TI Cycles to achieve Rs1,150 crore turnover

Chennai-headquartered TI Cycles of India, part of the $3.03 billion Murugappa Group, is on course to achieve its bicycles sales target of 4.3 million and cross Rs1,000 crore in turnover this fiscal, said a top company official.

"We sold 3.85 million cycles last year and are on track to achieve the target of 4.3 million. Also, we are targeting Rs1,150 crore turnover against Rs960 crore last fiscal," TI Cycles and BSA Motors president D Raghuram said.

The company in the last five-six year has achieved 20% year-on-year growth, he said.

Mr Raghuram claimed the company held 32% market share in traditional models and 50% in the special models category.

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Punj Lloyd wins civil construction project in Hirco SEZ

Punj Lloyd Ltd said it has won a contract for construction of two commercial buildings in a township being developed by the Hirco Group at its special economic zone at Panvel, in Maharashtra.

The township, Hiranandani Palace Gardens, is a part of Hirco's Panvel SEZ in Maharashtra and is expected to be completed within 24 months.

"The contract entails the construction of two commercial buildings and a podium, adding up to a built-up area of about 2 million sq ft. The first of the two buildings will be completed within 12 months," Punj Lloyd said in a statement.

Hiranandani Palace Gardens is a mixed-use township project, which will boast world-class residential complexes, offices, educational institutions, healthcare facilities, etc, once complete, it said, adding that the commercial towers will be built near residential apartments.

The project is situated near the recently announced Navi Mumbai International Airport and is easily accessible by road and rail.

On Tuesday, Punj Lloyd ended 0.28% up at Rs107.80 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.02% down at 20,025.42 points.

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Surya Pharmaceuticals arm buys US-based ActivOn

Chandigarh-based Surya Pharmaceuticals Ltd said its subsidiary has acquired US-based over-the-counter analgesic drug manufacturer ActivOn for $22 million (about Rs99 crore).

"Surya Pharma's wholly owned subsidiary, Surya Pharmaceutical (Singapore) Pte Ltd, has acquired ActivOn, a leading OTC (over-the-counter) analgesic drug brand in the USA, with global marketing rights," the company said in a filing to the Bombay Stock Exchange (BSE).

The acquisition was financed through a mix of internal accruals and debt from EXIM Bank, the filing added.

Through the acquisition, Surya Pharma will be able to market its products in the US through ActivOn's established marketing network, which includes leading retailers like Walmart, Walgreen, CVS, Rite Aid, etc, it said.

On Tuesday, Surya Pharma gained 5% to Rs30.45 on the BSE, while the benchmark Sensex closed 0.02% down at 20,025.42 points.

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