Dr Reddy's Laboratories after market hours on Friday, 4 September 2015, announced that it has entered the hair serum market with the launch of its brand MINTOP PRO. The product will be available in a 75 ml pack carrying MRP of Rs 995 at all leading pharmacy stores across India.
Mahindra & Mahindra (M&M) after market hours on Friday, 4 September 2015, announced that Telephonics Corporation (USA) is in the process of raising its stake in Mahindra Telephonics Integrated Systems (MTIS) to 49% from 26%. Telephonics Corporation has already received approval from the Foreign Investment Promotion Board for increasing its stake to 49% from 26% in MTIS. Currently, the Mahindra group holds 74% stake and Telephonics Corporation holds 26% stake in MTIS. MTIS has a state of the art production facility near Faridabad in Haryana where it currently manufactures airborne weather radars systems.
Credit Rating of Gulf Oil Lubricants India, a Hinduja Group Company, has been upgraded by ICRA, a Credit Rating Agency. ICRA has upgraded the long-term rating from [ICRA]A (pronounced ICRA A) to [ICRA]A+ (pronounced ICRAA plus) and the short-term rating from [ICRA]A1 (pronounced ICRAA one) to [ICRA]A1+ (pronounced ICRAA one plus) assigned to the fund based limits and non-fund based limits of Gulf Oil Lubricants India (GOLIL) aggregating to Rs 392 crore (enhanced from Rs 345 crore). The outlook on the long-term rating is Stable. ICRA has also withdrawn the long-term rating assigned to the Rs. 15.00 crore term loans of GOLIL, as there is no amount outstanding against the same. As per Rating Rational released by ICRA, this up gradation in the long term and short term ratings reflects the company's consistent healthy cash accruals generated in the business which has led to strong debt coverage metrics and comfortable capital structure and liquidity position for the company. The company made the announcement after market hours on Friday, 4 September 2015.
Induslnd Bank will be watched as the Reserve Bank of India (RBI) removed restrictions placed on purchase of shares in IndusInd Bank by foreign institutional investors. The RBI on Friday, 4 September 2015, notified that the aggregate share holdings in Induslnd Bank by Non-Resident Indians (NRI)/Persons of Indian Origin (PIO)/Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPIs) and through Global Depository Receipts (GDR)/American Depository Receipts (ADR)/Foreign Direct Investment (FDI) in the primary/secondary markets have gone below the prescribed threshold limit stipulated under the extant FDI policy. Hence the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect. RBI also notified that the equity shares of Induslnd Bank can now be purchased through primary market and stock exchanges.
Natco Pharma will be watched as the RBI notified that foreign institutional investors can invest up to 31.50% in the company. The RBI on Friday, 4 September 2015, notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 31.50% of the paid up capital of Natco Pharma under the Portfolio Investment Scheme (PIS). RBI said the purchases could be made through primary market and stock exchanges.
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