TOP CORPORATE NEWS - 14 MAR 2016

M&M enters farm equipment rental business with Trringo

Mahindra & Mahindra's (M&M) today forayed into the agricultural equipment rental services with the launch of Trringo, an organised rental service, with plans to invest over Rs10 crore on the startup enterprise. Farm Equipment Sector (FES), a part of Mahindra group, has forayed into the agricultural equipment rental services with Trringo that will operate as a franchisee based model and will effectively bring in new age digital technology to the tractor rental business, the company said. The company plans to invest upwards of Rs10 crore on the new venture and intends to enter five states in the current year, it added.  This venture would be set up as a new age startup company, it said.  As part of first model, Trringo will use a proprietary digital platform as an enabler to process orders and pass them on to the nearest franchisee through location based mapping.

CMI surges ahead of board meeting

CMI rose over 6%, touching to Rs322, after the company said that its board will meet on March 19, 2016, to consider preferential allotment to promoter group, associates and non-promoters. CMI said that its board of directors will meet on March 19, 2016, to consider issue of equity shares/warrants/convertible securities on preferential basis to promoter group, associates and non-promoters and to decide the relevant date for the purpose of preferential issue. The board would also consider the allotment 7 lakh equity shares in lieu of 7 lakh convertible warrants. Further, the board would discuss current business developments and future plans.

February WPI Inflation Unchanged

February Wholesale Price Index (WPI) inflation remained unchanged at -0.9% compared to preceding month but December WPI inflation revised to -1.06% from -0.73%.

Key points

February WPI Inflation at -0.9% Vs -0.9% (MOM)

December WPI Inflation revised To -1.06% from -0.73%

Primary Articles Index down 3.4% MoM

Food Articles Index down 3.2% MoM

Non-food Articles Index down 2.9% MoM

Minerals Group Index down 8.1% MoM

Fuel & Power Index down 1.2% MoM

Manufactured Products Index up 0.3% MoM

Food Products Index up 0.8% MoM

Primary Articles Inflation at 1.58% Vs 4.63% (MoM)

Food Articles Inflation at 3.35% Vs 6.02% (MoM)

Vegetable Inflation at -3.34% Vs 12.52% (MoM)

Pulses Inflation at 38.84% Vs 44.91% (MoM)

Cereals Inflation at 1.11% Vs 1.24% (MoM)

Fruits Inflation at -1.95% Vs -2.32% (MoM)

Egg, Meat & Fish Inflation at 3.47% Vs 5.69% (MoM)

Fuel Inflation at -6.4% Vs -9.21% (MoM)

Manufactured Products Inflation at -0.58% Vs -1.17% (MoM)

All Commodities Index Down 1% (MoM).

Apollo Hospitals completes 51% stake in Assam Hospitals

Apollo Hospitals said it has completed acquisition of majority stake in Guwahati-based Assam Hospitals. Apollo Hospitals Enterprise said that, we have now completed the acquisition of a 51% majority stake in Assam Hospitals, Guwahati. The Chennai-based health care major had last year announced to acquire a majority stake in Assam Hospitals for a cash consideration of up to Rs57.25 crore. “The objective of the acquisition is to strengthen Apollo Hospitals’ leadership position in the hospital space, as well as enhance its presence in the North Eastern region where it already has a strong brand equity,” Apollo Hospitals said.

Glenmark gets ANDA nod for Frovatriptan Succinate tablets

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration ( USFDA) for Frovatriptan Succinate Tablets, 2.5 mg, the therapeutic equivalent to the reference listed drug product, Frova Tablets, 2.5 mg, of Endo Pharmaceuticals, Inc. According to IMS Health sales data for the 12 month period ending January 2016, the Frova Market achieved annual sales of approximately $87.8 million. Glenmark’s current portfolio consists of 108 products authorized for distribution in the U.S. marketplace and 61 ANDA’s pending approval with the U.S. FDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

                                     

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