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By EquityPandit

BUSINESS

Coforge to Buy SLK Global for Rs 918 Crore

Coforge Limited has announced that it has signed definitive agreements to acquire a controlling interest in SLK Global Solutions Private Limited for approximately Rs 918.3 crore. The agreement states that Coforge shall initially acquire 60 per cent stake in SLK Global, with the latter’s founders completely exiting. “Fifth Third Bank’s stake in the company will be reduced to 40 per cent and shall continue at that level for the next 2 years,” the IT company said in a regulatory filing.

As part of the transaction, Fifth Third Bank has committed to remaining a significant customer of SLK Global and has also committed a base volume over 5 years starting FY22. SLK Global reported consolidated revenue of $62 million during FY20 and is expected to report consolidated revenue of $73 million during FY21, representing a growth of about 15 per cent despite the impact of Covid-19. Coforge further said in a statement. The business has registered a three-year revenue CAGR of over 17 per cent.

Commenting on the deal, Sudhir Singh, Chief Executive Officer, Coforge Ltd, said,“We are very excited to welcome SLK Global and its over 7,000 employees into the Coforge family. Fifth Third Bank shall be a Top 5 client of the firm and as our valued JV partner we look forward to creating a deep and mutually rewarding partnership with them in the years to come. We expect very strong business synergies to be generated through this transaction… Coforge’s technology and digital capabilities will be highly relevant to SLK Global’s customer base that includes several marquee names in the BFS and Insurance industries, while the latter’s capabilities will enable Coforge to compete more effectively for deals that have a major BPM/BPO operations component. SLK Global also provides Coforge with an attractive tier 3 India city delivery location.”

The transaction is being funded by Coforge, earlier known as NIIT Technologies Ltd, with a combination of internal accruals and external borrowing, the company said. Post-closing, the key management personnel, excluding the founder-promoter, will stay on and contribute to its continued growth. On Monday, Coforge Ltd’s scrip on 1.74 per cent lower during late-trade at Rs 3,112.85 apiece.

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BUSINESS

Gland Pharma Receives Three Observations from USFDA

Ali Waghbakriwala

Gland Pharma Ltd announced on Tuesday, 25 February, that the U.S. Food and Drug Administration (USFDA) has completed a key inspection of its Andhra Pradesh facility.

In a regulatory filing, the company stated that the USFDA conducted a pre-approval inspection (PAI) for sterile APIs at its facility in Jawaharlal Nehru Pharmacy City (JNPC), Visakhapatnam, between 19 February and 25 February 2025.

Following the inspection, the regulatory body issued three Form 483 observations, which Gland Pharma described as procedural. The company clarified that these observations are not recurring from past inspections and do not raise concerns regarding data integrity.

Gland Pharma further assured us that it would submit corrective and preventive action plans to the USFDA within the required timeframe.

Under U.S. regulations, the FDA can approve a new drug application (NDA) or an abbreviated new drug application (ANDA) only if the manufacturing, processing, packaging, and testing facilities meet specified standards.

A Form 483 is a document issued by USFDA inspectors outlining any observations made during the inspection. It does not represent a final regulatory decision. Companies receiving a Form 483 are required to submit their response within 15 days, detailing corrective measures to address the observations.

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BUSINESS

Bharat Forge Subsidiary to Enter Indian Server Market in Collaboration with AMD

Ali Waghbakriwala

Bharat Forge‘s subsidiary is set to enter the high-growth Indian server market through a strategic partnership with Nasdaq-listed Advanced Micro Devices (AMD).

On 24 February, the electronics division of Kalyani Powertrain announced this collaboration, marking a key milestone for India’s server infrastructure. The company plans to integrate AMD’s cutting-edge technology with domestically manufactured solutions to strengthen its technological capabilities and support the ‘Make in India’ initiative.

Commenting on the partnership, Kalyani Group Chairman Baba Kalyani and Vice Chairman & JMD Amit Kalyani expressed confidence in the alliance, emphasizing its significance in advancing India’s server ecosystem.

At a recent event in Pune, Maharashtra, executives from Kalyani Powertrain and AMD unveiled the first server powered by AMD’s EPYC CPU, officially launching their collaboration. This partnership aims to address India’s rising demand for high-performance computing across sectors such as automotive, telecom, cloud computing, and AI. The servers, equipped with AMD EPYC processors, promise industry-leading energy efficiency and security while helping reduce the Total Cost of Ownership (TCO) for data centers.

Vinay Sinha, AMD’s Corporate Vice President of Sales for India, highlighted that integrating AMD EPYC processors today and AMD Instinct accelerators in the future will enable scalable, energy-efficient infrastructure for AI, cloud computing, and data centers. AMD claims its EPYC processors deliver superior performance and energy efficiency across various workloads, transforming data center operations.

