Page 41 - Companies

Sun Pharma aims to spend 7-8% of sales on R&D activities this fiscal

Sun Pharmaceutical Industries Ltd aims to spend 7-8 per cent of its sales in the current fiscal on research and development activities as it looks to further strengthen its product portfolio across therapeutic segments, a senior company official said on Monday. Addressing shareholders during the Annual General Meeting (AGM), Managing Director Dilip Shanghvi said the company did well in all its geographies last fiscal, recording double-digit growth. "Our R&D spending is expected to be 7-8 per cent of sales in 2023-24 with an increasing share of spending in specialty (drug segment) R&D," Shanghvi said. The Mumbai-based drug maker had reported a global consolidated revenue of Rs 433 billion in FY23. The Mumbai-based drug major spent about Rs 2,400 crore on R&D in 2022-23, which accounted for about 5.5 per cent of the sales as it continued to invest product pipeline for both global generics and specialty businesses. Shanghvi said the expansion of its global specialty business .

CIPL gets Rs 137 cr contract from SPMCIL to set up 2 data centres

Technology solutions company CIPL on Monday said it has signed a Rs 137 crore agreement with government-owned bank note and security paper manufacturer SPMCIL for setting up two data centres. "A landmark agreement, named 'PRAGAMAN' worth Rs 137 crore was signed between Security Printing and Minting Corporation of India Limited (SPMCIL) and Corporate Infotech Pvt. Limited (CIPL), Noida for establishing two data centre," CIPL said in a statement. The data centres which include "primary and disaster recovery" will be set up at Noida and Hyderabad, CIPL said. The project would witness the upgradation and migration of the current setup of SPMCIL to the latest technology in order to obtain better throughput in terms of speed, accuracy and efficiency, it said. SPMCIL has been engaged in manufacturing of currency and bank notes, security paper, non-judicial stamp papers, postal stamps and stationery and travel documents, among others. CIPL said it has executed a number of critical project

Vishnu Prakash IPO subscribed 87.81 times on last day of bidding

The Initial Public Offering (IPO) of Vishnu Prakash R Punglia Ltd was subscribed 87.81 times on the last day of bidding on Monday, helped by strong engagement from institutional buyers. The company is into Engineering, Procurement, and Construction (EPC) works. The Rs 308.88 crore-public issue received bids for 1,92,56,17,350 shares against 2,19,30,000 shares on offer, according to NSE data. The category for Qualified Institutional Buyers (QIBs) received 171.69 times subscription while the quota for non-institutional investors got subscribed 111.02 times. The portion for Retail Individual Investors (RIIs) was subscribed 32 times. The IPO had a fresh issue aggregating up to 3.12 crore equity shares with no Offer For Sale (OFS) component. The price range was Rs 94-99 per share. Vishnu Prakash R Punglia had raised Rs 92 crore from anchor investors. Proceeds from the fresh issuance will be utilised for purchasing capital equipment, funding the working capital requirements of the com

Jet Airways case: NCLAT extends time till Sep 30 for JKC to pay Rs 350 cr

The National Company Law Appellate Tribunal (NCLAT) on Monday extended the time till September 30 for Jalan-Kalrock Consortium for payment of Rs 350 crore to the lenders of the bankrupt Jet Airways. A three-member NCLAT bench accepted the plea of the consortium to extend the timeline and also for adjustment of Rs 150 crore from performance bank guarantee (PBG) towards payment of Rs 350 crore. The consortium has submitted an undertaking before the appellate tribunal, in which it had committed to pay Rs 100 crore by August 31, 2023 and another Rs 100 crore by September 30, 2023. For the rest Rs 150 crore, the consortium had requested the appellate tribunal to encash the PBG submitted for that purpose. Jalan-Kalrock Consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. The NCLAT order is yet to be uploaded on NCLAT website. Earlier, the consortium was to pay Rs 350 crore to the lenders b

Glenmark recalls 1,200 bottles of generic hypertension drug in US

Glenmark Pharmaceuticals is recalling 1,200 bottles of a generic drug, used to treat high blood pressure, in the American market due to a manufacturing issue, according to the US Food and Drug Administration (USFDA). The New Jersey-based arm of the drug firm is recalling 1,200 bottles of Trandolapril and Verapamil Hydrochloride extended-release tablets, as per the latest Enforcement Report of the US health regulator. The affected lot has been manufactured at the Goa plant of the Mumbai-based drug firm and then supplied to Glenmark Pharmaceuticals Inc, USA, the USFDA said. The firm is recalling the affected bottles due to it being "Subpotent", it noted. Glenmark Pharmaceuticals Inc initiated the nationwide (US) Class III recall on August 14 this year, it added. As per the USFDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences".

