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Wednesday 28 March 2018

L&T Construction’s Power T&D business wins orders worth Rs4, 353cr - 28 Mar 2018

L&T Construction's Power Transmission & Distribution (T&D) business has bagged orders worth Rs4, 353cr on an engineering, procurement, and construction (EPC) mode.The business has secured an order from Sonelgaz Group for turnkey construction of a 220/60kV air-insulated substation in the Algerian city of Draa Errich.The Egyptian Electricity Transmission Company has also awarded the company a contract for turnkey construction of 220kV overhead transmission lines to interconnect the substations of North Hurghada and El Qusair to the 220kV grid.

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Tuesday 27 March 2018

M&M strengthens presence in Sri Lanka by establishing JV with ideal Group- 27 Mar 2018

India’s leading automaker, Mahindra and Mahindra Limited (M&M) announced setting up of a Joint Venture (JV) with Sri Lankan company, Ideal Motors Private Limited (Ideal) for assembling of its vehicles in Sri Lanka. M&M will subscribe up to 35% equity stake in the JV with remaining stake held by Ideal and its affiliates. The acquisition is expected to be completed by April 2018. M&M’s investment in the JV would amount to Sri Lankan Rupee LKR25cr (Rs10.41cr assuming the rate of Rs0.42/LKR).M&M already has a presence in Sri Lanka for nearly a decade. Since November 2009, Ideal Motors has been the Sole Authorized Distributor for Mahindra Motor Vehicles and Motor Cycles manufactured by M&M. It has sold more than 50,000 M&M vehicles in Sri Lanka till date. The JV will further establish M&M’s position as a leading automaker in the island nation. M&M already enjoys 50% market share in the “above 1 Ton” category and 35% market share in the “below 1 Ton” category.

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Monday 26 March 2018

Dr. Reddy's launches generic of Aloxi injection in US- 26 Mar 2018

Dr. Reddy’s (DRL) has launched Palonosetron Hydrochloride injection, a therapeutic equivalent generic version of Aloxi (palonosetron hydrochloride) injection approved by the US Food and Drug Administration (USFDA).The Aloxi brand and generic had US sales of approximately $446 million for the most recent 12 months ending in January 2018, according to IMS Health.

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Friday 23 March 2018

Union Bank at 14 year low as lender faces Rs300cr fraud- 23 Mar 2018

Shares of Union Bank of India slumped 9% today to hit their lowest level in 14 years after the CBI filed a case against a private company and its promoter for allegedly cheating the bank of Rs314cr. The company, whose account became non-performing asset on Jun 30, 2012, owes Rs1,394cr to a consortium of eight banks led by Union Bank of India.Media reports said the company is Hyderabad-based Totem Infrastructure.

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Thursday 22 March 2018

ICICI Securities raises Rs1,717cr from the anchor investors- 22 Mar 2018

ICICI Securities Limited (ISec) IPO opened today and will close on March 26, 2018. The offer consists of an Offer for Sale (OFS) of up to ~772.50 lakh equity shares. The price band of the offer is Rs519-520 per equity share with a bid lot of 28 equity shares per lot. The total issue size aggregates to Rs4, 017cr at upper end of the price band.ISec, on March 21, 2018, raised up to ~Rs1, 717cr through allotment of shares to 58 anchor investors. ICICI Securities allotted ~3.3cr shares at Rs520 i.e. the upper end of the price band.

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Wednesday 21 March 2018

RCom says holders of $300mn bond approve sale of assets to RJio- 21 Mar 2018

Reliance Communication (RCOM) announced that the holders of the company's $300 million bonds on Tuesday approved the sale of assets to Reliance Jio Infocomm Ltd and monetization of other real estate assets.The bondholders also approved release of their security on the company's assets and to accept part payment of their outstanding bonds, the company told the exchanges today.

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Tuesday 20 March 2018

Tata Motors announces price hike of Rs60,000 on PVs, stock up 1%- 20 Mar 2018

India’s leading automaker, Tata Motors Limited (TML) announced a price hike of up to Rs60,000 on its Passenger Vehicle (PV) models effective April 1, 2018. The price hike will vary depending on the model. As per Mr. Mayank Pareek, President, Passenger Vehicle Business, Tata Motors, the price hike was being taken to offset effect of rising input costs, changing market conditions and external economic factors.

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Monday 19 March 2018

BHEL commissions 110 MW unit of Kishanganga hydro project in J&K- 19 Mar 2018

Bharat Heavy Electricals Ltd (BHEL) has successfully commissioned the first 110 MW generating unit of the prestigious 330 MW Kishanganga Hydro-Electric Project (HEP) in Jammu & Kashmir (J&K), being developed by NHPC Ltd.In the state of J&K, BHEL has so far commissioned 31 Hydro sets with a cumulative capacity of 1,257 MW.