IDFC the shareholders rejected the renewal of Vinod Rai’s mandate as a non-independent and non-executive director of the board of directors. In a notification to the exchanges on Wednesday, IDFC said the resolution “did not obtain the required majority and is therefore not adopted.” The decision comes after the firm’s 24th Annual General Meeting (AGM). About 62.3% of shareholders voted against the resolution while 37.7% voted in favor, according to data available from stock exchanges. Last week, the IDFC group decided to sell its mutual fund business – IDFC Asset Management Company (IDFC AMC) Ltd. IDFC AMC’s assets under management were 1,26,070 yen crore as of June 2021.
Aurobindo Pharma announced that its subsidiary CuraTeQ Biologics Pvt Ltd. (CuraTeQ) submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for BP14, a biosimilar product in oncology. “The submission of BP14 MAA with EMA is an important start in the evolution of our business and positions CuraTeQ well in our mission to provide access to high quality biosimilars for cancer patients. We remain on track to bring our second product, another oncology biosimilar to regulated markets, during this calendar year.
Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the acquisition of the Government of Andhra Pradesh’s 10.4% stake in Gangavaram Port Limited (GLP) for consideration of 645 crore. This concludes the acquisition of 6,200 crore of the port on the east coast by the major ports based in Gujarat. In a statement released on Wednesday, APSEZ informed that the company’s board of directors and GPL have approved a merger with an exchange ratio of 159: 1,000 shares.
Jubilant food acquired a 25 percent stake in StartUp Wellversed Health Pvt Ltd, a food nutrient made from Gurugram, for ₹ 10 crore. Wellversed offers a variety of food products tailored to specific nutritional and dietary needs, including keto, gluten-free, vegan, high-protein, diabetic, and immune.
Gujarat Sidhee Cement Limited announced that the company’s cement plant in Sidheegram is planning the annual maintenance shutdown of the clinker unit for routine annual maintenance work for a period of 17 to 20 days. The company started the kiln from September 22 at its factory in Sidheegram, Gujarat. Production is expected to start from September 23. The company’s plant will be fully operational by September 25.
Sharda Energy and Minerals: The Chhattisgarh State Electricity Regulatory Commission has approved an interim tariff for the 113 MW hydropower project of Madhya Bharat Power Corporation Ltd. of March 2021 with a return on equity of 15.5% per annum in accordance with the relevant regulations under the Electricity Act. The final tariff will be determined on the basis of the costs incurred up to the date of the COD, as approved by the Commission, in accordance with the legal procedure in due time.
AIA Engineering Ltd. announced that the South African government recently imposed tariffs of 15 percent on imports of crushing media from all countries except the European Union and the United Kingdom and under FTAs as part of their internal policy reforms. Although not specific to the company or the country, as a prudent practice the company has announced its likely impact on the business of the company. The company, through its overseas subsidiary, VEGA Steel Industries (RSA) Pty Ltd, sold approximately 4,200 tonnes of grinding media in South Africa during the current fiscal year.
Jubilant Life Sciences International Pte. Limited, Singapore, a wholly owned subsidiary of Jubilant Ingrevia SA sold its entire 10% stake, consisting of 5,40,463 shares, held in Safe Foods Corporation on September 21 for a consideration of $ 18.2 million (approximately 134.2 crore) in accordance with the approval of the merger plan between Safe Food and Packers Sanitation Services Inc Limitée. The current carrying value of Safe Foods Investment, reflected at fair value through other comprehensive income, is $ 6.5 million (approximately 47.8 crore).
Infosys, a global leader in next-generation digital services and consulting, announced a strategic collaboration with Amazon Web Services (AWS) to develop quantum computing capabilities and use cases. Infosys will use Amazon Braket to explore and build multiple quantum computing use cases as part of the Infosys Cobalt cloud offerings. Amazon Braket is a fully managed quantum computing service that helps scientists and developers learn about technology and accelerate research and discovery.
Reports that Japanese agriculture and heavy equipment company Kubota Corp is in talks with the Nanda family – the promoters of India Escorts Ltd. – increase its stake and eventually become the majority shareholder of the tractor manufacturer and the mechanical construction company. Kubota is in talks to buy 15 percent from the developers now and is looking to acquire their entire operation worth 7,495 crore.
Mphasis said it acquired Blink UX, a user experience research, strategy and design company that works with the world’s largest companies to create digital products, brands and experiences. Blink UX is headquartered in Seattle and has studios in Austin, Boston, San Diego, and San Francisco.