Unity Infra bags Rs840 crore contracts

Unity Infraprojects first project entails development and operation of Suratgarh-Sriganganagar section of NH-15 in Rajasthan through public- private-partnership on design, build, operate and transfer basis

Engineering and construction firm Unity Infraprojects said it has bagged two orders worth Rs840 crore. The orders relate to development of NHAI roads.

The first project entails development and operation of Suratgarh-Sriganganagar section of NH-15 in Rajasthan through public-private-partnership on design, build, operate and transfer basis for a concession period of 11 years.

The Rs330-crore project, awarded by the Public Works Department of Rajasthan government, is expected to be completed in 18 months, the company said in a statement.

The second project involves four–laning of Punjab/Haryana Border-Jind section of NH-71 to be executed on design build finance operate and transfer (DBFOT) pattern for a concession period of 27 years. The Rs510-crore contract from the National Highways Authority of India (NHAI) is expected to be completed within 910 days, it said.

In the early afternoon, Unity Infra was trading at around Rs52 per share on the Bombay Stock Exchange, 3.48% up from the previous close.

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Everonn Education founder sells 4.98% stake

According to a BSE filing, Kishore sold 1.090 million shares along with six other PACs on 30 March 2012, which would be worth about Rs29 crore at the current market price

Everonn Education said its founder and former chief P Kishore has sold 4.98% stake in the company for an estimated Rs29 crore through open market, bringing down his stake to 11.94%.
 
According to a BSE filing, Kishore sold 1.090 million shares along with six other PACs (persons acting in concert) on March 30, which would be worth about Rs 29 crore at the current market price. After the dilution of stake, Kishore now holds 11.94% in the company, against 16.92% previously.

In an earlier filing yesterday, the company had said that the Concorde Residential Schools (Kerala) Pvt Ltd, along with Varkey group and other PACs, acquired 4.998% stake in the company to raise its stake to 43.023%.

Kishore was part of the main founder-promoters of the company, but at a meeting held on 28 March 2012 its board had approved removal of Kishore and six other entities/persons from Everonn Education's promoter group.

These entities had requested the board to declassify them from promoter and promoter group category on account of them being no longer in the control of the management and affairs of the company. Kishore has also previously served as the managing director of the company but resigned from the position earlier this year.

On 14 February 2012, the company had announced Kishore's resignation, while two nominees of Varkey group, Dino Varkey and Rakesh Sharma, were inducted on its board. Kishore was arrested in August last year on charges of bribing an Income-Tax official. He was later released on bail in October.

In the early afternoon, Everonn was trading at around Rs269 per share on the Bombay Stock Exchange, 0.22% up from the previous close.

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Piramal Healthcare to spend Rs200 crore on R&D this fiscal

Piramal Healthcare is currently conducting Phase I clinical trials for its tumour suppressor treatment molecule 'P1446A- 05' and blood cell cancer treatment molecule 'P2745'

Drug firm Piramal Healthcare will spend Rs200 crore on various research and development activities this fiscal, including clinical trials for its two cancer molecules. “The company plans to spend up to Rs200 crore for research and development in financial year 2012-13,” Piramal Healthcare chief financial officer Rajesh Laddha told PTI.

The company is currently conducting Phase I clinical trials for its tumour suppressor treatment molecule 'P1446A- 05' and blood cell cancer treatment molecule 'P2745'.

It is also working on an investigational new drug (IND) application for conducting Phase I clinical studies of a molecule code named 'P7170'.

The trials results of the molecules are being presented at the annual general meeting of the American Association for Cancer Research (AACR) being held at Chicago, Piramal Healthcare said. The company, however, said it has not yet decided how it will commercialise its cancer treatment products as that is around three years from now. "We have not decided how we will market these products as it will be nearly three years from now," Laddha added.

Piramal Healthcare had sold its formulations business in May 2010 to Illinois-based Abbott for total cash consideration of $3.72 billion.

In the early afternoon, Piramal Healthcare was trading at around Rs462 per share on the Bombay Stock Exchange, 1.2% down from the previous close.

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