Torrent Power signs contracts with Siemens

Torrent Power Ltd said it signed a turnkey engineering, procurement and construction (EPC) contracts with Germany-based Siemens AG, and its Indian unit Siemens Ltd, for two projects. No financial details were disclosed.

The two projects are UNOSUGEN, the 382.5 MW gas based combined cycle power project-the capacity expansion at the existing Sugen mega power project) and the greenfield DGEN project at Dahej SEZ, the 1,200 MW gas based combined cycle power project.

While UNOSUGEN is being established under Torrent Power Ltd, DGEN is being established under Torrent Energy Ltd, the wholly-owned subsidiary of the company. Thus, approximately 1,600 MW power generation capacity would be added in the Torrent fold within the next three years.

On Friday, Torrent Power shares closed 2.5% higher at Rs348, and Siemens shares closed 0.22% up at Rs719 on the Bombay Stock Exchange. While the Sensex ended at 0.28% down at 17,460 points.

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Glenmark unit gets FDA approval for Adapalene Gel

Glenmark Generics Ltd said its US-based subsidiary Glenmark Generics Inc received abbreviated new drug application (ANDA) approval from Food and Drug Administration (USFDA) for its Adapalene Gel, 0.1% and it will soon commence marketing and distribution of this product in that market.

Adapalene Gel is used for the topical treatment of acne vulgaris. On Friday, Glenmark Pharmaceuticals shares closed 2% higher at Rs275 on the Bombay Stock Exchange, while the Sensex ended at 0.28% down at 17,460 points.

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Pipavav Shipyard appoints M Jitendran as CEO

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.

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