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HAL signs Rs 2,400 cr contract with BEL for supply of avionics for LCA

Hindustan Aeronautics Limited on Thursday awarded a Rs 2,400 crore contract to Bharat Electronics Limited for the manufacture and supply of 20 types of airborne electronic systems for the LCA Tejas Mk1A fighter aircraft programme. The order spanning five years from 2023 to 2028 involves supply of critical avionic Line Replaceable Units (LRUs) related to Digital Flight Control Computers, Air Data Computers, Weapon Computers, LRUs related to Radar Warning Receiver (RWR) and Head Up Display, a BEL statement said.

Supriya Lifescience IPO fully subscribed within few hours of opening

The initial public offer of Supriya Lifescience Ltd was fully subscribed within few hours of opening for subscription on Thursday on the back of a strong response from retail investors. The category for Retail Individual Investors (RIIs) was subscribed 6.68 times and those for non-institutional investors received 40 per cent subscription. Supriya Lifescience's Initial Public Offer (IPO) has a fresh issue of up to Rs 200 crore and an offer for sale of up to Rs 500 crore. The price range is Rs 265- 274 per share.

L&T power transmission, distribution biz bags orders in India, overseas

Larsen & Toubro (L&T) on Thursday said that its power transmission and distribution business has bagged a slew of orders both in India and overseas. An order has been secured to provide dynamic reactive power compensator system at a substation in Abu Dhabi, L&T said in a statement. To enhance the grid stability and provide voltage support, specialised equipment are deployed in substations, it said.

Cash-flush Novartis launches new share buyback of up to $15 bn

Novartis AG is launching a new share buyback worth up to $15 billion to be executed by the end of 2023, it said on Thursday, adding it was confident in its top-line growth and deep pipeline. The buyback is funded through the $20.7 billion the Swiss drugmaker raised by selling its nearly one-third voting stake in Roche back to its cross-town rival last month, Novartis said, adding its capital allocation strategy aimed to combine investing in core business and returning excess capital to shareholders. Novartis said it had the flexibility to return value to shareholders "without compromising the company's capacity for value-creating bolt-on M&A, whilst providing a strong, growing dividend and reinvesting in the business".

Byju's in talks to go public via SPAC deal, seeks $48-bn valuation: Report

The online education provider Byju’s, India’s most valuable startup, is in advanced discussions to go public through a merger with one of Churchill Capital’s special-purpose acquisition companies, according to people familiar with the matter. The startup held talks with several potential SPAC partners and is farthest along in working out an agreement with Michael Klein’s Churchill Capital, said the people, asking not to be named discussing private matters. Churchill Capital VII raised more than $1.3 billion in an offering in February and trades on the New York Stock Exchange.

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