Steel Strips Wheels gets €120,000 order from Eastern Europe

Steel Strips Wheels Ltd (SSWL) said it received an order from Pneumat Trading, a distributor of wheel and tyre assemblies in Eastern Europe, for the supply of steel wheel rims.

SSWL will supply almost 12,000 wheels with expected forex earning of €120,000. The shipments are scheduled in October and November.

On Thursday, SSWL shares ended 2.7% higher at Rs262 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% up at 18,799 points.

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Piramal gets Rs10,271 crore as first payment from Abbott

Piramal Healthcare Ltd said following the sale of its domestic formulations business it received Rs10,271 crore as initial payment from to US-based Abbott Healthcare Ltd.

Piramal had entered a definitive agreement with Abbott in May this year for sale of its domestic formulations business, including its branded formulations business and its manufacturing facility at Baddi, for about Rs18,000 crore.

According to the agreement Abbott had agreed to pay $2.12 billion upfront and the remaining amount in four annual installment of $400 million.

As part of the agreement, Piramal will not engage in generic pharmaceutical business in the country for the next eight years. The completion of the deal would also lead to transfer of more than 5,000 employees of the domestic formulation business to Abbott.

On Thursday, Piramal Healthcare shares gained 1% to Rs526 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% up at 18,799 points.

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Lanco Infratech achieves financial closure for 1,320 MW power plant in Orissa

Lanco Infratech Ltd said its 1,320 MW (2x660) thermal power project being developed by its unit Lanco Babandh Power Ltd in Orissa, has achieved financial closure.

The project, estimated to cost Rs6,930 crore, would be financed with a debt of Rs5,544 crore and an equity of Rs1,386 crore. A consortium of fourteen banks and financial institutions with ICICI Bank in the lead are providing the debt required for the project.

On Thursday, Lanco Infratech shares ended 1.2% up at Rs70 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% up at 18,799 points.

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