Tata Motors announced that S&P Global Ratings has lowered the credit rating of the company and luxury car unit, Jaguar Land Rover Automotive Plc (JLR), citing weaker profitability at JLR. S&P cut its rating on Tata Motors' issuer credit and senior unsecured notes to 'BB-' from 'BB'. The ratings remain on negative watch. The announcement was made after market hours yesterday, 4 December 2018.
Kesoram Industries decided at a board meeting to spin off its tyre business (Birla Tyres ) by demerging this undertaking as per the demerger provisions in the Income Tax Act, 1961 into a resulting company, Birla Tyres (BTL). Upon grant of the requisite approvals, BTL will also become a listed company with its shareholding pattern mirroring Kesoram. The appointed date for such demerger will be commencement of business 1 January 2019. Kesoram shareholders will get one share of Rs 10 each of Birla Tyres for each share held in the company.
The demerger proposed is part of an ongoing exercise undertaken by Kesoram over the past few months in further realigning and recalibrating operations. The objective has been to transform each business into entities that are market driven in their approach.
With the proposed spin-off , Kesoram's focus on the both its businesses viz. cement and tyre will get even further sharpened and pave the way for their robust growth. The announcement was made after market hours yesterday, 4 December 2018.
Oil India (OIL) successfully commissioned the cyclic steam stimulation (CSS) technology in the well BGW - 8 in Baghewala PML of Rajasthan for extraction of heavy crude oil for the first time in India. The project was commissioned under the guidance of Dr. John Belgrave of Mis Belgrave Oil & Gas Corporation, a Canada based consulting agency. As part of the pilot project, CSS will be implemented in 2 (two) more wells followed by field scale implementation and will also be applied to assess the potential of other similar reservoirs. This technique will ensure enhancement of production from this field. The announcement was made after market hours yesterday, 4 December 2018.
Pharma major Lupin announced the launch of Silodosin Capsules 4mg and 8mg, having received an approval from the United States Food and Drug Administration (USFDA) earlier. Lupin's Silodosin Capsules 4mg and 8mg; is the generic equivalent of Allergan's Rapaflo. An alpha-1 adrenergic receptor antagonist, it is indicated for the treatment of the signs and symptoms of benign prostatic hyperplasia (BPH). Rapaflo had annual sales of $198.5 million in the US (IQVIA MAT September 2018). The announcement was made after market hours yesterday, 4 December 2018.
Hinduja Global Solutions announced that it will be creating up to 150 brand new permanent jobs and investing into its site in Selkirk (UK) over the course of 2019. The company has purchased the site from its lease holder, has recruited a new management team and is about to embark on a 12-month site-investment programme giving further security to the 265 existing employees based there. The announcement was made after market hours yesterday, 4 December 2018.
Kridhan Infra (KIL) announced that its associate company Vijay Nirman Company (VNC) has received a LoI (Letter of Intent) worth Rs 105 crore. The company has been mandated to construct major and minor bridges, etc. for package 4 of the Mumbai - Nagpur Super Communication Expressway in Maharashtra. The project is expected to be completed over a period of 12 months. The announcement was made after market hours yesterday, 4 December 2018.
SKF India announced that the buyback committee of the company fixed 21 December 2018 as the record date for the proposed buyback of the equity shares of the company. The announcement was made after market hours yesterday, 4 December 2018.