Govt approves 74% FDI in defence sector under automatic route

The Indian Government has now permitted up to 74% foreign direct investment (FDI) in the defence sector, under the automatic route. The automatic route means that investments can be made even without prior approval from the government. The earlier limit for FDIs in the sector was 49%. The increased limit would help firms in the defense sector (HAL, BEML, BDL) to seek new industrial licences. The government has also stated that FDI in this sector will be subject to security clearance by the Ministry of Home Affairs.

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RBL Bank, ICICI Prudential Life Insurance form bancassurance partnership

RBL Bank Ltd and ICICI Prudential Life Insurance have entered into a bancassurance partnership to offer an array of life insurance products to the bank’s customers. The lender will distribute ICICI Prudential Life’s products through its network of 398 branches, which is spread across 28 states. For the insurance firm, the partnership will help to further strengthen its multi-channel distribution network.

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Heritage Foods sells holding in Future Retail for Rs 132 crore

Heritage Foods Ltd has sold its entire shareholding in Future Retail for Rs 131.94 crore, in the open market. The company held a 3% stake or 1.78 crore equity shares in the Kishore Biyani-led Future Retail. Heritage Foods said that the sale proceeds will be mainly utilized for the repayment of its long term loans.

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Zydus Cadila gets USFDA Fast Track Designation for Saroglitazar

Zydus Cadila has received Fast Track Designation (FTD) from the US Food and Drug Administration (USFDA) for its investigational drug candidate- Saroglitazar Mg. The drug is indicated for the treatment of a serious liver disease known as primary biliary cholangitis (PBC). A drug that receives FTD is eligible for accelerated approval and priority review, if the relevant criteria are met.

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Maruti Suzuki launches online car financing platform in Nexa

Maruti Suzuki Ltd has announced the launch of Smart Finance service for Nexa customers across 30 cities in India. The online service seeks to provide end-to-end and real-time car finance facilities to prospective customers. To offer multiple financier options, Maruti has also tied up with HDFC Bank, Yes Bank, ICICI Bank, IndusInd Bank, and many more.

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Aurobindo Pharma gets USFDA approval for sedative drug

Aurobindo Pharma Ltd said it has received final approval from the US Food & Drug Administration for its generic version of Precedex injection. This injection is used for the sedation of patients. The drug major stated that the product will be launched in January 2021 and has an estimated market size of $228 million (~ Rs 1,677 crore).

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HAL announces interim dividend of Rs 15 per share

The Board of Directors of Hindustan Aeronautics Ltd (HAL) has declared an interim dividend of Rs 15 per equity share of Rs 10 each fully paid up, for FY21. The record date for the payment of interim dividend will be December 19, 2020. This is the first interim dividend to be declared by HAL for the financial year ended 2021.

Dr. Reddy’s ADRs listed at NSE International Exchange

The American Depository Receipts (ADRs) of Dr. Reddy’s Laboratories has been listed at the NSE International Exchange (NSE IFSC). The secondary listing of Dr. Reddy’s ADRs at NSE IFSC would provide global investors an additional venue to transact in their ADRs. Participants holding depository accounts with the International Central Securities Depository (Euroclear Bank, Clearstream) or Depository Trust Company (DTC) shall be able to transact on these ADRs.

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Amazon eyes potential $100 million investment in Apollo Pharmacy: Report

According to a report from Economic Times, Amazon.com, Inc. is considering a $100 million (~Rs 736 crore) investment in Apollo Pharmacy. The report states that Amazon’s potential investment would help it to compete with Reliance Industries and Tata Group, in India’s fast-growing drug market. Apollo Pharmacy is India’s largest branded pharmacy network, with over 3,000 outlets in key locations. 

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Firstsource Solutions partners with Celonis to accelerate digital transformation for enterprises

Firstsource Solutions Ltd has partnered with Germany-based Celonis GmbH to help businesses to improve agility and optimize their outcomes. The strategic partnership combines Firstsource’s deep domain expertise with Celonis’ AI-powered technologies to accelerate digital transformation for enterprises. Firstsource Solutions is a provider of business process outsourcing (BPO) services, based in Mumbai.

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