Cipla after market hours yesterday, 9 February 2015 said that its wholly owned subsidiary, Cipla (EU), UK, has entered into a joint venture (JV) agreement with Cipla's existing business partners in Morocco - Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and the Pharmaceutical Institute (PHI). Cipla has established a strong presence in Morocco for over a decade via its business partners. This JV will enable Cipla to establish a front-end presence in Morocco's pharmaceutical market, becoming the launch vehicle for Cipla's portfolio while leveraging the commercial strengths of partners. The initial focus of the JV shall be respiratory and neurology products and it shall also invest in setting up a manufacturing facility in Morocco. As per the agreement, Cipla (EU) will hold 60% stake in the JV, while Cooper Pharma and PHI shall together hold 40% stake. Cipla (EU)'s expected investment in cash in the JV is estimated at up to $15 million, Cipla said in a statement. The transaction remains subject to conditions precedent and applicable regulatory approvals, Cipla added.
Commenting on the development, Mr Subhanu Saxena, MD & Global CEO, Cipla said, Morocco is an attractive pharmaceutical market in the African continent. This JV is aimed to strengthen Cipla's presence in Morocco, which is in-line with our global growth strategy to build front-end presence in key markets. Cipla has enjoyed a long-standing business relationship with Cooper Pharma and PHI for over a decade and this JV will further strengthen Cipla's relationship.
On a consolidated basis, DLF reported 9.29% fall in net profit to Rs 131.79 crore on 19.7% fall in total income to Rs 2079.82 crore in Q3 December 2014 over Q3 December 2013.
ABB will declare results for Q4 and year ended 31 December 2014 today, 10 February 2015. Aditya Birla Nuvo, Cadila Healthcare will also declare Q3 December 2014 result today, 10 February 2015.
On a consolidated basis, Hexaware Technologies reported 1.42% rise in net profit to Rs 87.25 crore on 6.14% rise in income from operations to Rs 711.79 crore in Q4 December 2014 over Q3 September 2014.
Hexaware Technologies said that the revenue growth during Q4 December 2014 was broad-based. Europe led the geographic growth while Healthcare and Insurance led growth among verticals. Business Intelligence & Analytics and Remote Infrastructure Management Services led the growth among service lines. During the previous quarter, the company added 10 new clients across all its key focus areas, Hexaware Technologies said.
Chambal Fertilisers & Chemicals said that one of the company's Urea Plants at Gadepan, District Kota, Rajasthan has been shut down from 8 February 2015. The shutdown of the plant is necessitated due to unfavorable policy of the Government of India for production beyond 100% capacity of the plant for the financial year 2014-15. The company shall carry out routine maintenance activities during the shutdown period and the plant is expected to resume operations during last week of March or first week of April 2015, Chambal Fertilisers & Chemicals said.
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Adani Enterprises (AEL) after market hours yesterday, 9 February 2015 said that it has signed a memorandum of understanding (MoU) to jointly set up India's largest solar park of 10,000 megawatts (MW) in Rajasthan. AEL and Rajasthan Renewable Energy Corporation will form a joint venture to set up the solar park, which will include generation projects and a manufacturing unit for solar module, parts and equipment, AEL said in a statement.
Syndicate Bank after market hours yesterday, 9 February 2015 said that its board of directors will meet on 11 February 2015, for considering issuance of equity shares of the face value of Rs 10 each aggregating to Rs 460 crore by way of preferential allotment in favour of Government of India.
Mangalore Refinery and Petrochemicals (MRPL) after market hours yesterday, 9 February 2015 said that its board of directors at a meeting on 9 February 2015, approved for acquiring of major stake in ONGC Mangalore Petrochemicals (OMPL). MRPL was holding 3% of the paid up equity of OMPL, which has been increased to 46% by purchasing fully paid up equity shares from individual shareholders.
On a consolidated basis, JK Tyre & Industries reported 55.5% rise in net profit to Rs 91.81 crore on 6.3% rise in total income to Rs 1842.29 crore in Q3 December 2014 over Q3 December 2013.
Zensar Technologies announced new business worth nearly Rs 190 crore in its Application Management Services business. Nitin Parab, Chief Executive, Enterprise Applications business, Zensar Technologies said this new business includes new logos as well as renewal of significant engagements with existing clients in key markets and verticals. The company is also investing in DevOps and an Integrated Support Platform to enable the large deals involving multi tower services across Application Management Services, Infrastructure Management and Package Applications. New service areas like End User Experience Management [EUEM] Service have also been showing traction, Zensar technologies said.
Ashoka Buildcon turns ex-dividend today, 10 February 2015, for interim dividend of 70 paise per share for the year ending 31 March 2015.
Kewal Kiran Clothing turns ex-dividend today, 10 February 2015, for third interim dividend of Rs 5 per share for the year ending 31 March 2015.
LKP Finance turns ex-dividend today, 10 February 2015, for interim dividend of Rs 10 per share for the year ending 31 March 2015.
Sundaram Finance turns ex-dividend today, 10 February 2015, for interim dividend of Rs 4.50 per share for the year ending 31 March 2015.
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