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Aurobindo Pharma in focus on plans to acquire assets of Profectus

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Aurobindo Pharma said that Auro Vaccines LLC, 100% subsidiary of Aurobindo Pharma USA Inc., USA, which in turn is 100% subsidiary of the company, has entered into a definitive agreement to acquire certain business assets from Profectus BioSciences Inc., USA., a clinical-stage vaccine development company.

Shares of HDFC Bank will be in focus. The board of directors of the bank has constituted a Search Committee to identify a successor to Aditya Puri, the current Managing Director of the Bank, whose tenure ends on 26 October 2020. The Search Committee, over the next few months, shall evaluate internal and external candidates to ensure smooth transition.

Shares of BPCL will be in focus. In accordance with the decision of the National Convention of Oil and Petroleum Workers held on 26 October 2019, the Unions had called for a strike on 28 November 2019 as a mark of protest against Govt. of India's decision to disinvest its entire stake in the corporation with transfer of management control. In line with the aforementioned, the labour and clerical workmen of Marketing and Refineries are observing one day's strike from the morning of 28 November 2019 till the morning of 29 November 2019. Necessary arrangements have been made to maintain normal supplies in the market.

ONGC announced the issuance of US$300 Million 3.375% Notes under the US$2,000,000,000 Medium Term Note Programme established by the company and ONGC Videsh (the 'Programme'). The Notes will mature on 5 December 2029, unless redeemed earlier subject to the terms and conditions of the Notes.

CG Power and Industrial Solutions said that the company has intimated Avantha Holdings (AHL) of rescinding the Royalty Agreement and consequently does not have any liability towards payment of brand royalty including the monetisation proposal.

The Royalty Agreement envisaged 50% of brand royalty payable by the company to AHL in perpetuity aggregating to Rs 411.20 crores for part settlement of outstanding loans due from Avantha group of companies and reducing the regular royalty payments to 0.50% of annual consolidated net operating revenues of the company.

Ashoka Buildcon said that the company has received Letter of Award (LOA) from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) in respect of the Project viz. Development of Bundelkhand Expressway Project ('Package-III'): From Kaohari (Dist. Mahoba) to BaroliKharka (Dist. Hamirpur) in the State of Uttar Pradesh on EPC basis. The accepted bid value of the Project is Rs 1,079.52 crore.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 29 2019. 08:49 IST
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