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TOP CORPORATE NEWS – 17 FEB 2017

corporate-news

Cipla launches Hepatitis B vaccine in India

Cipla announced that it has launched adult Hepatitis B vaccine in India. Under a co-exclusive agreement with Serum Institute of India (SII), Cipla will market the vaccine for adults while SII will market it for adults and children.

Serum Institute of India is the world’s second largest vaccine manufacturer in number of doses manufactured and supplied to more than 140 countries.

NTPC commissions Jharkhand captive coal mine

NTPC has announced that first rake of coal was flagged off on February 16, 2017 from the company’s first coal mine, Pakri Barwadih in Jharkhand. This coal mine will have ultimate capacity of 18 million metric tonne per annum. In the next year, around 2-3 million metric tonne of coal is likely to be produced. As a basket source, coal will be supplied to different power stations of NTPC from this mine.

Idea, BHEL to be removed from Nifty 50

State-run BHEL and telecom major Idea Cellular will move out of National Stock Exchange’s ( NSE) Nifty 50 index from March 31. Indiabulls Housing Finance and Indian Oil Corporation will be included in the index in their place. The changes, announced by Indian Index Services and Product, an arm of NSE, will be effective from March 31, 2017. Apart from Nifty 50, the exchange has made changes to several indices including Nifty 500, Nifty 100, Nifty Midcap 50, Nifty Smallcap 250, Nifty Next 50.

Havells likely to buy Lloyd Electric’s consumer biz

Havells is in advance negotiations with Lloyd Electric and Engineering Ltd to acquire its consumer durables business for around Rs1200-1500 crore, to get a toehold in the fast growing Indian air conditioners market that is dominated by global brands.

In a market crammed with about two dozen brands, Lloyd is third largest player in the room AC segment after Voltas and LG.

HDFC Bank jumps; RBI removes ban on FII investment

HDFC Bank has announced that Reserve Bank of India ( RBI) removed from ban list for Foreign Institutional Investors ( FII) trades as conversion of ESOPs create space for foreign investors to Buy – Positive;

HDFC Bank FII buying was banned due to limit of 74% reached earlier leading to trades at premium of 10-11% on FII window lately. The additional space to buy more by FII could push up HDFC Bank by 5-6% in the near term.

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