Reliance Industries Buys Shubhalakshmi Polyesters For Rs 1,592 cr
Reliance Petroleum Retail, a fully-owned subsidiary of Reliance Industries, bought the polyester business of Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex) for Rs 1,522 crore and Rs 70 crore, each, in cash.
The acquisitions are yet to be approved by the Competition Commission of India (CCI) and the respective lenders of SPL and SPTex.
Recently, RIL, without giving much detail, exited from acquiring the petrochemicals unit of JBF Industries which is going through bankruptcy proceedings.
Pharma Body Exonerates Micro Labs On Alleged Spending Of Rs 1,000Cr On Dolo 650
The Indian Pharmaceutical Alliance (IPA) gave a clean chit to Micro Labs against the allegation by the Central Bureau of Direct Taxes (CBDT) for spending Rs 1,000 crore on distributing anti-fever drug Dolo 650 as freebies in a year.
The group consists of big pharmaceutical companies in the country. It scrutinized the matter after the National Pharmaceutical Pricing Authority (NPPA) shared news articles saying “PIL was filed by the Federation of Medical and Sales Representatives Association of India, stating that Dolo had invested 1,000 crores (Rs) in freebies to have its anti-fever drug prescribed to patients”.
“In view of interaction with the management of the company and the detailed reply, it is clear Rs 1000 crore expenditure on single brand Dolo 650 on freebies in one year is not correct,” IPA said in a document, clearing the allegation of violation of Uniform Code of Pharmaceutical Marketing Practices by Micro Labs.
Nayara Energy Appoints New Chairman Prasad K Panicker
Rosneft-owned Nayara Energy has elected its director and head of the refinery, Prasad K Panicker, as the chairman of the company. His appointment will be effective from 3 October.
“Prasad K. Panicker will take on this important role from Charles Anthony (Tony) Fountain, whose 5 years of dedicated service have been landmarked by significant improvements in the level of performance and financial position of the Company,” the company said in a statement.
“In his new role, Panicker will deploy his outstanding technological experience and excellent knowledge of the local Indian market to lead Nayara Energy through a new set of strategic priorities with a strong focus on development projects,” it said.
Kotak Securities Acquires Assets Of Wealth Management Platform FundExpert
Kotak Securities is acquiring all assets of Bengaluru-headquartered start-up FundExpert Fintech for an undisclosed amount through its Startup Investments and Partnerships Team.
FundExpert provides digital multi-asset wealth management solutions to independent financial advisors (IFA) and mutual fund distributors.
Over 2,300 distributors have subscribed to the FundExpert platform to manage mutual fund portfolios valuing Rs 15,000 crore, Kotak Securities said in a release.
“This acquisition is part of our strategy in scaling IFA-led distribution business with the Kotak brand, our distribution network, and vast experience in the financial services sector,” it added.
Hindustan Copper To Increase Copper Output To 12.2 MTPA By FY29
State-owned Hindustan Copper Ltd (HCL) is expecting to ramp up copper ore production to 12.2 million tonnes a year by FY29 in its first phase of expansion.
The company’s copper ore production stood at 3.57 million tonnes (MT) in FY22.
”HCL has plans to increase its mining capacity from its current level ore production to 12.2 million tonnes per annum in phase-I in next 7 to 8 years,” the public corporation said.
The company further seeks to increase its output to 20.2 MTPA after completing its first phase capacity expansion plan.
HCL said the proposed expansion of the Malanjkhand Copper Project (MCP) will add to the ore production capacity from 2.0 to 5.0 MTPA by developing an underground mine below the existing open pit whose life is already at vestige.
”The proposed expansion of mines at the western sector will increase ore production capacity from existing 1.0 to 3.0 MTPA,” the company said.
FPIs Injects Rs 5,600 Cr In Indian Equities In September
Foreign investors have chipped-in nearly Rs 5,600 crore into the domestic equity markets in September so far in a bid to benefit from growth in consumer spending in the festive season and better macro fundamentals than other emerging markets.
In August, net investment of Rs 51,200 crore happened, whereas nearly Rs 5,000 crore was injected in July, data with depositories showed.
Between October 2021 and June 2022, FPIs sold a massive Rs 2.46 lakh crore in the Indian equity markets.
India’s Merchandise Exports Rises USD 114 Billion In July-September: Report
India’s merchandise exports may grow by 11.4 percent to USD 114.4 billion during the July-September quarter of FY23, data from Exim Bank showed.
However, the rise in exports in FY23 can impact by softening of global commodity prices. Among others, a possible slowdown in major trade partners, inflationary pressures, and tight monetary policies globally can also dim the export gain, Export-Import Bank of India (Exim Bank) said in its quarterly data.