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Friday, 16 March 2018

L&T Construction and DFCCIL sign contract worth Rs2,864cr- 16 Mar 2018

The railways strategic business unit of L&T Construction’s transportation infrastructure business has signed a major contract worth Rs2,864cr with the Dedicated Freight Corridor Corporation of India Ltd. (DFCCIL).The order was secured against stiff competition from 5 other major EPC companies, as per press release. The EPC order involves construction of 222 km of a single track corridor from Khurja to Pilkhani in Uttar Pradesh. This is its first EPC civil, structure & track project in the eastern dedicated freight corridor. In the western dedicated freight corridor, company already has a share of 71% in the civil packages and 100% share in the electrical packages.

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Thursday, 15 March 2018

HDFC eyes Canara Bank’s 30% stake in Can Fin Homes- 15 Mar 2018

HDFC has emerged as the frontrunner to acquire Canara Bank’s 30% stake in the housing finance company Can Fin Homes, according to media reports. HDFC has raised Rs13, 000cr and may use part of this money to fund this stake buying. Can Fin Homes' portfolio has a decent credit profile, which aligns with HDFC’s credit profile requirement. If the acquisition goes through, it will be a positive for Can Fin Homes, as it would be part of HDFC group, a leading player in Housing Finance.

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Wednesday, 14 March 2018

RBI has approved the merger of Bharat Financial Inclusion and IndusInd Bank- 14 Mar 2018

RBI has approved the merger of the two companies i.e. Bharat Financial Inclusion and IndusInd Bank. According to the merger proposal, IndusInd Bank (IIB) will incorporate a wholly-owned subsidiary and transfer the business of Bharat Financial Inclusion to it by way of slump exchange. Shares of Bharat Financial Inclusion and IndusInd Bank are expected to gain today. This is a win-win deal, as both companies will gain competitive advantage, realize synergies, and enhance their financial performance in the medium-to-long term.Key benefits from IIB’s perspective are: i) huge strategic head-start over peers through acquisition of best-in-class capabilities in the MFI space; ii) large rural customer base and branches; ii) ability to cross-sell products to these customers; and iv) improved capitalisation and PSL compliance.

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Tuesday, 13 March 2018

Lupin launches generic Safyral tablets- 13 Mar 2018

Lupin, on Tuesday, announced the launch of Tydemy tablets – the generic equivalent of Bayer's Safyral, a birth control drug. The pharma major stated that it had received US Food and Drug Administration's (USFDA) approval in December last year.Tydemy (drospirenone, ethinyl estradiol, levomefolate calcium, 3mg/0.03mg/0.451mg & levomefolate calcium, 0.451mg) is the generic version of Safyral, which is indicated for use by women to prevent pregnancy and raise folate levels in women who choose to use oral contraceptives. This combination formulation had an annual sale of approximately $22mn in the US in 2017. Apart from Lupin, there seems only one player in this market.

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Monday, 12 March 2018

L&T Construction wins orders worth Rs2,597cr - 12 Mar 2018

The construction arm of Larsen & Toubro (L&T) has won orders worth Rs2,597cr across business segments, the company said in a BSE filing on Monday.L&T's transportation infrastructure business secured the biggest order worth ₹1,047 crore. The order, received from the National Highways Authority of India (NHAI), is for the construction of the 8.7km-long Dwarka Expressway (Package – IV) in Haryana on engineering, procurement, and construction (EPC) mode.The company's water & effluent treatment business has secured an order worth Rs949 crore, which comprises two EPC orders from Bangalore Water Supply & Sewerage Board. The scope of the first order includes laying of sewer pipelines, construction of precast manholes, and providing house service connections to three zones. Another order has been secured from Krishna Bhagya Jala Nigam Limited for the execution of ‘Bhima Lift Irrigation Project on turnkey basis.’

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Friday, 9 March 2018

BHEL bags Rs11,700cr order from NTPC, stock up 1.4% - 9 Mar 2018

In a BSE filing, BHEL has stated that it has won a Rs11,700cr order amidst stiff international competitive bidding (ICB) for setting up a 3x800 MW supercritical thermal power plant in Jharkhand.The order has been placed on BHEL by Patratu Vidyut Utpadan Nigam Limited (PVUNL - a subsidiary of NTPC Ltd. in JV with Jharkhand Bijli Vitran Nigam Limited).This is the single largest order ever placed by NTPC or its subsidiaries and the second largest order ever won by BHEL.

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Thursday, 8 March 2018

GST council may impose tax on raw material of alcoholic beverages- 8 Mar 2018

GST council to consider levying of GST on extra neutral alcohol (ENA) on its meeting to be held on Saturday, March 10 2018, as per media sources. ENA a is derivative of sugarcane molasses (80% of high-purity ethyl alcohol) is a key ingredient of alcoholic beverages. Other than this it is also used in pharmaceutical, perfumery and cosmetic applications.GST council is expected to levy 18% tax on ENA, which would fetch ~Rs1,100-1,200cr revenue for the central government. At present alcohol for human consumption (or potable alcohol), is not under the GST purview, however, ENA (the key input) is a grey area. Demand for the inclusion of ENA under GST is coming particularly from the pharmaceutical industry so that it can avail input tax credit.