RBI permits up to 74% foreign investment in DEN Networks

October 27, 2015

The Reserve Bank of India has given its approval to foreign investors to raise their stake up to 74 percent in DEN Networks.

RBI said in a notification that “Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 74 percent of the paid up capital of DEN Networks Limited under the Portfolio Investment Scheme (PIS).”

According to RBI, the decision has come after the company passed resolutions at its Board of Directors level and a special resolution by the shareholders agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

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MARKETS

Zydus Life Gets USFDA Nod for Eluxadoline Tablets, Shares Up 1.5%

Dhruva KulkarniMarch 17, 2025March 17, 2025

March 17, 2025March 17, 2025

Shares of Zydus Lifesciences Ltd rose 1.5% to touch a day’s high of Rs 901.30 on 17th March after the firm announced that it had received final approval from the US Food and Drug Administration (USFDA) to manufacture Eluxadoline Tablets, 75 mg and 100 mg.

Eluxadoline is a mu-opioid receptor agonist used in adults to treat irritable bowel syndrome with diarrhoea.

As stated in an exchange filing, Zydus Lifesciences Ltd will manufacture Eluxadoline Tablets, 75 mg and 100 mg, at its SEZ facility in Ahmedabad.

Zydus was among the first ANDA applicants to submit a substantially complete application with a paragraph IV certification for Eluxadoline Tablets, 75 mg and 100 mg.

With this approval, the company is eligible for 180 days of shared generic drug exclusivity for Eluxadoline Tablets, 75 mg and 100 mg.

Eluxadoline tablets recorded annual sales of $243.7 million in the US. Zydus now has 419 approvals and has filed 483 ANDAs since FY 2003-04, as of 31st December 2024.

At 11:04 AM, the shares of Zydus Life were trading 1.34% higher at Rs 894.90 on NSE.

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MARKETS

HCC-Tata Projects JV Wins Rs 2,191 Crore Indore Metro Contract, Shares Up 2.5%

Dhruva KulkarniMarch 17, 2025March 17, 2025

March 17, 2025March 17, 2025

Shares of Hindustan Construction Company Ltd (HCC) rose 2.5% to touch a day’s high of Rs 23.95 on 17th March. The surge came after HCC and its JV partner Tata Projects Ltd. (TPL) secured a Rs 2,191 crore contract to build an 8.65 km-long corridor with underground tunnels and stations for Madhya Pradesh Metro Rail Corporation Limited (MPMRCL).

HCC holds a 55% stake in the joint venture, amounting to Rs 1,205 crore.

The package includes an 11.32 km-long tunnel using a tunnel boring machine (TBM) and seven underground stations at Indore Railway Station, Rajwada, Chota Ganpati, Bada Ganpati, Ramchandra Nagar, BSF/Kalani Nagar, and Airport.

It connects a ramp east of Indore Railway Station to west of Airport Station.

HCC is currently working on Mumbai Metro Line III, constructing 4 km of twin tunnels, four stations, and two Chennai Metro packages.

The company has built major sections of the Delhi Metro, Bangalore Metro, Mumbai Metro Line I, and Kolkata Metro.

At 10:40 AM, the shares of HCC were trading 1.86% higher at Rs 23.04 on NSE.

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BEML Shares Soar 6% on Inking MoUs with Siemens and Dragflow SRL

Ali WaghbakriwalaMarch 13, 2025March 13, 2025

March 13, 2025March 13, 2025

Shares of BEML Ltd soared 6% on 13 March after the company announced signing Memorandum of Understandings (MoUs) with Siemens and Dragflow SRL. Italy Forge.

As a part of the agreement, Siemens and the company will explore opportunities in the railway industry.

In its regulatory filing, the company said, “BEML Limited and Siemens Limited, India, have signed a non-binding MoU to jointly explore opportunities in the semi-high-speed and suburban passenger train segments, as well as metro and commuter rail markets.”

In its MoU with Dragflow, both companies will strengthen indigenous dredging solutions.

Earlier in December, the company announced securing an order worth Rs 136 crore from the Ministry of Defence for High Mobility Vehicles (HMV) 8×8. These HMVs will be manufactured at the company’s state-of-the-art facilities and are engineered for exceptional reliability and versatility even in the toughest of conditions.

The vehicle boasts several advanced features, including an independent suspension system, a high-power air-cooled engine, a central tyre inflation system, an anti-lock braking system, and a backbone tube chassis design. These elements collectively enhance mobility, stability, and operational safety.

