Hindustan Unilever
Managing Director and CEO, Sanjiv Mehta will be appointed
as the President Commissioner (Non-Executive Chairman) of PT Unilever Indonesia
Tbk (Unilever Indonesia), a public company and member of the Unilever Group,
HUL said in its BSE filing. He will continue to be Chief Executive Officer and
Managing Director of HUL, and President, Unilever South Asia.
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Hindustan Copper
State-owned Hindustan Copper said that its board has
recommended seeking shareholder’s approval to raise around Rs 500 crore through
debentures. The board has also suggested taking the approval of the
shareholders in the ensuing annual general meeting for raising funds by issuing
equity shares through Qualified Institutional Placement.
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UPL
The company has bought a 100% stake in Nature Bliss Agro
(NBAL). Accordingly, NBAL has become a wholly-owned subsidiary of the company.
NBAL proposes to carry out the business of manufacturing and sale of crop
protection and allied products, which has synergy with the existing business
activities of UPL.
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The pharmaceutical company has received approval from US
FDA for its Abbreviated New Drug Application (ANDA) – Paliperidone
extended-release tablets. The drug is a generic equivalent of Invega
extended-release tablets of Janssen Research and Development, LLC. The product
will be manufactured at Lupin’s unit in Goa. It has an estimated annual sales
of $152 million in the US according to IQVIA MAT March 2022 data. The drug is
used to treat schizophrenia, a mental disorder.
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Future Enterprises
Debt-ridden Future Enterprises Ltd (FEL) has announced
another default, this time on payment of interest of Rs 6.15 crore for its
non-convertible debentures. The due date for payment was June 29, 2022, FEL
said in a regulatory filing on June 30. “The Company is unable to service
its obligations in respect of the interest on Non-Convertible
Debentures…,” it said. This is the fifth default in June by the Kishore
Biyani-led Future Group firm.
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Sundaram Fasteners
Auto Components maker Sundaram Fasteners (SFL) announced
plans to invest Rs 400 crore in fasteners and defence in the coming two years.
The company said in an annual general meeting it will make an additional
investment of Rs 300 crore in fasteners, where it has a market share of
35%-40%. In the defence sector, it is planning to invest over Rs 100 crore in
the next two years.
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Coal India
National miner Coal India Limited (CIL) said the country
has enough supplies, but power plants must stock up before monsoon impacts
productions at mines. CIL has a stockpile of about 43 million tonnes (MT). CIL
has a stockpile of around 43 million tonnes (MT). Apart from that, the
inventory at power plants is 26.2 MT, and coal awaiting transportation at
private washeries, goods sheds, and ports is 4.6 MTs.
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Blue Star
CARE Ratings has reaffirmed its long-term, and short-term
rating on credit facilities and non-convertible debentures at AA+, but revised
the outlook from ‘Negative’ to ‘Stable’ based on robust recovery and demand for
air-conditioning and refrigeration products with the decline in the second wave
of pandemic and consequent improvement in the operating and financial
performance of FY22.
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Globus Spirits
Global Spirits Limited will provide several services
ranging from engineering to ongoing operations, maintenance, and marketing
services for distillery assets owned by Tilaknagar Industries. It has forayed
into an arrangement for strategic, technical, manufacturing, and marketing
tie-up to offer an integrated service to operate the plant at the envisaged
rated capacity of 140 KLPD distillery asset owned by TIL located at Ahmednagar,
Maharashtra. The company will receive a service fee as a share of EBITDA
generated by the distillery assets.
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ABB India Limited
ABB has collaborated with Think Gas, a city gas
distribution company to implement a digital solution to increase the
efficiency, reliability, and availability of the city gas network that incorporates
multiple remote terminals across distributed locations in the states of Punjab,
Uttar Pradesh, Madhya Pradesh, and Bihar.
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Kridhan Infra
Chief Financial Officer Rajeshree Indradev resigned from
the position on June 30. The company is in the process of identifying or hiring
a new person for the vacant position.
