Trackpad

Zydus acquires 6.5 per cent stake in Mylab for ₹106 crore

Zydus Lifesciences stated that it will purchase a 6.5 per cent equity holding in Mylab Discovery Solutions Limited for ₹106 crore. Zydus Animal Health and Investments, a wholly owned subsidiary of Zydus Lifesciences, has entered into a share purchase agreement with Rising Sun Holdings and Mylab Discovery Solutions. 

Mylab rose to prominence during the Covid pandemic by developing and launching indigenous RT-PCR test kits and a platform for diagnosing Covid. 

 

‘’Zydus Animal Health and Investments, a wholly-owned subsidiary company of Zydus Lifesciences has entered into a share purchase agreement with Rising Sun Holdings Private Limited and Mylab Discovery Solutions Private Limited to acquire 65,06,500 equity shares having face value of Re 1 each at an agreed consideration of ₹106 crore representing 6.5 per cent of the total paid-up equity share capital of Mylab from the seller,'' said Zydus Lifesciences in a regulatory filing to the stock exchanges. The acquisition is expected to be completed within two months after signing the share purchase agreement for the acquisition of 65,06,500 equity shares of Mylab from the existing shareholder. 

Mylab's business is to research, develop, manufacture, market and distribute in-vitro diagnostics kits, equipment, reagents and related treatment goods linked to its diagnostic portfolio, as well as to provide portfolio solutions to other labs and hospitals. According to preliminary financial disclosures, Mylab generated a revenue of `95 crore for the fiscal year ended March 31, 2023. The proposed investment in Mylab will enable the company to engage in the burgeoning diagnostics industry, which is projected to see increased penetration via in-clinic solutions with point-of-care testing devices.


HPL Electric & Power bags huge orders worth ₹900 crore

The company informed the exchange about the successful acquisition of smart meter orders worth ₹903 crore. This acquisition significantly strengthens HPL's existing order book, which now totals more than ₹2250 crore as of the date of this announcement.

The acquisition of these significant smart meter orders highlights HPL Electric & Power's unwavering commitment to innovation and solidifies its pivotal role in driving the widespread adoption of smart meters in India. Through its steadfast dedication to research and development, the company is able to deliver technologically advanced solutions tailored specifically to the Indian market.

 

The company's smart meters are renowned for their exceptional accuracy and advanced features, including real-time remote data monitoring. By empowering both consumers and utilities to optimize energy usage, these smart meters actively contribute to a greener and more sustainable future. The company's comprehensive range of smart metering solutions, coupled with its efficient after-sales service network, has earned considerable acclaim within the industry

HPL Electric & Power Limited is a leading electrical equipment manufacturer in India, operating for the past 40 years. The company has a significant presence across five key product verticals of electric equipment - metering solutions, modular switches, switchgears, LED lighting, and wires and cables.   
 

Gensol Engineering receives substantial orders worth ₹277 crore

During the first quarter of the fiscal year 2023-24, which ended on June 30, 2023, Gensol Engineering Limited received substantial orders from reputable clients. These orders are for the supply of trackers and the development of solar power projects. The total value of these projects amounts to approximately ₹277.04 crore excluding taxes.

These projects will be executed across various locations, including land, water bodies, and rooftops, in multiple states of India. The states where the projects will be developed are Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, and Uttar Pradesh. An interesting aspect of these projects is that more than 95 per cent of them are concentrated in three specific states: Gujarat, Rajasthan, and Maharashtra. This concentration highlights the significant demand and potential for solar power projects in these regions.

Gensol Engineering is embarking on an ambitious plan to introduce 10,000 to 12,000 electric cars in FY24. Anmol Singh Jaggi, the company's CMD, revealed that the forthcoming electric vehicle manufacturing plant is scheduled to commence operations in July. While Gensol Engineering has traditionally been focused on renewable energy, particularly in the solar EPC business, where revenues are projected to reach ₹2,000 crore this year, including the recent acquisition, the company is now shifting its attention to electric vehicles. 

Gensol Engineering Ltd is primarily involved in solar consulting and EPC (Engineering, Procurement, and Construction) services. Their range of services includes solar advisory, solar EPC, solar O&M (Operation and Maintenance), as well as solar monitoring and analysis. They also provide specialised consultancy services for extra-high voltage (EHV) transmission lines.   
 

Samvardhana Motherson enters into a partnership with Honda Motor

Samvardhana Motherson International Limited (SAMIL) is a globally diversified manufacturing specialist and a leading automotive supplier for original equipment manufacturers (OEMs). With a presence in 41 countries and over 300 facilities, SAMIL provides support to its customers through a dedicated team of over 168,000 professionals. In FY23, the company achieved revenues of USD 12.7 billion, positioning itself among the top 25 largest automotive suppliers worldwide.


