Cadila Healthcare to supply 1 crore doses of Covid-19 vaccine next month: Report

According to a report from Mint, Cadila Healthcare Ltd will supply 1 crore doses of its Covid-19 vaccine ZyCoV-D in October 2021. The vaccine has received approval to be administered to adolescents between the ages of 12 and 18. ZyCoV-D is the world’s first plasmid DNA vaccine for Covid-19. India is expected to achieve the 100-crore vaccination mark by the first week of October.

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IDFC’s board approves divestment of mutual fund business

The Board of Directors of IDFC and IDFC Financial Holding Company Ltd (IDFC FHCL) have approved the divestment of its mutual fund business— IDFC Asset Management Company (IDFC AMC). IDFC AMC is the direct subsidiary of IDFC FHCL and an indirect subsidiary of IDFC. As of March 31, 2021 (FY21), IDFC held 99.96% stake in IDFC AMC. The divestment is subject to requisite regulatory approvals.

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Biocon unit plans 15% stake sale to Serum Institute for access to vaccines

Biocon Limited’s biologics unit will sell a 15% stake to a subsidiary of Serum Institute of India (SII) for access to 100 million doses of vaccine annually for 15 years. The 15% stake in Biocon Biologics is valued at more than $730 million (~Rs 5,370 crore). As part of the deal, the Biocon unit and SII’s subsidiary will make and distribute vaccines and antibody treatments. They will solely focus on Covid-19 vaccines in the initial years. 

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PNB cuts repo-based lending rate by 25 bps to 6.55%

Punjab National Bank (PNB) has reduced the repo-linked lending rate (RLLR) by 25 basis points (bps) to 6.55%. RLLR is a floating rate-based personal or retail loan that is linked to external benchmarks such as the repo rate of the Reserve Bank of India (RBI). Repo rate is the rate at which the RBI lends money to commercial banks for their short-term requirements.

In other news, IIFL Home Finance has entered into a co-lending agreement with state-owned PNB.

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Rajesh Exports secures deal worth Rs 691 crore from Germany

Rajesh Exports Ltd has secured an order worth Rs 691 crore for its designer range of jewellery from Germany. The company will be executing the order from its manufacturing facility, which has a processing capacity of 250 tons of jewellery and gold products per annum. It expects significant orders for its new range of jewellery from international markets. Rajesh Exports is a leading gold retailer in India that refines, designs, and sells gold and jewelry. 

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Dynamatic Tech to manufacture aerostructure assemblies for Boeing’s fighter aircraft

Dynamatic Technologies Ltd has secured a contract for manufacturing aerostructure assemblies for Boeing’s latest F-15EX Eagle II fighter aircraft. The company will supply the assembly requirements to Boeing from the financial year 2021-22 (FY22) onwards. The aerostructures will be manufactured at Dynamatic Tech’s facility in Bengaluru. Dynamatic Technologies designs and builds highly engineered products for automotive, aerospace, hydraulic, and security applications.

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Marine Electricals secures order from Adani Data Center’s Chennai Project

Marine Electricals (India) Ltd has received an order worth Rs 6.25 crore for the supply of HT Panels and RMU Panels for Adani Data Center’s Chennai Project. HT Panels are used to supply power to various electrical devices and distribution boards. Ring Main Unit (RMU) panels are used to ensure an uninterrupted power supply. Marine Electricals is an integrated technical services provider in the fields of electrical automation & information and communication technology solutions.

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Matrimony.com completes acquisition of 100% stake in Boatman Tech

Matrimony.com Ltd has completed closing conditions with regard to the acquisition of a 100% stake in Boatman Tech Pvt Ltd. Boatman Tech is the promoter of ShaadiSaga.com, a Delhi-based online wedding services company. It has over 40,000 vendors across multiple services and caters to customers across 15 major cities. This acquisition will enable Matrimony.com to scale up its presence in the north and west regions and strengthen its product capabilities.

Bajaj Holdings’ board declares interim dividend of Rs 90 per share

The Board of Directors of Bajaj Holdings & Investment Ltd (BHIL) has declared an interim dividend of Rs 90 per share. The company has fixed September 29, 2021, as the record date for determining the members eligible to receive the interim dividend. BHIL operates as a non-banking financial company (NBFC) in India. It acts as a primary investment company and focuses on new business opportunities. 

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