German luxury carmaker BMW on Thursday launched an all-new version of its M6 Gran Coupe, a four-door sports car, priced at R1.75 crore (ex-showroom, Delhi). Available as a completely built unit, the M6 Gran Coupe is powered by a 4.4-litre V8 engine and the 1.8-tonne car goes from 0-100 kmph in 4.2 seconds.
Adani Power pips Tata as largest pvt producer in India
Adani Power has emerged as the largest private power producer in India with an overall installed capacity of 8,620 MW, beating rival Tata Power which has gross installed capacity of 8,560 MW. The new capacity high has been reached with the commissioning of the fourth unit of 660 MW at its power plant at Tiroda in Maharashtra.
Tata fund to invest R300 cr in Varroc Engineering
Tata Capital's private equity Tata Opportunities Fund has picked up a minority stake in Aurangabad-based auto component manufacturer Varroc Engineering by investing R300 crore . The manufacturer that reported revenues of around R7,500 crore in fiscal 2013 would utilise funds for capex and reducing long term debt. Varroc founder and MD Tarang Jain said: "The Tata fund will not only bolster us financially but also provide us a strategic spring-board which will enable us to leapfrog into the next cycle of our growth.
Tata Power to add 850 MW of generation capacity
Tata Power said on Thursday it will increase its generation capacity by 849.2 MW which will see its gross installed capacity touching about 9,400 MW. The company has eight solar, wind, hydro and gas-based projects in India and abroad under execution. Its under-execution projects include two wind power plants in South Africa, set to be commissioned in FY17.
Human trials for Glenmark Pharmas pain drug
Glenmark Pharmaceuticals said on Thursday its experimental pain drug, dubbed GRC 27864, will enter human trials. The drug intends to be an improvement by removing gastrointestinal and cardiovascular side effects seen in currently approved pain-relief therapies. The company said it completed pre-clinical studies and filed an application for phase 1 studies with UKMHRA. Glenmark expects the phase 1 trial to be completed by January 2015.
Motilal Oswals realty fund invests R100 cr
India Realty Excellence Fund II, managed by Motilal Oswal Real Estate Investment Advisors, has announced two investments worth R100 crore in Mumbai with Ahuja Developers and another in Bangalore with Mahaveer Group.
The investments are in Ahuja's upcoming residential project Prasadam at Ambernath (E) in the extended suburbs of Mumbai Metropolitan Region. In Bangalore, the investment has been done in two residential projects at Yelahanka and Bommanahalli.
HCL Tech allots 63,280 equity shares of R2 each as ESOP
HCL Technologies on Thursday said its Employees Stock Option Allotment Committee on Thursday allotted 63,280 equity shares of R2 each, under the 1999, 2000 and 2004 stock option plans of the company. Consequent to the said allotment, paid-up share capital has gone upto 699,487,457 equity shares of R2 each, aggregating to R1,398,974,914, it said to the BSE.
L&T may write off slow moving orders
Infrastructure conglomerate L&T on Thursday said it may write off some of its "slow moving orders" but that will not impact revenues. In a filing to stock exchanges, L&T said the company evaluates its order book on a regular basis. The slow moving orders in that process may be removed to enable carry forward of healthy backlog of orders... removal of such orders has no impact on revenue".
Lubrizol picks Dahej for first manufacturing plant
US-based chemical giant Lubrizol Corporation, owned by Berkshire Hathaway Inc, has zeroed in on Dahej near Bharuch to set up its first manufacturing plant in India. The $50 million investment plant will manufacture chlorinated polyvinyl chloride compounding plant.
Concor chairman Anil Gupta receives award
Container Corporation of India chairman & MD Anil K Gupta recently received the Dalal Street Investment Journal 5th PSU Award for Most Efficient Miniratna of the year from T K A Nair, adviser to the PM. The company posted a record (over 41% higher) market capitalization of R18,921 crore (NSE) as on March 31, 2014, as against R13,394 crore as on March 31, 2013.