Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Indian stock market indices closed higher on Thursday, following positive global cues. The Sensex gained 335.39 points to close at 73,097.28, while the Nifty 50 surged 148.95 points to end at 22,146.65

BUSINESS

Eris Lifesciences Acquires Biocon's Formulations Business for ₹1,242 Crore

What happened

Eris Lifesciences Ltd. is set to acquire the domestic branded formulation business of Biocon Biologics Ltd. for a staggering ₹1,242 crore. This strategic move aims to facilitate Eris's entry into the lucrative injectables market in India, with the transaction expected to include major insulin brands Basalog and Insugen.

The deal, financed through debt, marks a significant milestone for both companies, positioning Eris to tap into India's injectables market valued at over ₹30,000 crore. The transaction, slated to take effect on April 1, 2024, awaits customary closing conditions and is anticipated to achieve financial closure by April 15.

Why it matters

Eris's acquisition of Biocon Biologics' branded formulations business not only expands its market presence but also signifies its foray into the oncology and critical care segments.

Moreover, this collaboration aligns with Biocon Biologics' commercial strategy to enhance patient reach and capitalize on market potential. The partnership reinforces an existing collaboration between the two companies in nephrology and dermatology, extending their synergies.

Additionally, the acquisition propels Eris Lifesciences closer to achieving its revenue target of ₹5,000 crore over the next 3-4 years. Bolstered by strategic growth engines, including the recent acquisition of Swiss Parenterals, Eris aims to fortify its position in the Indian branded injectables market.

Zoom out

As over 430 employees transition from Biocon Biologics to Eris, continuity for both employees and patients remains a priority. The transaction, valued at ₹1,242 crore, reflects an accretive multiple, underlining the strategic value of the deal for Eris Lifesciences.

Biocon, while divesting its branded formulations business, remains committed to leveraging its capabilities to provide affordable access to lifesaving biosimilars. The company's robust financial performance, with a consolidated net profit of ₹660 crore in the third quarter, underscores its resilience and strategic focus amidst industry transformations.

BIG MONEY MOVES

DLF's Chennai land sale and Gurgaon expansion strategy revealed

Realty giant DLF has finalized the sale of a coveted 4.67-acre land parcel in Chennai to Cholamandalam Finance for a whopping ₹735 crore. This transaction, highlighted as one of the costliest in the region, underscores DLF's strategic portfolio optimization efforts while unlocking substantial value from its Chennai assets. 

Moreover, DLF is gearing up for an ambitious expansion in Gurgaon, with plans underway to launch phase 2 of its highly successful Privana project. Following the rapid sell-out of Privana's initial phase, the company aims to leverage the strong market demand for premium residential offerings in Gurgaon.

Kalpataru Projects International clinches lucrative contracts valued at ₹2,445 Crore

Kalpataru Projects International (KPIL) has marked a significant milestone in its trajectory, securing a series of substantial contracts valued at ₹2,445 crore. The company, renowned for its prowess in Engineering Procurement Construction (EPC) services, particularly in power transmission and distribution, is poised for robust growth following this remarkable feat.

The announcement comes as KPIL's subsidiaries, both domestic and international, bag orders totalling ₹2,445 crores. Among these are sizable ventures in the Transmission & Distribution (T&D) domain, amounting to ₹2,366 crore, spanning operations within India and overseas markets.

BUSINESS

GAIL's Ambitious Plans to Lead India's Energy Transition

What happened

GAIL (India) Limited is gearing up for an ambitious leap in the energy sector, setting its sights on capturing over 50% of the market share in the next 5-6 years. The company revealed its strategic plan, which includes significant investments and initiatives aimed at reducing its carbon footprint.

One of the key strategies unveiled by GAIL involves venturing into the Liquefied Natural Gas (LNG) retail sector. The company plans to establish LNG dispensing stations along major national highways and mining areas, with a hefty investment of ₹650 crore. Additionally, GAIL aims to transition from diesel to LNG as a transport fuel, further aligning with its sustainability goals.

Why it matters

GAIL's ambitious plans and strategic initiatives signify a significant shift in the energy landscape of India. By aiming for a dominant market share and investing in sustainable practices, GAIL is not only positioning itself as a key player in the industry but also contributing to national efforts towards cleaner energy transitions.

The company's focus on LNG as a transport fuel and the establishment of LNG dispensing stations align with global trends towards decarbonization and the adoption of cleaner fuels. 

Moreover, GAIL has been proactive in exploring collaborative opportunities within the industry. Earlier this month, it joined forces with Oil and Natural Gas Corporation (ONGC) and Shell Energy India (SEI) through a tripartite Memorandum of Understanding (MoU) to explore the import of ethane and other hydrocarbons.

Zoom out 

GAIL's strategic roadmap underscores its commitment to sustainability, innovation, and customer-centricity. In a recent move to benefit consumers, GAIL announced a substantial reduction in Compressed Natural Gas (CNG) prices across 20 key locations in India where it operates. This reduction, amounting to Rs. 2.50/kg, demonstrates the company's commitment to providing affordable and eco-friendly energy solutions to its customers.

BIG PICTURE

🚘️ Hyundai and Kia Announce recall of nearly 170,000 EVs in South Korea due to software glitch

Hyundai Motor Co. and its sister company, Kia Corp., have initiated a recall of approximately 170,000 electric vehicles (EVs) in South Korea following the discovery of software complications within the charging systems, as announced by South Korea's transport ministry on Thursday.

The recall encompasses 169,332 Hyundai EVs, impacting various models from the Ioniq-series and Genesis lineup, while Kia will recall 56,016 EVs. The software glitch identified in the integrated charging control units of these vehicles poses the risk of difficulties in powering low-voltage batteries, potentially leading to vehicle stalling during operation.

💹 Foxconn's Q4 profits soar 33% on AI server demand surge

Foxconn, the renowned iPhone manufacturer, unveiled its fourth-quarter results on March 14, boasting a remarkable 33% year-on-year increase in net profit. The surge was propelled by robust demand for artificial intelligence (AI) servers and heightened sales during the year-end peak season.

Notably, the Taiwanese conglomerate's net profit escalated from $40 billion to $53.14 billion in the October-December quarter compared to the previous year.

BUSINESS

Creador's $50M Boost for Hinduja Tech Sparks Mobility Evolution

What happened

Private equity firm Creador is set to acquire a significant 19.6% stake in Hinduja Tech Ltd., a global engineering R&D services company focused on mobility. This acquisition comes at a hefty price tag of $50 million, positioning Hinduja Tech at a post-money equity value of $255 million.

The infusion of capital aims to bolster Hinduja Tech's research and development capabilities, expand its global footprint, and enhance its state-of-the-art labs, according to a company statement.

Why it matters

Creador, known for its investments in South and Southeast Asia, sees tremendous potential in Hinduja Tech's expertise across engineering, powertrain, and electronics. The CEO of Hinduja Tech, Kumar Prabhas, expressed excitement about the partnership, highlighting the company's ambitious growth plans in sustainable engineering mobility.

This strategic investment by Creador underscores the growing importance of sustainable engineering mobility solutions in the global market. With Hinduja Tech's domain expertise and a roster of global OEMs as clients, the infusion of capital is poised to accelerate the company's expansion plans and solidify its position in the mobility sector.

Zoom out

Hinduja Tech's partnership with Creador marks a significant milestone in its journey towards becoming a global leader in sustainable engineering mobility. With a focus on enhancing research and development capabilities and expanding global reach, the company is well-positioned to capitalize on emerging opportunities in the mobility sector.

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