58 firms including top global players registered for IT hardware PLI

As many as 58 companies, including top global players, have registered for the government's Rs 17,000-crore production-linked incentive (PLI) scheme for IT hardware, a senior government official said on Monday. The Ministry of Electronics and IT, Secretary, Alkesh Kumar Sharma said that the response to PLI Scheme 2.0 for IT hardware has been more than expected. "The last date for the scheme is August 30. 58 companies have registered," Sharma said on the sidelines of an event organised by the India Cellular and Electronics Association. When asked if all the top global players have registered, Sharma answered in the affirmative. He said several domestic companies have also registered for the scheme and added that more than two players have already applied for the scheme. The Production-Linked Incentive Scheme 2.0 for IT hardware covers laptops, tablets, all-in-one PCs, servers and ultra-small form factor devices. The scheme aims to broaden and deepen the IT hardware manufacturing .

ARPU of Indian telcos to rise 8-10% to Rs 190 this year, says CRISIL

CRISIL added that the operating profits of these companies could record a 15 to 17 per cent rise to Rs 1.2 trillion this year from Rs 1.04 trillion in 2021-22

Vedanta wins arbitration against govt in $1.1 bn cost disallowance case

Mining magnate Anil Agarwal's Vedanta Ltd has won an arbitration against a demand for a higher payout from its prolific Rajasthan oil and gas fields after disallowance of Rs 9,545 crore (USD 1.16 billion) in certain costs incurred, the company said. The government has sought additional profit petroleum (or its share from the oil and gas fields) after it reallocated certain costs between the fields in the block and disallowed a portion of the cost incurred on laying a pipeline to evacuate oil produced from the Rajasthan block. As per the contract, companies are allowed to recover all costs incurred before splitting profit in a predetermined ratio with the government. If a certain portion of cost is disallowed, it would result in higher profits and a resultant higher share to the government. Vedanta had challenged such a demand before an arbitration tribunal. "The company has received an arbitration award dated August 23, 2023... upholding the contention of the company that additional

Wipro bets on Capco, Cloud, artificial intelligence to power BFSI revenue

To fortify its BFSI vertical, Wipro is investing in technologies like cloud and AI. Dann mentioned that Wipro's recent $1 billion investment in AI aligns with this vision

$10 trillion economy a realistic target for India: BCG's Hans-Paul Burkner

"India cannot be considered an appendage to anyone; it holds its own position and developmental strength"

Shrem InvIT scraps plans for NCDs; opts for loan to acquire 10 road SPVs

Evaluating 10 more operating roads; to expand capital by Rs 330 cr

Environmental risks outweigh operational risks for CXOs, finds study

The study is based on responses from 75 executives covering directors, managing directors, chief executive officers, chief technology officers and chief financial officers.

Moscow demands bigger discounts from foreign companies exiting Russia

Companies still in the process of negotiating exits include telecoms group Veon, Nasdaq-listed tech group Yandex and Italian lender Intesa.

How SHE enterprises deviate

India presents a unique enigma. It has too many poor enterprises, but many rich entrepreneurs

Muthoot Fincorp Ltd launches all-in-one app for financial services

The application offers a wide range of services including MSME and gold loans along with investment in products like Digital Gold and NCDs

Honeywell launches new AGL manufacturing facility in India's Gurugram

AGL, a product engineered and manufactured completely in India, plays a crucial role in airport operations

SoftBank-owned Arm files for IPO in US, could be biggest in nearly 2 years

At $10 billion, the listing could be the largest in the US since electric-vehicle maker Rivian Automotive Inc's $13.7 billion offering in October 2021

Forging hope amidst closure: New beginnings for GM's Talegaon Plant?

The workforce at the facility holds onto aspirations of resurgence, hopeful for opportunities with Hyundai's asset transfer deal

Exide Energy to double up its production capacity, seeks additional land

The company leadership team led by Managing Director and CEO Mandar V. Deo met large and medium industries minister MB Patil on Monday and submitted a proposal in this regard

Sebi's new disclosure rule escalates rift at Bengaluru-based TD Power

In a letter to Sebi, Vijay Kirloskar accuses co of inadequate disclosure of shareholder pact