 

Samvardhana Motherson International Limited (SAMIL) is set to acquire an 81 per cent equity stake in Yachiyo Industry Co Ltd, a Japanese company listed on the Tokyo Stock Exchange. Yachiyo specializes in the production of automobile parts, including sunroofs, fuel tanks, and resin products. With a turnover of JPY 116.1 billion in FY 2022-23 and a book value of JPY 59.2 billion as of March 31, 2023, Yachiyo has a significant presence in the automotive industry. As part of the acquisition, Honda Motor, the current majority shareholder, will purchase the public stake in Yachiyo, making it a wholly-owned subsidiary.

This strategic move forms an 81:19 joint venture between SAMIL and Honda Motor. The acquisition offers numerous benefits, including a global partnership with Honda Motor, access to R&D capabilities, entry into the global sunroof market, synergies with existing operations, and strengthening of SAMIL's presence in Japan. The transaction is subject to regulatory approvals from merger control authorities in China, Brazil, and the United States, along with RBI approval for acquiring an Indian subsidiary. The completion of the acquisition is expected by Q1 FY25 after Honda Motor achieves full ownership of Yachiyo.   


IDFC to merge with IDFC First Bank

IDFC First Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution. IDFC FIRST Bank has announced the approval of a Scheme of Amalgamation with IDFC Limited. Under this scheme, for every 100 equity shares of IDFC Limited, shareholders will receive 155 equity shares of IDFC FIRST Bank. The merger aims to simplify the corporate structure and streamline regulatory compliance. It will also create a consolidated entity with diversified shareholders and no promoter holding. However, the merger is subject to approvals from regulatory authorities, including RBI, SEBI, and the Competition Commission of India, as well as shareholders and stock exchanges.

The process will take 9-12 months and is subject to regulatory approvals. The current price ratio for the merger offers a 16 per cent discount. This presents an arbitrage opportunity for IDFC First Bank shareholders. The merger is expected to stabilize the spread at around 8 per cent - 10 per cent. IDFC First Bank's potential migration to the MSCI India Standard index and the availability of futures and options trading for both entities will help control the spread. Overall, the merger holds lucrative prospects for IDFC First Bank shareholders.   
 

Titagarh Rail Systems receives LOA worth ₹875 crore

Titagarh Rail Systems Ltd received a Letter of Acceptance (LOA) from the prestigious Gujarat Metro Rail Corporation (GMRC) Limited, on the auspicious date of June 27, 2023. The LOA highlighted the company's responsibility for the "Design, Manufacture, Supply, Testing, Commissioning, and Training of 72 nos. of Standard Gauge Cars for Surat Metro Rail Phase-I Project I." With a staggering order value of approximately ₹857 crore, Titagarh Rail Systems is set to embark on this monumental project. The execution is expected to commence 76 weeks after the contract signing and is scheduled to conclude within 132 weeks.

Behind this remarkable success lies the company's consistent and robust financial performance. Quarter after quarter, Titagarh Rail Systems has demonstrated its mettle, with its revenue reaching an impressive ₹974 crore in the last quarter. In fact, its total yearly revenue for the fiscal year amounted to a staggering ₹2,781 crore, highlighting its significant growth trajectory. Notably, the revenue more than doubled in the quarter ended March 2023 compared to the corresponding period in March 2022. Additionally, the company reported a net profit of ₹48 crore in Q4FY23, further bolstering investor confidence in its financial stability.

Titagarh Rail Systems Ltd has truly emerged as a force to be reckoned with in the Indian market, captivating both investors and industry experts alike. With a groundbreaking project on the horizon and an exceptional track record of growth, the company's future appears incredibly promising.   
 

Shreeji Translogistics renews contract with Singapore Airlines

Shreeji Translogistics Limited (STL) is a logistics company based in Vashi, Navi Mumbai, established in 1984. It provides freight management, logistics solutions, and warehousing services. STL offers a range of services including full truck load transport, less than truckload (LTL), import-export, and Over Dimensional Cargo (ODC) services. Their fleet comprises various types of trucks for different transportation needs. With around 300 owned trucks and over 4,500 outsourced trucks, STL is equipped to handle diverse logistical requirements. The company is led by a team of experienced professionals in the logistics sector.

The company announces the successful renewal of their contract with Singapore Airlines, a renowned and esteemed airline company. This renewed contract strengthens the collaboration between STL and Singapore Airlines, allowing STL to leverage the airline's extensive network and resources. With this continued partnership, STL will utilize their expertise and advanced logistics capabilities to effectively meet the evolving needs of Singapore Airlines, ensuring seamless transportation of goods.