Drug-maker Aventis Pharma Ltd said it will sell its 49% stake in Chiron Behring Vaccines Pvt Ltd (CBVPL) to its joint venture partner, Novartis Vaccines & Diagnostics Inc, for $22.4 million (nearly Rs100 crore).
The two partners, that have been fighting a legal battle over marketing of Aventis’ anti-rabies vaccine Verorab, have agreed to settle their dispute following the deal.
In a filing to the Bombay Stock Exchange (BSE), the company said its board has approved the sale of a 49% stake in Chiron Behring Vaccines, representing 49 lakh shares, to Novartis Pharma AG, a nominee of Novartis Vaccines & Diagnostics Inc.
The sale of the said shares is expected to conclude before 31 December 2010, it added.
On Monday, Aventis Pharma ended 0.95% down at Rs1,763.10 on the BSE, while the benchmark Sensex gained 0.94% to 19,691.78 points.
Confidence Petroleum India Ltd announced that two of its units have received orders worth Rs36.64 crore from Hindustan Petroleum Corporation Ltd (HPCL) for supply of LPG cylinders.
Confidence Petroleum’s Khopoli Cylinder manufacturing unit and Andhra Cylinders, a unit of Envy Cylinders, have bagged the orders, the company said in a filing to the Bombay Stock Exchange (BSE).
The work is to be executed by April 2011, it added.
Confidence Petro is also expecting further orders from HPCL for its Bazpur (Uttaranchal), Kalmeshwar and Saoner (Nagpur) units.
On Monday, Confidence Petroleum zoomed 9.97% to Rs18.75, while HPCL declined 1.02% to Rs397.70 on the BSE. The benchmark Sensex gained 0.94% to 19,691.78 points.
Amara Raja Batteries Ltd has launched Amaron Volt TM, a specialised storage battery for the Indian telecom industry.
Amaron Volt TM, a 2V high integrity series product is the latest valve-regulated lead-acid battery (VRLA) offering from Amaron Hi Life range to meet the emerging demanding applications requirement of reliable backup power in Indian telecom market.
Understanding the requirements of the telecom industry, Amaron Volt TM will be fulfilling the backup power requirements for mission critical applications even in harsh, remote and outdoor locales. Amaron Volt TM will also extend its service to other critical areas like rural-off grid and poor grid installations, renewable energy installations/solar installations, mission critical power sector installations, high end UPS & data centre installations.
With its high reliability and advanced features Amaron Volt TM makes for an ideal choice for demanding backup use in telecom, broadband, IT, Power utility, solar PV applications and in the fast spreading rural telecom market.
On Monday, Amara Raja Batteries ended 0.61% up at Rs174.40 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.94% to 19,691.78 points.