Tata Motors

Tata Motors has completed the acquisition of its partner Marcopolo’s stake in their bus body manufacturing joint venture Tata Marcopolo Motors Limited. With this, Tata Marcopolo Motors has become a wholly owned subsidiary of Tata Motors. The JV had manufacturing facilities in Dharwad and Lucknow for building bus bodies on chassis supplied by Tata Motors and marketed under the ‘Starbus’ and ‘Starbus Ultra’ bus brands.

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NTPC

The company has received shareholders’ approval to raise up to Rs 12,000 crore through the issuance of non-convertible debentures on a private placement basis. The resolution was passed with the requisite majority in the annual general meeting held on Tuesday. The funds will be used for capital expenditure, working capital, and general corporate purposes, according to the notice for the AGM.

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SpiceJet

SpiceJet incurred a loss of Rs 458 crore in the January-March quarter of FY22 and Rs 789 crore in the April-June quarter of FY23 due to high fuel prices, a depreciating rupee, and the third wave of Covid-19. The overall loss incurred by SpiceJet in fiscal 2022-23 was Rs 1,725 crore, 73% wider than the previous year. In the first quarter of the current financial year, the airline earned Rs 2,478 crore and its expenses stood at Rs 3,267 crore. The airline has been making losses for the last four years.

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Cipla

Cipla and Kemwell Indian have entered into an “amendment cum assignment agreement” to incorporate a joint venture in the United States. There is no other material change in the agreement. In a separate development, Cipla (EU) has agreed to acquire an additional 13.10% stake in Cipla (Jiangsu) Pharmaceutical Co Ltd, a subsidiary of Cipla EU in China.

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Sunteck Realty

Subsidiary Clarissa Facility Management LLP has bought a 10% stake in Rusel Multiventures. With this development, the company will leverage facility management expertise to create additional streams of revenue, cost-effectiveness, and continuous supply of facilities, which will improve its overall effectiveness and productivity, the real estate company said.

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Glenmark Pharmaceuticals

The company’s US arm Glenmark Specialty SA has launched the only-approved fixed-dose combination therapy for seasonal allergic rhinitis in the US market. This Ryaltris nasal spray will be distributed by British drug major Hikma Pharmaceuticals. The nasal spray is approved by the US Food and Drug Administration for the treatment of symptoms of seasonal allergic rhinitis (SAR) in adult and pediatric patients 12 years of age and older.

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Inox Wind

The company board has approved raising funds up to Rs 800 crore by way of issuance of non-convertible preference shares to promoters on a private placement basis. The fund raised will be used for repayment of the debt, according to the official press release.

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Zee Entertainment Enterprises

The company and Star India (Disney Star) have entered into a strategic licensing agreement. With this, Disney Star will license the television broadcasting rights of the International Cricket Council’s (ICC) Men’s and Under 19 (U-19) global events for a period of four years, to the company. Disney Star will continue to be the exclusive home for streaming all ICC tournaments through its digital platform. The agreement has been approved in principle by ICC.