Designed to withstand extreme conditions, the HMV 8×8 operates efficiently in temperatures ranging from -20°C to +55°C and at altitudes of up to 5,000 meters.

Its modular architecture allows seamless integration of various superstructures without requiring special modifications, ensuring cost efficiency and high compatibility across BEML’s military vehicle lineup, from 4×4 to 12×12 configurations. This design approach simplifies maintenance and logistics, significantly improving operational efficiency for the armed forces.

At 3:30 pm, the shares of BEML closed 2.45% higher at Rs 2,551 on NSE.

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Larsen and Toubro Shares Gain 1% on Order from Saudi Arabia

Ali WaghbakriwalaMarch 13, 2025March 13, 2025

March 13, 2025March 13, 2025

Shares of Larsen and Toubro (L&T) were trading in the green and 1% higher on Thursday, 13 March, after the company’s water and wastewater treatment business joint venture got a “major” order to construct a desalination facility in Saudi Arabia.

L&T classifies orders that are between Rs 2,500 crore and Rs 5,000 crore as “large.”

The L&T joint venture with Lantania of Spain signed a contract with ACWA Power, a major Middle Eastern developer, to build the Ras Mohaisen Desalination facility in Saudi Arabia.

The plant will reach a 300,000 cubic meter capacity per day. The scope of the project includes the design, procurement, construction, testing, and commissioning of a seawater reverse osmosis desalination plant.

It comprises 600,000 cubic meters of storage capacity for potable water, as well as automation and instrumentation systems, process units, pumping stations, intake and outfall facilities, electrical special facilities, and related works. A solar PV facility is also included in the project scope, it said.

The project will make drinking water available to the Makkah Al-Mukarramah and Al-Baha districts, benefiting one million people.

L&T continued by saying that this is the second recent desalination order that Saudi Arabia has given to them.

Last week, “large” orders were also acquired by the company’s power transmission and distribution division in India and other countries.

However, at 2:25 pm, the shares of Larsen and Toubro were trading 0.072% lower at Rs 3,191.35 on NSE.

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VA Tech Wabag Shares Soar 2% on Rs 360 Crore Orders

Ali WaghbakriwalaMarch 13, 2025March 13, 2025

March 13, 2025March 13, 2025

Shares of Chennai-based VA Tech Wabag, a supplier of water treatment and desalination systems were trading 2% higher on 13 March after the company announced that they have secured orders totaling Rs 360 crore from Indian Oil Corporation and Gail (India).

The contract includes the Design, Build, and Operation (DBO) of a 450 m³/hr UF & RO-based Effluent Recycle Plant, a Zero Liquid Discharge (ZLD) Plant based on an evaporator, a new wastewater treatment plant, and the expansion of an existing wastewater treatment plant for the integrated petrochemical complex of GAIL (India) Ltd. in Pata, Uttar Pradesh for a total consideration of Rs 340 crore.

The project’s Engineering, Procurement, and Construction (EPC) phase must be finished in 24 months, and then Operation and Maintenance (O&M) must be finished in 6 months, according to this regulation.

VA Tech Wabag stated in an exchange filing that GAIL has designated Projects and Development India Limited (PDIL) as the Engineer-in-Charge for the project. The treated water from this facility will be repurposed as makeup water for the cooling tower.

Wabag has also been given a repeat operation and maintenance (O&M) order for Rs 20 crore by Indian Oil Corporation Ltd. (IOCL) to continue maintaining the Tertiary Treatment Reverse Osmosis (TTRO) Plant at the IOCL Panipat Refinery in Haryana for an additional three years.

WABAG has been responsible for the facility’s upkeep and management since it was put into service in 2006. Notably, this TTRO plant was designed, constructed, and put into operation by WABAG almost 20 years ago, making it the first industrial water recycling facility in the oil and gas sector in the country.

S Natrajan, Head-Sales & Marketing, India Cluster, said, “We are delighted to have secured these significant industrial water treatment orders and we sincerely thank GAIL and IOCL for their trust and confidence placed in us. These repeat orders serve as a powerful testament to the strength of our long-standing customer relationships, as well as to our technical expertise and capabilities. They further solidify our leadership position in the Oil and Gas sector, marking yet another important milestone in our journey.”

At 12:52 pm, the shares of VA Tech Wabag were trading 0.77% higher at Rs 1,334.35 on NSE.

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