Key things to know before setting up the trade on Monday
Reliance Industries buys Shubhalakshmi Polyesters for Rs 1,592 cr
Reliance Petroleum Retail, a wholly owned subsidiary of Reliance Industries, has purchased the polyester business of Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex) for Rs 1,522 crore and Rs 70 crore, each, in cash.
The acquisitions still need to be approved by the Competition Commission of India (ICC) and the respective lenders of SPL and SPTex.
Recently, RIL, without giving many details, gave up buying the petrochemical unit of JBF Industries which is the subject of a bankruptcy procedure.
Pharma Body exonerates Micro Labs for alleged spending of Rs 1,000Cr on Dolo 650
The Indian Pharmaceutical Alliance (IPA) has given Micro Labs a free kick against the Central Bureau of Direct Taxation (CBDT) allegation of spending Rs 1,000 crore on distributing the fever-relieving drug Dolo 650 as a gifts in a year.
The group is made up of major pharmaceutical companies in the country. He looked into the matter after the National Pharmaceutical Pricing Authority (NPPA) shared news articles saying that “PIL was filed by the Federation of Medical and Commercial Representatives of India stating that Dolo had invested 1,000 crore ( Rs) in gifts to have his anti-fever medicine prescribed to patients”.
“Given the interaction with company management and the detailed response, it is clear that the spending of Rs 1000 crore on the single brand Dolo 650 on gifts in one year is not correct“, said the IPA in a document, clarifying the allegation of violation of the Uniform Code of Pharmaceutical Marketing Practices by Micro Labs.
Nayara Energy appoints new Chairman Prasad K Panicker
Nayara Energy, owned by Rosneft, has elected its director and head of the refinery, Prasad K Panicker, as chairman of the company. His appointment will be effective from October 3.
“Prasad K. Panicker will assume this important role from Charles Anthony (Tony) Fountain, whose 5 years of dedicated service have been marked by significant improvements in the level of performance and the financial condition of the company,” the company said in a statement. a statement. .
“In his new role, Panicker will deploy his exceptional technological experience and excellent knowledge of the local Indian market to lead Nayara Energy through a new set of strategic priorities with a strong focus on development projects,” he said.
Kotak Securities acquires assets of wealth management platform FundExpert
Kotak Securities is acquiring all assets of Bengaluru-headquartered start-up FundExpert Fintech for an undisclosed amount through its Startup Investments and Partnerships team.
FundExpert provides digital multi-asset wealth management solutions to independent financial advisors (IFAs) and mutual fund distributors.
More than 2,300 distributors have subscribed to the FundExpert platform to manage mutual fund portfolios worth Rs 15,000 crore, Kotak Securities said in a statement.
“This acquisition is part of our strategy to grow the IFA-led distribution business with the Kotak brand, our distribution network and our extensive experience in the financial services industry,” he added.
Hindustan Copper to increase copper production to 12.2 MTPA by FY29
State-owned Hindustan Copper Ltd (HCL) plans to increase copper ore production to 12.2 million tonnes per year by FY29 in its first phase of expansion.
The Company’s copper ore production was 3.57 million tonnes (MT) in FY22.
“HCL plans to increase its mining capacity from its current level of ore production to 12.2 million tonnes per year in Phase I within the next 7 to 8 years,” the public company said.
The company is also looking to increase production to 20.2 MTPA after completing its first phase capacity expansion plan.
HCL said the proposed expansion of the Malanjkhand Copper Project (MCP) will increase ore production capacity from 2.0 to 5.0 MTPA by developing an underground mine below the existing open pit with an expected lifespan. already in a vestige state.
“The proposed mine expansion in the western sector will increase ore production capacity by 1.0 to 3.0 MTPA,” the company said.
REITs inject Rs 5,600 Cr into Indian stocks in September
So far, foreign investors have invested nearly Rs 5,600 crore in domestic stock markets in September in a bid to benefit from growing consumer spending during the festive season and better macroeconomic fundamentals than other markets. emerging.
In August, a net investment of Rs 51,200 crore took place, while nearly Rs 5,000 crore was injected in July, according to custodian data.
Between October 2021 and June 2022, REITs sold a whopping Rs 2.46 lakh crore in Indian stock markets.
India’s merchandise exports rise by $114 billion in July-September: report
India’s merchandise exports could rise 11.4% to $114.4 billion in the July-September quarter of FY23, according to Exim Bank data.
However, the increase in exports in FY23 may have an impact on the decline in world commodity prices. Among others, a possible slowdown in major trading partners, inflationary pressures and tight monetary policies globally may also dampen export gains, Export-Import Bank of India (Exim Bank) said in its quarterly data.