Supreme Court halts Future Group-Reliance deal on Amazon plea

The Supreme Court on Monday asked the National Company Law Tribunal (NCLT) not to pass a final order on Future Retail’s Rs 24,713-crore asset sale to Reliance Industries Ltd. However, the apex court has allowed the NCLT to continue hearing on amalgamation proceedings between Future Retail and Reliance. The SC also agreed to hear Amazon’s plea against the Delhi High Court verdict staying its single-judge directive to maintain status quo on the deal.

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L&T secures large contracts in power transmission segment

Larsen and Toubro (L&T) said its Power Transmission & Distribution (PT&D) business has secured large domestic and overseas contracts. As per the company’s specifications, a ‘large’ contract ranges between Rs 2,500-Rs 5,000 crore. The PT&D business has secured two EPC orders to establish 400 MW solar photovoltaic projects in Gujarat. The business segment has also won an order to install 400 kV line-connected current limiting reactors in Qatar.

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Bharat Forge partners with Paramount Group to manufacture armoured vehicles in India

Bharat Forge Limited has partnered with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in India. An agreement was signed by both companies during the International Defence Expo (IDEX 2021) in Abu Dhabi. As per the agreement, the companies will join forces to manufacture Kalyani M4, a flagship aromoured vehicle designed by Paramount in partnership with Pune-based Kalyani Group.

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Mindtree achieves Google Cloud Partner specialisation in application development

Mindtree Limited has achieved the Application Development Partner Specialization in the Google Cloud Partner Advantage Program. The IT company said this specialization highlights its expertise and success in building customer solutions in application development using Google Cloud technology. Mindtree further said it is committed to helping enterprises grow and scale their business by offering a wide spectrum of cloud-based services.

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Dr Reddy’s launches Lansoprazole tablets in the US

Dr Reddy’s Laboratories has announced the launch of Lansoprazole delayed-release orally disintegrating tablets in the United States. The tablets are used to treat certain stomach and esophagus problems such as acid reflux, ulcers. According to IMS Health data, the generic version of the tablets had US sales of approximately $87 million (~Rs 630 crore) for the recent twelve months ending in December 2020.

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Glenmark Pharma’s arm gets Russian Health Ministry approval for Ryaltris nasal spray

Glenmark Pharmaceuticals said its Swiss subsidiary, Glenmark Specialty, has received marketing approval from the Ministry of Health of the Russian Federation for its Ryaltris Nasal Spray. Ryaltris is indicated for the treatment of seasonal and perennial allergic rhinitis in adults and children over the age of 12 years. The company expects the product to be made available to patients in Russia in the first quarter of FY 2021-22.

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Vivimed Labs receives approval from Uzbekistan govt for Febril syrup

Vivimed Labs Limited announced that it has received approval for Febril syrup 100ml from the Uzbekistan government. The product is used to relieve symptoms of allergy, hay fever, and the common cold. Hyderabad-based Vivimed Labs is a global supplier of specialty chemicals and pharmaceutical products.

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Steel Strips Wheels secures export orders worth €850,000

Steel Strips Wheels Ltd (SSWL) has secured export orders of over 93,000 wheels for the EU caravan trailer market. The orders are valued at around €850,000 (~Rs 7.47 crore). The export orders will be executed between April and June from the company’s plant in Chennai. SSWL is a leading manufacturer of steel wheel rims for various segments of the automobile industry.

Tata Motors launches all-new Safari

Tata Motors Limited, on Monday, launched the all-new Tata Safari at a starting price of Rs 14.69 lakh (ex-showroom, Delhi). The SUV will be available in 6 variants. The automaker has also launched an Adventure Persona edition of the Tata Safari, which ranges between Rs 20.20 lakh – Rs 21.45 lakh.

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Hindalco’s board approves amendments to Dividend Distribution Policy

Hindalco Industries Ltd announced that its Board of Directors has approved an amendment to its Dividend Distribution Policy. The objective of this policy is to provide clarity to stakeholders on the company’s dividend distribution framework. Hindalco’s board will now endeavour to distribute a dividend in the range of 8% to 10% of the Free Cash Flow at its consolidated level.