Govt successfully divests 20% stake in IRCTC

The Government has successfully divested its 20% stake in the Indian Railway Catering and Tourism Corporation (IRCTC), through an offer for sale (OFS). The Centre had set the floor price of the OFS at Rs 1,367. The IRCTC stated that the retail portion of the OFS saw a 228% demand for the shares on offer. Following the OFS, the government’s stake in IRCTC will drop to 67.4%. 

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India’s industrial production grows 3.6% in October

India’s industrial output, as per the Index of Industrial Production (IIP), grew by 3.63% YoY in October. The IIP had shrunk by 6.6% in October 2019. The data was released by the Ministry of Statistics & Programme Implementation (MoSPI). The rise in IIP data during October is primarily on account of the electricity and manufacturing sectors. The country’s industrial production turned positive in September, after six months of negative growth. 

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Passenger vehicle sales rise for the fourth straight month

The domestic wholesales of passenger vehicles increased by 4.85% YoY to 2.64 lakh units in November. Car sales declined by 2.77% YoY to 1.49 lakh units, while sales of utility vehicles were up by 17.16% YoY to 1.03 lakh units. The data was compiled by the Society of Indian Automobile Manufacturers (SIAM). The industry body stated that the rise in sales was primarily on account of the festive season.

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AstraZeneca to test combination of its Covid-19 vaccine with Sputnik V

AstraZeneca has initiated a program to assess Covid-19 vaccine combinations. The British pharma company will co-operate with Russian vaccine developers to test the combinations of its experimental Covid-19 vaccine with Russia’s Sputnik V shot. The program will be aimed at boosting the efficacy of AstraZeneca’s vaccine. The trials will start by the end of the year.

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Family-owned TVS Group changes ownership model

TVS Group has decided to go for restructuring, by giving each family group complete ownership of businesses they currently manage. The group’s holding company has also been scrapped. The TVS brand will be allotted to each family group for use in their lines of business on a perpetual, royalty-free basis. The TVS group, consisting of over 50 companies, has a claimed turnover of $6.5 billion (Rs 47,949 crore). 

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BSE launches e-agricultural spot market platform

The Bombay Stock Exchange (BSE) has launched an electronic spot platform for agricultural commodities. The BSE e-Agricultural Markets Ltd (BEAM) will function as a national level, electronic, and transparent commodity spot trading platform. BEAM would offer customised solutions to farmers, traders, and stakeholders to facilitate risk-free purchase and sale of various agricultural commodities

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Hatsun Agro Product’s board approves allotment of 5.38 crore bonus shares

The Board of Hatsun Agro Product Ltd has approved the allotment of 5.38 crore bonus equity shares of ₹1 each. The bonus shares will be issued to members holding equity shares as of 10 December 2020. The ratio for allotment of bonus shares has been set at 1:3. This means that one bonus share will be issued for every 3 fully paid-up equity shares held by a shareholder. The bonus shares will be credited/dispatched on or before 17 December 2020.

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Blackstone to acquire Piramal Glass for $1 billion: Report

According to a report from CNBC-TV18, Blackstone has signed a deal to acquire Piramal Glass for $1 billion (~Rs 7,376 crore). The private equity major will make an upfront payment of $850 million and take over the ownership and management of  Piramal Glass. The remaining $150 million will be paid after Piramal Glass achieves specific business milestones. Piramal Glass Ltd is a manufacturer of specialised glass packaging solutions for cosmetics, perfumery, speciality food, beverages, and pharma industries. 

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Indian Hume Pipe receives LoA for water supply schemes in Uttar Pradesh

Indian Hume Pipe Company Ltd has received a Letter of Acceptance (LoA) for providing water supply schemes in 550 villages of Kanpur Division in Uttar Pradesh. The value of the order has been estimated at Rs 550 crore. The project will be completed in 21 months from the date of signing the final agreements.

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Alambic Pharma gets USFDA nod for bipolar disorder treatment drug

Alembic Pharmaceuticals Ltd has received approval from the US Food and Drug Administration for its Abbreviated New Drug Application (ANDA) for Asenapine Sublingual tablets. The tablets are indicated for the treatment of bipolar disorder. The pharma company stated that the tablets have an estimated market size of $217 million (~Rs 1,600 crore).

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