TOP CORPORATE NEWS
Bharti
Airtel receives bilateral financing commitments
Bharti
Airtel has announced that it has received financing commitments of up to $ 2.5
billion from China Development Bank and Industrial and Commercial Bank of
China.
The
Company signed the term sheets for the financing options in the presence of
Hon'ble Prime Minister of India, Shri Narendra Modi, who is currently on an
official visit to China.
NTPC, DVC owe
Rs9,000 crore to Coal India
Power
PSU like NTPC and DVC have dues of around Rs9,000 cr. to Coal India. The power
generation firms owe huge dues to Coal India as state electricity distribution
companies which buys electricity from power PSUs are facing tough financial
conditions and in the last one year the situation of these Discoms have not
improved. Non-payment of dues by Discoms to power and coal supplier is not
sustainable, it would cause a break in supply chain.
Power
transmission projects, revival of ailing discoms to start soon
The
government plans to offer Rs1 lakh crore of power transmission projects in next
6-8 months and has also initiated dialogues with states to revive ailing state
electricity discoms .Adding long-term transmission capacity and designing
customised and innovative financial model for state distribution companies will
be the government's focus areas in its second year of operations.
SC bars Glenmark
Pharma from selling copy of diabetes drug
The
Supreme Court has blocked Glenmark Pharmaceuticals Ltd from selling copies of
U.S. drug maker Merck & Co Inc'sdiabetes drugs Januvia and Janumet. The
court has, however, allowed Glenmark to continue to sell existing inventory. Merck
sued Glenmark in 2013 for infringing a patent it has on sitagliptin, the
chemical compound in Januvia and Janumet. Glenmark sells the medicines under
the brand names Zita and Zita-met. The market size of these drugs are pegged at
Rs300 crore. The development is sentimentally negative for the company.
GMR Infra arm
inks MoU with Chinese consortium
Kakinada
SEZ (KSEZ), a subsidiary of GMR Infrastructure, has signed a memorandum of
understanding ( MoU) with Guizhou International Investment Corporation (GIIC),
a consortium of three leading Chinese manufacturing companies, to set up a
2,000-acre industrial park for Chinese equipment manufacturing companies.
Dr Reddy's
launches drug for stroke management
Dr
Reddy's Laboratories has launched a new drug Somazina in India, in-licensed
from Citicoline. The drug is indicated for improving cognitive function in
patients who have suffered from stroke or cerebral infraction, or who have
undergone a brain surgery or have suffered from head injuries.
Eros announces
first ever Sino-lndian co-production
Eros
International Media Limited has announced the launch of its first ever
Sino-Indian film, DA TANG XUAN ZANG (Monk Xuanzang) in collaboration with
Chinese state owned production company, Chinese Film Corporation (CFC). Eros
International becomes the first Indian studio to associate with the Chinese
government and co-produce an Indo-Sino film.
Meijer Inc files
complaint against Sun Pharma
Meijer
Inc has filed a purported class action complaint on May 12, 2015 against the
Sun Pharma and its certain subsidiaries, alleging antitrust and RICO Act
violations in connection with Ranbaxy securing market exclusivity as part of
the FDA's approval for certain products. However, Sun Pharma has said it
is reviewing a complaint filed against it and its subsidiaries by Meijer Inc
alleging anti-trust and other violations in connection with Ranbaxy securing
market exclusivity for certain products. The development is sentimentally
negative for Sun Pharma.
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