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Piramal Enterprises gets exemption for Saridon from list of banned FDCs:
The Supreme Court of India has ruled in favor of Saridon by exempting its formulation from the list of banned FDCs (Fixed Dose Combinations). In September 2018, Piramal Enterprises had been awarded a stay order from the Supreme Court on the ban, which allowed it to continue manufacturing, distribution and sale of the FDC.
Aarti Industries has signed a $125 million supply contract
Aarti Industries has signed a $125 million (Rs 900 crore at current Exchange Rate) supply contract with a leading global chemical conglomerate. The contract entails supply of a high value specialty chemical intermediate for a period of 10 years. The plant is expected to commission in Q4 FY 2021, with average annual revenue of $12.5 million. The end use of the product is one of the major new growth initiative for the customer.
The supply quantities of the contract will be used to seed the market and increase the potential market size of the product.The company estimates a capital investment of approximately $15 milllon to setup a commercial scale manufacturing facility for the production of this speciality chemical intermediate. The upcoming facility will be located in the state of Gujarat. The product is not part of the company's existing product range. The process had been optimized and scaled up jointly by the technical teams of both the companies over last 4 years within the boundaries of stringent quality requirements. This particular deal not only augments the company's product portfolio, but also testifies the elevated brand equity the company has among its targeted customers.
Tech Mahindra gets Rs 1,956cr buyback approval:
The company board at its meeting held on February 21, approved the proposal for buyback of its own fully paid equity shares of Rs 5 each not exceeding 2,05,85,000 equity shares from the equity shareholders of the company. It has fixed March 6 as a record date for the share buyback.
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