Apollo Tyres European subsidiary Vredestein to undertake price hike
Apollo Tyres has announced its European subsidiary Vredestein will undertake price hikes to the tune of about 8% wef from May 1, 2017 to counter sharp surge in the raw material prices.
The price hikes will be undertaken on both the Vredestein and Apollo branded tyres which are sold in the European market.
Lupin receives USFDA approval for gSuprep bowel prep kit
Lupin receives USFDA approval for gSuprep bowel prep kit; used for cleansing of colon in preparation for colonoscopy.
The drug had US sales of $207 million (Rs1400 crore) by Dec 2016 – Positive for Lupin; company shall start promoting the product shortly.
L&T Hydrocarbon signs 5-year framework deal with Shell
L&T’s wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) has signed an Enterprise Framework Agreement ( EFA) with Shell Global Solutions International B.V., for providing engineering, procurement and construction management (EPCM) services for Shell projects in the Middle East, South East Asia and India.
The EFA is for a period of five years. For any agreements resulting from the EFA, LTHE will leverage on its core strengths of engineering and project management to deliver projects for Shell. LTHE’s engineering office in india, will be its High Vaiue Engineering Centre.
ONGC may acquire government’s 51.1% stake in HPCL
ONGC may acquire government’s 51.1% stake in HPCL followed by an open offer to buy additional 26% from other shareholders of HPCL.
The entire deal is likely to be valued at around Rs44, 000 crore ($6.6 billion) and thus valuing HPCL at Rs562/share (in-line with CMP of Rs560).
Although the exact deal structure for payment of Rs44,000 crore is not available yet but the share swap agreement between GoI, ONGC and HPCL shareholders would be the crucial thing to watch out in the likely deal.
Granules India gains as promoter Tyche Tech increases stake
Granules India promoter’s (Tyche Tech) increases stake to 11.75% post warrant conversion – Positive for Granules.
Owing to this news the stock ended up by 4.20% to Rs134 on NSE so far, the promoter group’s holding now stands at 53.6% vs 51.88 as of Dec 2016).
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