Ranbaxy Laboratories on Friday said it has launched generic pioglitazone hydrochloride tablets used for treating diabetes in the American market under an agreement with Takeda Pharmaceuticals USA. The companys wholly-owned subsidiary Ranbaxy Pharmaceuticals has launched the drug following the expiry of patent held by Takeda Pharmaceutical. Ranbaxy is among the three companies, including Teva and Mylan, to have 180-days of marketing exclusivity for the drug in the US market. The Japanese firm has been selling the tablets under the brand name Actos through its US subsidiary, Takeda Pharmaceuticals USA.
Tata Power completes R1,500-cr debenture issue
Tata Power stated in a filing to the BSE that the company has successfully completed the launch and issue of debentures worth R1,500 crore. These debentures have a maturity of 60 years and there is a call option with the company which can be exercised at the end of 10 years and at the end of every year thereafter. The lead arranger for the issuance is Yes Bank.
Workers oppose mass sacking by Maruti
Workers from different factories in the Gurgaon-Manesar industrial belt along with trade unions cutting across political affiliations on Friday opposed sacking of 500 workers at Maruti Suzuki Indias Manesar plant and demanded their immediate reinstatement. Representatives of All India Trade Union Congress, Centre of Indian Trade Unions, Bhartiya Mazdoor Sangh, Hind Mazdoor Sabha, All India United Trade Union Centre, All India Central Council of Trade Unions and Maruti Udyog Kamgar Union held a rally on Friday against the management decision. It was also attended by workers from Maruti
Suzukis Gurgaon plant, Hero MotoCorp, Rico Auto, Sunbeam Auto, Satyam Auto, Suzuki Motorcycle India, Lumax Auto, Ranbaxy Laboratories, Xerox India and Sona Koyo Steering Systems.
Wave Infra to raise up to R4,000 cr via PE, debt
Wave Infratech, the realty arm of Ponty Chadhas Wave Group, on Friday said it will raise about R4,000 crore through debt and private equity to fund investments in developing the first phase of a 152-acre township in Noida. The integrated mixed-use project would be developed on the land the company had won last year through an auction for about R6,500 crore. The total investment in the first phase, spread over 45 acres, would be about R10,000 crore including the land cost, Wave Infratech joint managing director Manpreet Singh Chadha told reporters. The proposed investment would be met through internal accruals, debt and private equity, he added.
Videocon buys 5.5 lakh shares of ABG Shipyard
Videocon Industries on Friday purchased 5.5 lakh shares of the shipbuilder ABG Shipyard for over R20 crore from one of its own group companies through open market transac-tions. Nippon Investment and Finance, one of the promoter of Videocon Industries, sold 5.5 lakh shares of the private shipbuilder firm. As on June 30, Nippon held 8.27 lakh shares or 1.62% stake in the ABG Shipyard. The shares were sold at an average price of R366 apiece in a bulk deal worth about R20.13 crore. At the end of the June quarter, Nippon held a 0.25% stake in Videocon Industries as a promoter group entity.
Tata Motors to sell Nano merchandise on eBay
In an effort to popularise its Nano brand, Tata Motors has entered into a collaboration with with the shopping portal eBay to sell various merchandise, including scale model, watches and pen drives, with the small cars badge. eBay has a good reach in metros, Tier-I and II cities, and this collaboration will help us reach out to Nano fans, spread across the country, Tata Motors head (Nano Product Group) Delna Avari said in a statement. This is the first time that a car brand will be selling its merchandise through eBay.in, the automaker claimed. The Nano merchandise on eBay includes Nano branded Titan watches and dry-fit T-shirts for men and women. Nano shaped pen drives, mouse, scale models, caps and key-chains, among others, can also be purchased from the portal.
CAs face major challenge from MBAs: KM Birla
Stating that chartered accountants face a major challenge from MBAs, Aditya Birla Group chairman Kumar Mangalam Birla on Friday said there is a strong need to expand the curriculum of CA courses beyond accounting. CAs today face top challenge from MBAs who are good at communication skills, know finance and economy better, he said while addressing the two-day All India Conference of Institute of Chartered Accountants of India in New Delhi.