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Weekly News: India's private sector activity expanded at the fastest pace in eight months - IndiaNotes.com
Weekly News: India's private sector activity expanded at the fastest pace in eight months
SMC | Published: 10 Jul, 2017  | Source : IndiaNotes.com

Economy


- India's private sector activity expanded at the fastest pace in eight months in June, survey data from IHS Markit showed. The seasonally adjusted Nikkei India composite output index climbed to 52.7 in June from 52.5 in May. The headline Nikkei Services Purchasing Managers' Index also rose to an eight-month high of 53.1 in June from 52.2 in May.


Chemicals


- Tata Chemicals is set to exit fertiliser business by selling off the last of its Indian operations at Haldia, West Bengal, as part of an ongoing mega restructuring that would strengthen the company's focus on consumer and inorganic chemicals and deleverage its balance sheet.


Engineering


- IL&FS Engineering and Construction Company has bagged jobs worth `236.76 crore from state-run Jharkhand Bijli Vitran Nigam under the Integrated Power Development Scheme. The first order entails supply of equipment and materials related to a contract for Urban Electrification work for Dhanbad Electric Supply Circle covering two towns--Dhanbad and Chirkunda. The second order is for supply of equipment and materials related to the contract for Urban Electrification works of Dumka-Sahibganj Electric Supply Circle.


- Hindustan Construction Company (HCC) said its joint venture firm has bagged a contract worth `797 crore from Bangalore Metro Rail Corporation. The contract is for construction of 6.340 km long elevated corridor and five elevated stations between HSR Layout station and RV Road Station.


- Kalyani Strategic Systems Ltd (KSSL), a subsidiary of Bharat Forge Limited, will expand its partnership with Israel Aerospace Industries (IAI). The two companies signed a memorandum of understanding (MoU). The new MOU covers the establishment of a maintenance centre for select advanced air defence systems in Hyderabad. The two companies have also agreed on expanding their joint operations for development, manufacturing, and marketing of precision ammunition systems.


Power/Oil & Gas


- ONGC Videsh has signed definitive binding agreements with Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc, for acquiring 30 percent participating interest in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements (License) out of Tullow's existing participating interest of 65 percent in the license.


Pharmaceutical


- Jubilant Life Sciences said its subsidiary has received final approval from the US health regulator for Bupropion Hydrochloride extended- release tablets, used for the treatment of major depressive disorder and prevention of seasonal affective disorder. The approved product is the generic version of Wellbutrin XL of Valeant, which is used for the treatment of major depressive disorder and prevention of seasonal affective disorder.


- Alembic Pharmaceuticals has received tentative approval from the US health regulator for vardenafil hydrochloride tablets used for treatment of erectile dysfunction.


- Lupin Ltd has launched in the US market its generic version of Moxifloxacin Hydrochloride Ophthalmic solution used for treating bacterial conjunctivitis.


- Sun Pharmaceutical Industries signed a long term agreement with South Korea's Samsung BioLogics for the manufacture of an experimental medicine to treat psoriasis. The novel drug known as Tildrakizumab is currently under review by the US Food & Drug Administration (FDA) and the European Medicines Agency (EMA). The value of the contract is about $55.5 million.


Healthcare


- Zydus Cadila announced the initiation of a phase II trial of oral small molecule Zyan1 that has been designed for the treatment of anaemia associated with chronic kidney disease.


- Zydus Cadila has received tentative approval from the US health regulator to market anti-diabetic sitagliptin and metformin hydrochloride in the US market.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.