TVS Motor, Hero MotoCorp, GOCL Corporation, Alkem Lab, Lupin, Dr Reddy’s
TVS Motor Company: Subsidiary TVS Motor (Singapore) Pte. Limited acquired a 70% stake in UK-based EBCO for GBP 1,163,070. EBCO provides smart connected mobility solutions through a portfolio of e-bikes in the city and mountain bike segments. The company has links with most major UK dealerships and is the exclusive distributor of Corratec e-bikes in the UK. Additionally, TVS Motor records sales of 3.07 lakh units in March 2022, down from 3.22 lakh units sold in the same month last year.
Hero MotoCorp: The company sold 4.50 lakh units of motorcycles and scooters in March 2022, down sharply from the 5.76 lakh units sold in the corresponding month last year. In the financial year (FY22), sales dropped to 49.44 lakh units from 57.91 lakh units sold the previous year.
GOCL Corporation: The company has received notice of claim for Rs45.72 crore from the Department of Income Tax. This notice is in relation to the Joint Development Agreement for the land at Kukatpally, Hyderabad, for the 2013-14 assessment year. But according to the company, the aforementioned opinion is not valid in law.
Karnataka Bank: The bank recorded growth of 6.27% in core deposits to Rs 80,385 crore for the year ending March 2022 compared to the previous financial year, and gross advances during the same period increased by 9.5% to Rs 57,726 crore. CASA’s share of total deposits increased to 32.97% in March 2022 from 31.5% at end March 2021. The private sector lender expects growth of 12% in deposits and about 17% in gross advances for FY23.
JSW Energy: the subsidiary JSW Neo Energy (JSWNEL) has entered into a memorandum of understanding with the government of Chhattisgarh for the establishment of a hydroelectric pumped storage project with a capacity of 1,000 MW (pumped storage project pumping from Hasdev Bango) in Chhattisgarh.
Alkem Laboratories: ISP Chile (Institute of Public Health of Chile) conducted an inspection at the company’s manufacturing facility in Daman, India, from March 28 to April 1, 2022. Upon completion of the inspection, no observation essential to good manufacturing practice has been detected. .
Lupin: The company has signed a definitive agreement with Anglo-French Drugs & Industries to acquire a portfolio of brands. This will strengthen the company’s presence in the vitamins, minerals and supplements and CNS segments.
Dr Reddy’s Laboratories: The company has entered into an agreement with Novartis AG to acquire the Cidmus cardiovascular brand in India. The acquisition cost is $61 million. Cidmus is indicated for patients with heart failure with reduced ejection fraction.