Consumer-focused automakers, such as Maruti Suzuki and Hero MotoCorp, fared better than commercial vehicle makers, going by auto sales trends in December 2020. Maruti Suzuki, which accounts for around half the cars sold in India, was among the best performers, with a 20% jump in sales compared to December last year. The company sold 1.60 […]
Glenmark Pharmaceuticals Ltd said it has launched a new diabetes drug in India at a price that is around 65% cheaper than those of competing offerings. The new drug is a combination of a Sodium Glucose Co-Transporter Inhibitor (SGLT2i) and a Dipeptidyl Peptidase 4 inhibitor. “Glenmark’s Remo V and Remozen V are priced at Rs. […]
Bicon Ltd and Lupin Ltd, two India-based pharmaceutical manufacturers, launched two drugs in the US, separately. Bangalore-based Biocon launched an immunosuppressant, while Lupin launched a pain relief drug. Biocon’s drug is called Tacrolimus, and it is a calcineurin inhibitor. The company said the drug is used in organ transplant patients to reduce the body’s ability […]
Indian stock market regulator Securities and Exchange Board of India has given its approval to IT major Wipro’s plans to return around Rs 9,500 cr to shareholders via a buy-back. The company said in a notification that it will now send intimations to shareholders about the buy-back on or before Dec 26. Owners of Wipro […]
Following automakers like Honda, Mahindra & Mahindra, Bajaj Auto, Maruti Suzuki, Kia Motors, MG Motor and Renaut, Tata Motors too has announced a decision to increase vehicle prices from next month. However, unlike most others, Tata Motors will increase prices for commercial vehicles only, while leaving passenger vehicles alone for now. Around half of the […]
Mid-range models like XUV300, Thar and Bolero proved to be the wind behind sails of Mahindra & Mahindra’s 27% sales growth in November, according to the numbers released by the company today. On the other hand, sales of both entry-level as well as higher priced models, such as KUV100 and XUV500, proved to be a […]
L&T Technology Services, a provider of consulting and outsourced services in the engineering field, said it won a $100 million (Rs 750 cr) contract from a major US oil and gas company. L&T Tech will be the US company’s primary engineering partner to support two of their integrated refining and chemicals manufacturing facilities in USA, […]
Pharmaceuticals manufacturer Indoco Remedies has won a major contract to supply Allopurinol, used to bring down uric acid in the blood, from Germany. The two-year contract will generate around Rs 70 cr per year for the company. “This is Indoco’s first own label product in Europe,” said Managing Director Aditi Kare Panandikar. “Germany is totally […]
Hindalco Industries Limited, the Aditya Birla Group metals flagship, said it intends to set up a 34,000-tonne aluminium extrusion plant at Silvassa, the capital of Dadra & Nagar Haveli, at a cost of Rs 730 cr. The new plant will service the fast-growing market for extruded aluminium products in the western and southern regions, particularly […]
Pharmaceutical manufacturer Zydus Cadila said it received permission to initiate clinical trials for ZYIL1, an oral small molecule NLRP3 inhibitor, as an anti-inflammatory agent. The molecule is being explored for treating a variety of inflammation-related conditions, including Acute Respiratory Distress Syndrome (ARDS), auto-immune diseases, inflammatory diseases, cardiovascular diseases, metabolic disorders, gastro-intestinal diseases (inflammatory bowel disease), […]
Tata Consumer Products Ltd said it has decided to divest its MAP Out of Home coffee business in Australia to Buccheri Group Pty Ltd to focus on more profitable lines of businesses. It will not affect its branded tea business in Australia. The company, which supplies both coffee beans as well as machines to coffee […]
Maruti Suzuki India today said it had decided not to use Toyota Kirloskar’s factory in India to manufacture Vitara Brezza, also sold as Toyota Urban Cruiser in India. An agreement was announced in March last year in which the two companies announced that Maruti Suzuki will supply Baleno to Toyota in India. At the same […]
Larsen & Toubro, India’s biggest construction firm, said it has got an encouraging response to the launch of its second phase of its Seawoods Residences project in Navi Mumbai. The first phase of the semi-premium housing project, launched early last year, saw decent levels of interest, with reports claiming that the company got 1,800 bookings […]
Mahindra & Mahindra reported its strongest growth yet in the COVID-19 era after sales in November surpassed expectations, with strong numbers coming in from the tractor department. The company reported a whopping 55% jump in tractor sales for November, compared to just 2% in October. Similarly, sales of utility vehicles such as XUV500 jumped 27% […]
Indian drugmaker Laurus Labs said it signed a definitive agreement to acquire a majority stake in a Bangalore-based, fast-growing biotech company, Richcore Lifesciences, for Rs 246.67 cr. Richcore has advanced R&D and manufacturing facilities to develop and manufacture biotech products critical for manufacturing biological drugs. Richcore also helps its global customers to develop and scale-up […]
Ashok Leyland, which had introduced a voluntary retirement scheme and an employee separation scheme for its executives in August last year, has approved yet another VRS scheme this year. In a notification, the company said its directors “approved the introduction of Voluntary Retirement Scheme (“VRS”) for all eligible employees” of the company. The approval, it […]
Titan Co, which had seen a sharp fall in its revenue and profit in the aftermath of the COVID-19 lock-down, today reported a 15% increase in festival sales of jewelry items. This continues a theme of recovery seen in the last few months. For example, during the three months from July-September, the company had managed […]
Wonderla Holidays Ltd, which reopened the Bangalore water park partially last weekend, said it will restart water rides at the facility from this week. The other two parks, at Kochi and Hyderabad, remain shut. Wonderla Bangalore was opened five days ago with a limited number of rides, and none of the water rides were available. […]
Mahindra & Mahindra, one of India’s largest automobile and tractor makers, announced the production plans for a new series of advanced tractors being made with the help of its joint venture with the Mitsubishi Group of Japan. While the collaboration was announced earlier, it today unveiled further details about the production roadmap, as well as […]
Chennai-based Equitas Small Finance Bank, which listed on stock exchanges earlier this month, unveiled a new type of zero-balance savings bank account with a whopping 7% interest rate. At present, almost no bank offers an interest rate of 7% on savings bank deposits, and many banks offer less than 7% even for fixed deposits. However, […]
