TOP CORPORATE NEWS
RBI relaxes norms for
lending against gold jewellery
RBI has relaxed
the norms for NBFCs (lending against gold) by allowing to use the historical
spot gold price data publicly disseminated by a commodity exchange regulated by
the Forward Markets Commission for valuation of gold for LTV calculation.
Earlier RBI had allowed valuation of gold jewellery for arriving at the LTV to
be done at the average of the closing price of 22 carat gold for the preceding
30 days as quoted by the Bombay Bullion Association Ltd. (BBA).
Government relaxes FDI norms
Union Cabinet on
has approved a relaxation of policy on investment proposals from Persons of
Indian Origin (PIOs) and Overseas Citizens of India (OCIs), treating them at
par with Non-Resident Indians ( NRIs) in this regard. The non-repatriable. NRI
funds would also be treated as domestic investments. These measures will boost
remittances and increase the inflows and hence positive for Indian economy.
Wockhardt gets QIDP
designation from USFDA for new drugs
Wockhardt, has announced the US Food and Drug Administration (FDA) has
granted Qualified Infectious Disease Product (QIDP) status for its drug under
New Drug Discovery program WCK 4873. This is the third product from Wockhardt
to receive this coveted status after WCK 771 and WCK 2349 last year and
provides a strong boost to its drug development.
Reliance-BP surrender two
more oil and gas blocks
Reliance
Industries and its partner BP plc have surrendered two more oil and gas blocks,
taking total surrender of four exploration acreages from 21 they were holding
– Sentimentally negative.
Emami in final negotiations
to buy Kesh King
According to
media news, Emami has entered into final negotiations to buy Kesh King brand of
SBS Biotech. Deal talks are hovering around a deal size of Rs1,800cr and the
companies target to sign on the dotted line by May-end if talks succeed. Bajaj
Corp also was in the race however, Emami has outpaced it.
Suven Life secures One
Product Patent each in Mexico and Singapore
Suven Life
Sciences (Suven) announces today that the grant of one product patent from
Mexico and one product patent from Singapore corresponding to the New Chemical
Entities ( NCEs) for the treatment of disorders associated with
Neurodegenerative diseases and these Patents are valid through 2029.
Adani Mining signs up buyers
for coal mine in Australia
Adani Mining has
signed up buyers for around 70 percent of the coal it plans to produce from a
huge mine in Australia, putting it a step closer to being able to seal funding
for the A$10 billion ($7.9 billion) project. Though it’s a positive
development, the key hurdles ahead of the company is to secure loans for the
Carmichael mine, rail and port project, dredging approval to expand its Abbot
Point port.
Ahluwalia Contracts gets
Rs676 cr construction orders
Ahluwalia
Contracts (India) said that it has bagged orders worth Rs676.36 crore for
construction of institutional and residential buildings. The company has
secured new orders aggregating Rs676.36 crore (approx) for construction of
institutional/residential building, including electrical, plumbing and fire
fighting services.
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