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Idea Cellular in spotlight after launch of 4G services

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Idea Cellular after market hours yesterday, 23 December 2015, announced the launch of its high speed 4G LTE services across all five states of South India viz. Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Telangana. In the first phase, Idea's high speed 4G network will be available across 75 towns in Southern India, the company said in a statement. Idea will rapidly expand 4G services in all Southern India metros and large towns by March 2016, the company said. Idea Cellular is also gearing to launch 4G LTE services by March 2016 in other key markets namely Madhya Pradesh & Chhattisgarh, Maharashtra & Goa, Punjab, Haryana, North East and Orissa, in a phased manner. By June 2016, Idea's 4G footprint will cover 750 cities across 10 telecom circles, the company said in a statement.

Sun Pharmaceutical Industries (Sun Pharma) announced before market hours today, 24 December 2015 that its wholly owned subsidiary Sun Pharma Laboratories has raised Rs 1000 crore on private placement basis, by allotment of 10,000 (ICRA) AAA/Stable Outlook Rated unsecured redeemable non-convertible debentures of a face value of Rs 10 lakh each to be listed on BSE under two series with Series 1 debentures comprising of 5,000 debentures amounting to Rs 500 crore with a tenor of 24 months, and Series 2 debentures comprising of 5,000 debentures amounting to Rs 500 crore with a tenor of 39 months.

State Bank of India (SBI) announced before market hours today, 24 December 2015 that it has issued 40,000, Basel III compliant, Tier-II bonds in the nature of debentures, of face value of Rs 10 lakh each at par, with 10 year tenure, bearing 8.33% per annum coupon and with call option after 5 years, aggregating to Rs 4000 crore on private placement basis.

Lupin announced after market hours yesterday, 23 December 2015, that it has received final approval for its Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq from the United States Food and Drug Administration (USFDA), to market a generic version of Actavis Labs FL, Inc's Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product in the US shortly.

Lupin's Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq, are the AB rated generic equivalent of Actavis Labs FL, Inc's Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq. It is indicated for the treatment of patients with hypokalemia, with or without metabolic alkalosis, in digitalis intoxications and in patients with hypokalemic familial periodic paralysis. It is also indicated for the prevention of hypokalemia in patients who would be at a particular risk. Potassium Chloride Extended Release Capsules had annual sales of $85.6 million in the United States as per IMS MAT September 2015 data.

V-Mart Retail will be in focus after the Reserve Bank of India (RBI) yesterday, 23 December 2015, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 49% of the paid-up capital of the company under the Portfolio Investment Scheme (PIS). The RBI said that the foreign shareholding by FIIs/RFPIs in V-Mart Retail has gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the company are withdrawn with immediate effect. RBI stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges, RBI said.

FIIs held 23.09% stake in V-Mart Retail as per the shareholding pattern as on 30 September 2015.

Cholamandalam Investment and Finance Company announced that its board of directors at a meeting held yesterday, 23 December 2015, approved a proposal to invest up to a sum not exceeding Rs 8 crore in equity shares of White Data Systems India (White Data) in one or more tranches subject to satisfactory completion of due diligence and documentation. The exact number of shares and the price per share will be arrived at in due course, Cholamandalam said. The investment will result in the company holding up to 65% of the equity capital of White Data, making the latter a subsidiary of the company, Cholamandalam said. The investment is expected to leverage synergies for Cholamandalam and its commercial vehicle customers by way of improved freight utilisation and income generation, the company said. The announcement was made after market hours yesterday, 23 December 2015.

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First Published: Thu, December 24 2015. 08:26 IST
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