TVS Motor, Hero MotoCorp, GOCL Corporation, Alkem Lab, Lupin, Dr. Reddy’s

TVS Motor Company: Subsidiary TVS Motor (Singapore) Pte. Limited has acquired a 70% stake in United Kingdom-based EBCO, for GBP 1,163,070. EBCO provides smart connected mobility solutions through a pipeline of e-bikes across the city and mountain biking segments. The company has tie ups with most major dealers across the United Kingdom and is the exclusive distributor of Corratec e-bikes in the UK. In addition, TVS Motor registers sales of 3.07 lakh units in March 2022, which fell compared to 3.22 lakh units sold in same month last year.

Hero MotoCorp: The company sold 4.50 lakh units of motorcycles and scooters in March 2022, declined sharply compared to 5.76 lakh units sold in corresponding month last year. In the financial year (FY22), sales dropped to 49.44 lakh units, compared to 57.91 lakh units sold in previous year.

GOCL Corporation: The company has received a notice of demand of Rs45.72 crore from the Income Tax Department. This notice is in connection with Joint Development Agreement for the land at Kukatpally, Hyderabad, pertaining to assessment year 2013-14. But as per the company, aforesaid notice is not tenable in law.

Karnataka Bank: The bank clocked a 6.27% growth in core deposits at Rs80,385 crore for the year ended March 2022 compared to previous financial year, and gross advances during the same period grew by 9.5% to Rs57,726 crore. The share of CASA to total deposits stands increased at 32.97% at March 2022, against 31.5% at the end of March 2021. The private sector lender expects 12 percent growth in deposits and about 17% in gross advances for FY23.

JSW Energy: Subsidiary JSW Neo Energy (JSWNEL) has entered into a Memorandum of Understanding with the Government of Chhattisgarh for setting up 1,000 MW capacity of hydro pumped storage project (Hasdev Bango Pumped Storage Project) in Chhattisgarh.

Alkem Laboratories: ISP Chile (Public Health Institute of Chile) had conducted an inspection at the company’s manufacturing facility at Daman, India during March 28 to April 1, 2022. At the end of the inspection, no observations critical to good manufacturing practices were detected.

Lupin: The company has signed a Definitive Agreement with Anglo-French Drugs & Industries for acquiring a portfolio of brands. This will strengthen the company’s presence in vitamins, minerals & supplements and CNS segments.

Dr Reddy’s Laboratories: The company has entered into an agreement with Novartis AG to acquire the cardiovascular brand Cidmus in India. The acquisition cost is $61 million. The Cidmus is indicated for heart failure patients with reduced ejection fraction.