Lupin surges after RBI allows to raise FII limit
The Reserve Bank of India after market hours yesterday, February 12, 2015, announced hike in the ceiling on investment in shares of Lupin by foreign institutional investors ( FIIs)/Registered Foreign Portfolios Investors ( RFPIs) under the portfolio investment scheme to 49% of the company's equity capital with effect from February 12, 2015, from earlier 33%
Cipla to form a JV company in Algeria
Cipla (EU), will hold a 40% stake in the JV company while the remainder will be held by a Biopharm-led Algerian consortium. The JV company is expected to make an investment of up to USD 15 million in the construction of a manufacturing facility. Cipla (EU)'s initial investment in cash in the JV company is expected to be $ 6 million. None of the persons belonging to Promoter / Promoter Group(s) of the Company has any interest in the transaction and it is not a related party transaction for the Company.The transaction is subject to execution of definitive agreement and applicable approvals.
Bajaj Electricals secures order from NBPDCL
Bajaj Electricals announced that the Engineering & Project Business Unit of the Company has bagged a new Order from North Bihar Power Distribution Company ( NBPDCL) worth Rs566.34 crore.
ICICI Pru Life looking at selling 5% stake
ICICI Pru Life looking at selling 5% stake with company valuation of US $6 billion (Rs37,000-37,500 crore) – Positive for ICICI Bank (sentimentally though upside to life insurance value does has less than 5% impact on target price); more positive for Max India and Bajaj Finserv (life insurance forms over 60-85% of valuations).
Promoters of Sun Pharma may buy stake in Suzlon
Suzlon – Promoters of Sun Pharma could take stake in Suzlon – Positive for cash-strapped Suzlon (diversification, though thru personal capacity, by Sun Pharma promoters would be sentimentally negative for Sun Pharma).
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