This alliance is expected to play a crucial role in strengthening India’s digital infrastructure and accelerating AI and cloud adoption at a time when the country is rapidly expanding its technological capabilities.

Meanwhile, AMD is reportedly exploring the sale of its data center manufacturing facilities to Asian companies. The company has been trailing behind its larger rival, Nvidia, in AI revenue, and with China’s DeepSeek gaining traction, questions have emerged about the investment required for AI infrastructure development.

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BUSINESS

NBCC Secures a Rs 264 Crore Construction Order 

Ali Waghbakriwala

Management consulting major NBCC (India) Ltd on Monday, 24 February, announced securing a new order worth Rs 264 crore from NIT Kurukshetra. 

The contract involves constructing multiple buildings at NIT Kurukshetra in Haryana, including the academic block, hostel, residential quarters, director’s residence, vertical expansions of hostels and academic buildings, and other external development work. The project will be executed under the Engineering, Procurement, and Construction (EPC) model.

Last week, the company secured two new contracts totalling Rs 851.69 crore.

The first, valued at Rs 776.75 crore, was awarded by Damodar Valley Corporation for the construction of buildings and associated infrastructure for townships in Durgapur, Koderma, and Raghunathpur, Kolkata.

The second, worth Rs 74.94 crore, was from the Ministry of Housing and Urban Affairs for maintenance work at the New Moti Bagh GRPA Complex for two years, extending until FY27.

NBCC reported a 25.1% rise in net profit for the December quarter, reaching Rs 138.5 crore compared to Rs 110.7 crore in the same period last year. Revenue from operations also grew 16.6% to Rs 2,827 crore, up from Rs 2,423.5 crore in the third quarter of the previous year.

At the operational level, EBITDA increased by 22% to Rs 142 crore from Rs 116.8 crore, with the EBITDA margin improving slightly to 5% from 4.8%, reflecting better efficiency.

On 13 February, NBCC provided a strong outlook for FY26, projecting revenue growth of 25-35%, a significant jump from the current 10-15% range. The company also expects an EBITDA margin expansion of 0.5-1% from current levels.

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BUSINESS

Cochin Shipyard Signs MoU with AP Moller-Maersk

Ali Waghbakriwala

Cochin Shipyard announced on Monday, 17 February, that it has signed a Memorandum of Understanding (MoU) with AP Moller-Maersk to explore collaboration in ship repair, maintenance, and shipbuilding in India.

The agreement outlines key areas of cooperation, including sharing technical expertise to meet global ship maintenance standards, exploring opportunities in ship repair, dry docking, and new builds, as well as conducting joint training programs to promote responsible practices and skill development for both Cochin Shipyard and Maersk seafarers, according to the company’s exchange filing.

For the third quarter, Cochin Shipyard reported a 27.6% drop in net profit to Rs 177 crore from Rs 244.4 crore in the same period last year. Revenue from operations rose 8.6% to Rs 1,147.6 crore compared to Rs 1,056.4 crore a year ago. However, EBITDA declined 23.4% to Rs 237.4 crore from Rs 310.1 crore, with EBITDA margins contracting to 20.7% from 29.4% YoY.

Additionally, the board of directors declared a second interim dividend of Rs 3.5 per equity share (face value of Rs 5) for the financial year ending 31 March 2025. This follows the earlier interim dividend of Rs 4 declared on 7 November last year.

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BUSINESS

NBCC Bags Two New Orders Worth Rs 850 Crore 

Ali Waghbakriwala

NBCC (India) Ltd, on 14 February, announced that it has secured new orders worth Rs 851.69 crore. 

The first contract, valued at Rs 776.75 crore, was awarded by Damodar Valley Corporation for the construction of buildings and related infrastructure in townships at Durgapur, Koderma, and Raghunathpur in Kolkata.

The second contract, worth Rs 74.94 crore, was secured from the Ministry of Housing and Urban Affairs for maintenance work at the New Moti Bagh GRPA Complex for two years, extending until FY27.

In terms of financial performance, the state-owned Navratna infrastructure firm reported a 25.1% year-on-year (YoY) increase in net profit, reaching Rs 138.5 crore for the quarter ended December 2024, up from Rs 110.7 crore in the same period last year.

Revenue from operations also saw a healthy 16.6% YoY growth, rising to Rs 2,827 crore in Q3 FY25 from Rs 2,423.5 crore in the previous year. At the operational level, EBITDA increased 22% YoY to Rs 142 crore, compared to Rs 116.8 crore in Q3 FY24, with EBITDA margins improving slightly to 5% from 4.8%, reflecting enhanced efficiency.

On 13 February, NBCC provided strong guidance for FY26, projecting revenue growth of 25-35%, significantly higher than the current 10-15% run rate. The company also expects margin expansion of 0.5-1% from existing levels.

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