Published on 30/09/2022 9:32:06 AM | Source: ARETE Securities Ltd

Key Stock News: Air India, Udaan, Indian Oil, LIC, Hero MotoCorp, Lupin - ARETE Securities

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Air India halves discount on basic fares for senior citizens, students

Tata Group-owned full-service carrier Air India has reduced by half the discount offered on basic fares to senior citizens and students in the economy class on its flights, according to its website. The revised discount on basic fares is effective from September 29. Tata Group took control of the loss-making Air India from the government on January 27, this year.

Udaan to provide medicine delivery to pharmacies every 4-hour

Udaan, India’s largest business-to-business (b2b) e-commerce platform said it has launched ‘4X4 delivery service’ for pharmacies. As part of the new service offering, udaan will provide medicine delivery to pharmacies every 4- hour with 4 delivery slot options (5 AM, 11 AM, 2 PM and 5 PM) in a day to order medicines across six cities - Kolkata, Jaipur, Indore, Ahmedabad, Bengaluru and Pune. udaan plans to scale the ‘4X4 delivery service’ to more cities and towns in the next 6-8 months for the convenience and faster delivery of medicines to the pharmacies.

The pharmacies opting for ‘4X4-hour delivery service’ will also get benefits of up to a 30-day credit period along with attractive offers on the total order value on items available on the platform.

Indian Oil Corporation sets up new unit for treasury operations

India's top refiner Indian Oil Corp has set up a subsidiary to pool the funds of its overseas units in order to meet capital and trade finance needs, it said in a statement on Thursday. The new unit - Finance Company - will help IOC benefit from interest arbitrage as the company's borrowings increase after selling fuel locally at below-market rates.

LIC stake in speciality chemical firm Deepak Nitrite rises over 5%

Life Insurance Corporation on Thursday announced buying additional stake in speciality chemicals maker Deepak Nitrite to take its overall shareholding in the company to over 5 per cent. The Corporation's shareholding in Deepak Nitrite has increased from 67,88,327 to 68,58,414 equity shares, increasing its stake from 4.977 per cent to 5.028 per cent of the paid up capital of the said company, LIC said in a regulatory filing on Wednesday.

Hero MotoCorp to invest $60 mn in Zero Motorcycles to develop e-bikes

Hero MotoCorp on Thursday said it will invest USD 60 million (about Rs 490 crore) in US-based Zero Motorcycles to jointly develop electric motorcycles. The country's largest two-wheeler maker said it is finalising a collaboration agreement with the California (US)-based manufacturer of premium electric motorcycles and powertrains

Lupin gets warning letter from USFDA for Tarapur API plant in Maharashtra

Drug firm Lupin on Thursday said it has received a warning letter from the US health regulator for its Tarapur-based manufacturing facility in Maharashtra. The US Food and Drug Administration (USFDA) inspected the site from March 22, 2022 to April 4, 2022.


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