Top Company News June 29


Representative image | Photo credit: AP

Highlights

  • S&P: ONGC’s earnings will benefit from the rise in the price of crude during FY22
  • NTPC considers IPO of NTPC Renewable Energy branch to raise funds
  • Dr Reddy’s says Sputnik V launch delayed due to testing and import issues

L&T Technology partners with US cloud software provider to deliver 5G solutions

L&T Technology Services said it has partnered with US cloud networking software provider Mavenir to deliver fifth generation (5G) broadband internet solutions. The trade-unsuccessful company said the merger allows L&T Technology, a unit of engineering conglomerate L&T, to offer comprehensive automation solutions to Mavenir and serve as a hub to accelerate innovations in the 5G segment.

A new participation of Standard Life in HDFC Life!

Standard Life (Mauritius Holdings) 2006 Ltd, a subsidiary of Standard Life Aberdeen Plc, today sold 10.08 crore of shares or a 4.99% stake in HDFC Life Insurance Co, according to a statement from Standard Life Aberdeen . The shares were sold at an average price of Rs 672.68 / share, or around Rs 6,730 crore. This was done through large block trades on the exchanges. The average price was at a 3.4% discount from Monday’s closing price. Following the sale of the stake, the stake of the promoter Standard Life in HDFC Life amounts to 3.89%. As of March 31, the promoter HDFC held 49.97% of the capital of the life insurance company. The release says Standard Life intends to use the product for general corporate purposes.

Axis Bank in agreement with Amazon Web Services

According to a press release, Axis Bank has entered into a multi-year agreement with Amazon Web Services to build a portfolio of new digital banking services for customers. The bank will leverage cloud computing services from Amazon Web Services to design a variety of products, including online accounts that can be opened in under six minutes and instant digital payments. Using Amazon Web Services, Axis Bank plans to migrate 70% of its on-premises data center infrastructure over the next two years, which would help the bank reduce costs and improve agility and customer experience, according to the press release. Currently, 15% of the bank’s applications use cloud platforms.

Moderna’s COVID-19 Vaccine Gets Emergency Use Approval

The Indian government has granted a restricted emergency use authorization for the COVID-19 vaccine from Moderna, based in the United States. Post EUA, Cipla, Indian partner of Moderna, will import the vaccine into the country. Moderna’s application was received by Cipla, which obtained permission to import a new drug for importing the messenger RNA vaccine, said VK Paul, member of NITI Aayog (health). He added that Moderna’s authorization brought the number of COVID vaccines with emergency use approval in the country to four. The compensation claim from global vaccine manufacturers, including Moderna, is under review and under review, said VK Paul.

One more global partner for RIL; The company signs a pact with ADNOC for the establishment of an integrated chemical plant in the United Arab Emirates

Reliance Industries has signed a strategic partnership with the state-owned Abu Dhabi National Oil Company (ADNOC) for the establishment of an integrated chemical plant in Ruwais, Abu Dhabi. RIL in a statement to the exchanges said the project will be built in the TA’ZIZ industrial chemicals zone, which is a joint venture between ADNOC and ADQ, one of the largest holding companies in the region. Under the terms of the agreement, TA’ZIZ & RIL will build an integrated plant, with an annual production capacity of 940,000 tonnes of chlor-alkali, 1.1 million tonnes of ethylene dichloride and 360,000 tonnes of PVC. No financial details of the partnership have been disclosed. The Economic Times reported earlier today, citing sources, that Reliance will invest between $ 1.2 billion and $ 1.5 billion in an ethylene dichloride plant. ADNOC should make a similar investment, he added.

Five drugmakers collaborate to study molnupiravir for COVID-19

Five Indian pharmaceutical companies have entered into a collaboration agreement for the clinical trial of the oral antiviral drug Molnupiravir to treat mild COVID-19 infection. According to a statement, Cipla, Dr Reddy’s, Emcure Pharmaceuticals, Sun Pharmaceuticals and Torrent Pharmaceuticals will jointly sponsor, supervise and monitor the outpatient clinical trial in India. Dr Reddy’s will conduct the clinical trial using his product, and the other four drug manufacturers will have to demonstrate the equivalence of their product with the product used by Dr Reddy’s in the clinical trial. The study will be conducted between June and September across India with the recruitment of 1,200 patients. The joint statement says that once the clinical trial is successfully completed, each company will independently contact regulatory authorities to obtain approval to manufacture and supply Molnupiravir for the treatment of COVID-19,

Hindalco increases prices for aluminum products for second day

Hindalco Industries increased the prices of its aluminum ingots, billets and wire rod for the second day in a row with effect from Thursday. The company has increased its prices by almost 1% or Rs 1750 / tonne and with this revision, the prices of its products are up around 9% so far this quarter compared to the end of March. Earlier in the quarter, prices had risen by as much as 15%.

JLR launches Range Rover Sport SVR in India

JLR is launching Range Rover Sport SVR in India, starting at an ex-showroom price of Rs 2.19 crore. The Range Rover Sport SVR will be available with SVR’s supercharged V8 petrol engine that delivers 423 kW of power and 700 Newton-mtr of torque. “The Range Rover SVR redefines and further enhances the performance and luxury of an SUV by taking advantage of the best of British bespoke design and engineering. I am sure Range Rover Sport SUV enthusiasts and fans will love this latest offering which combines tremendous British technical know-how with premium, refined luxury, ”said Rohit Suri, President and CEO of JLR India.


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