Weekly News: India's leading economic index dropped 0.5 percent in November
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- According to data from the Conference Board, India's leading economic index signaling turning points in the economic cycle weakened in November. The leading economic index dropped 0.5 percent in November from October, when it rose 1 percent. The coincident economic index that measures current economic activity gained 0.3 percent, following a 1.4 percent increase in October.
- Larsen & Toubro has announced that L&T Construction has bagged two orders under the Metallurgical & Material Handling business and Power Transmission & Distribution Business worth `1178 Crores.
- Tata Steel UK (TSUK), an indirect subsidiary company of Tata Steel Europe (TSE), announced the signing of a Letter of Intent with Greybull Capital to enter exclusive negotiations for the potential sale of its Long Products Europe business. The memorandum covers several UK-based assets including TSUK's Scunthorpe steelworks, mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities. It also includes Scottish mills in Dalzell and Clydebridge which are currently being mothballed.
- Suven Life Sciences has procured product patents in ARIPO, Europe, Hong Kong, Japan, Macau, & South Korea to their New Chemical Entities (NCE's) for CNS therapy through mechanism of action - H3 Inverse agonist and these patents are valid until 2031.
- Glenmark Pharmaceuticals announced that Glenmark Pharmaceuticals Inc. USA has been granted final approval by the United States Food and Drug Administration for Linezolid Tablets, 600 mg, the therapeutic equivalent of Zyvox Tablets, 600 mg of Pharmacia and Upjohn Company, a subsidiary of Pfizer, Inc.
- Cipla has launched generic tablets used for treating of hepatitis C under the brand name 'Hepcvir-L' costing `25,000 for a bottle of 28 tablets in India.
- National Buildings Construction Corporation has secured award from All India Institute of Medical Sciences for development of `3000 crore Jal Prakash Narayan (JPN) Apex Trauma Center Ph-II at AIIMS, New Delhi. The project is planned for 2250 patients bed and shall be developed on a land parcel of 15 acres within a period of 4 years.
- Reliance Communications (RCom) has sold about 150 residential flats in Navi Mumbai for `330 crore. RCom has already received more than 50% of the sale proceeds and the balance amount will be realised in the next 2-3 months. The sale is part of the company's overall strategy to monetise its real estate assets to reduce debt. RCom also plans to announce the sale of its 4-acre property in New Delhi in a prime location.
- Emami announced tennis star Sania Mirza as the brand ambassador of hair oil and shampoo variants of its newly-acquired Kesh King brand. Kesh King was acquired by Emami in June 2015 for `1,651 crore, marking the company's foray into the ayurvedic hair and scalp care segment.
- Wipro has signed a definitive agreement to acquire Viteos Group, a BPaaS provider for the Alternative Investment Management Industry for a purchase consideration of $130 million. The company specializes in Platform-led Transformation and utility-based offerings in Reconciliation, KYC, Settlements, Middle Office, Asset Servicing, Syndicated Loans and Reference Data Solutions, with coverage across asset classes.
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