Reliance Industries (RIL) after trading hours on Tuesday, 3 June 2014, announced that a minor fire broke out on Tuesday morning in the finishing line of poly butadiene rubber plant in Vadodara. The fire was expeditiously brought under control by the fire fighters at the plant, RIL said. The cause of fire is being investigated, RIL said. An alternate finishing line is taken into production and hence there will be no adverse impact on production, RIL said. All other units are functioning normally, RIL said.
In a separate announcement, RIL said that its wholly owned unit, Reliance Jio Infocomm (RJIL), has signed a telecom tower sharing agreement with Ascend Telecom Infrastructure. Under the agreement, RJIL will utilize the pan-India tower infrastructure of Ascend to launch its 4G services, ensuring a faster and more efficient rollout to its customers. Ascend is one of the leading innovators in the wireless infrastructure space, and has a portfolio of more than 4,500 towers across India.
The company has successfully deployed innovative and efficient solutions which reduce providers' operating costs and carbon footprints. It is at the forefront of leveraging technology to manage infrastructure efficiently. Ascend is backed by New Silk Route Growth Capital, IL&FS and the TVS Group.
Sanjay Mashruwala, Managing Director, Reliance Jio said, "Our partnership with Ascend Telecom is a continuation of our efforts to forge strategic partnership with key tower infrastructure companies with a view to build a formidable nationwide network. Ultimately it's our network coverage footprint that will give our customers the geographical freedom they need to avail our high speed services."
"Our 12 years' experience in the market, coupled with strong relationships with mobile network operators and equipment suppliers, allows us to bring improvements right across the value chain. We are excited about the opportunity to partner with RJIL for the launch of their 4G services," said Sushil Kumar Chaturvedi, Director & CEO, Ascend Telecom Infrastructure Pvt. Ltd. "Our network of more than 4,500 towers across the country will make higher quality, higher speed coverage available to RJIL's mobile subscribers. Our focus on innovation has been recognized by the industry. At the same time, this agreement will benefit the environment by avoiding the impact of building new towers that duplicate existing infrastructure," added Mr. Chaturvedi.
Car major Maruti Suzuki India after trading hours on Tuesday, 3 June 2014, said its total production jumped 20.11% to 1.21 lakh units in May 2014 over May 2013.
Page Industries turns ex-dividend for an interim dividend of Rs 16 per share for the current financial year ending March 2015.
Biocon will be in focus after its subsidiary Syngene International after trading hours on Tuesday, 3 June 2014, announced a five-year extension of its drug discovery and development collaboration with Bristol-Myers Squibb. Financial terms of the new agreement between the two firms were not disclosed. Since 2007, Bristol-Myers Squibb has been working with Syngene and Biocon to develop integrated capabilities in medicinal and process chemistry, biology, biotechnology, biomarkers, drug metabolism and pharmacokinetics, analytical research, and pharmaceutical development at the Biocon Bristol-Myers Squibb Research Center (BBRC) in Bangalore. The US-India collaboration has produced six drug candidates for further study and also helped Bristol-Myers Squibb reduce the time and costs associated with advancing new compounds to first-in-human studies, Syngene International and Bristol-Myers Squibb said in a joint statement. One drug candidate currently in clinical trials was discovered at BBRC and early nonclinical development work done at BBRC has enabled most of Bristol-Myers Squibb's small molecule assets to advance to later stages of development over the last five years, the two companies said.
Bristol-Myers Squibb and Syngene jointly developed the BBRC at Biocon Park in Bangalore. Over the years, BBRC has become Bristol-Myers Squibb's largest research and development center outside the United States, housing more than 400 scientists.
Bharat Electronics on Tuesday, 3 June 2014, said its order book stood at Rs 23200 crore as on 1 April 2014. The company bagged fresh orders worth Rs 4230 crore in the year ended 31 March 2014 (FY 2014). Bharat Electronics said that the company has signed a Memorandum of Understanding for a turnover of Rs 6850 crore during the year ending 31 March 2015 (FY 2015). The company disclosed this information in a presentation to investors.
Trent announced that Tesco, through a wholly-owned subsidiary, has concluded its purchase of part of the equity shares held by the company in Trent Hypermarket (THL), a wholly owned subsidiary of Trent, and subscribed for additional THL equity shares. Consequently, Trent and Tesco will each hold a 50% stake in THL.
Powered by Capital Market - Live News
