchini in Italy subject to certain terms and conditions. The company is yet to get the response on this bid, JSW Steel said.

Piramal Enterprises will be watched. With reference to a report indicating that DiaSys to buy Piramal's diagnostic business, Piramal Enterprises after market hours on Tuesday, 16 September 2014 clarified that the company has signed an agreement for sale of its Lab Diagnostics & Point of Care Business to Diasys Diagnostics India, for a consideration of Rs 13 crore. In addition, the company would be transferring related technology for a consideration of Rs 0.30 crore. This business is a trading business, comprising buying and selling of diagnostic equipments, serving large pathological laboratories, Piramal Enterprises said further informing that it does not form part of the core manufacturing activity of the company, nor does it involve any material patented products. It comprises a small portion (about 1%) of the company's consolidated business, Piramal Enterprises said.

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