Pipavav Shipyard Ltd said it appointed Cmde (Retd) M Jitendran, VSM as its new chief executive officer (CEO) with immediate effect, replacing Jai Prakash Rai.Mr Rai has been appointed as group CEO of SKIL Infrastructure Ltd, promoter of Pipavav Shipyard.
Earlier, Cmde Jitendran was chairman and managing director of state-run Cochin Shipyard Ltd.
On Friday, Pipavav Shipyard shares closed 0.5% up at Rs100 on the Bombay Stock Exchange, while the Sensex ended at 0.28% down at 17,460 points.
Sun Pharmaceutical Industries Ltd said it launched its generic of Exelon, rivastigmine tartrate capsules for the US market. Earlier, the United States Food and Drug Administration (USFDA) had granted it a final abbreviated new drug application (ANDA) approval to market the product.
Rivastigmine tartrate used for the treatment of mild to moderate dementia of the Alzheimer's type and for the treatment of mild to moderate dementia associated with Parkinson’s disease.
On Friday, Sun Pharma shares closed flat at Rs1,754 on the Bombay Stock Exchange, while the Sensex ended at 0.28% down at 17,460 points.
HSBC expects to complete the acquisition through its Indian subsidiary by the first half of 2011. RBS’s retail and commercial banking businesses in India currently have 1.1 million customers served by over 1,800 staff through 31 branches
The Hongkong and Shanghai Banking Corporation (HSBC) today announced it will acquire the Indian business of Royal Bank of Scotland (RBS) worth $1.8 billion, a move that will help the British giant gain greater exposure in the country, reports PTI.
RBS’ retail and commercial banking businesses in India currently have 1.1 million customer relationships served by over 1,800 staff through 31 branches.
HSBC expects to complete the acquisition through its Indian subsidiary by the first half of 2011.
"The total consideration will comprise a premium of up to $95 million over the tangible net asset value of the businesses being acquired at the closing of the transaction, less an adjustment equal to 90% of any credit losses incurred on the unsecured lending portfolio in the two years subsequent to deal completion," HSBC said in a statement in New Delhi.
This is the third major transaction for HSBC in India. In June 2008, HSBC entered into a joint venture insurance company with Canara Bank and Oriental Bank of Commerce, gaining access to a distribution network of 5,000 branches and 50 million customers. In September of the same year, HSBC acquired IL&FS Investsmart, now HSBC InvestDirect, a major retail brokerage with more than 130,000 customers and outlets across 52 cities.
HSBC Group chief executive and chairman of The Hongkong and Shanghai Banking Corporation Limited, said: "The main focus of our strategy is on emerging markets and this acquisition is our third transaction in one of the world's largest and fastest growing developing markets in the last two years."
India was the second fastest growing economy in the world by gross domestic product (GDP) last year and is set for another strong year with forecast GDP growth of 8.5% in 2010. According to the International Monetary Fund (IMF), it is expected to be the world's third largest economy, based on purchasing power parity, by 2012.