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Posted On:
08-06-2024

TVS Motor recalls select units of iQube electric two-wheeler for inspection

TVS Motor Company on Friday said it is recalling a select set of iQube electric two-wheeler units for a "proactive inspection". The company will inspect the bridge tube of units that were manufactured between July 10, 2023 and September 9, 2023 to ensure that the vehicle's ride handling is good over extended usage, it said in a statement.TVS Motor Company on Friday said it is recalling a select set of iQube electric two-wheeler units for a "proactive inspection". The company will inspect the bridge tube of units that were manufactured between July 10, 2023 and September 9, 2023 to ensure that the vehicle's ride handling is good over extended usage, it said in a statement.The company or its dealer partners will individually contact customers, TVS Motor said.
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Posted On:
08-06-2024

Toyota Kirloskar Motor looks to expand used car business across key cities

Toyota Kirloskar Motor aims to expand its used car business across key cities, as per a senior company official. The automaker on Friday inaugurated its first company-owned Toyota Used Car Outlet (TUCO) in New Delhi under brand name Toyota U-Trust."With the Indian used car market projected to grow at a CAGR of 8 per cent and currently being 1.3 times the size of the new car market, the sector holds significant growth potential," Toyota Kirloskar Motor Vice President Takashi Takamiya said.The company's expansion in Delhi and plans for more outlets across key cities underscore the strategy to create a seamless, transparent, and reliable used car market for customers, he added. TKM had forayed into the used car business in 2022 with the opening of an outlet in Bengaluru.
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Posted On:
08-06-2024

USFDA issues Form 483 with four observations to Dr Reddy's API unit

Dr Reddy's Laboratories on Friday said the US health regulator has issued Form 483 with four observations after inspecting its Andhra Pradesh-based API manufacturing facility. The US Food & Drug Administration (USFDA) today completed a GMP inspection at the company's API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh, the Hyderabad-based drug major said in a regulatory filing. The inspection was conducted from May 30, 2024 to June 7, 2024, it added."We have been issued a Form 483 with four observations, which we will address within the stipulated timeline," the drug firm said. As per the US Food and Drug Administration (USFDA), Form 483 is issued to a firm's management at the conclusion of an inspection when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.
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Posted On:
11-06-2024

Kotak Mutual Fund launches Kotak Special Opportunities Fund

Kotak Mutual Fund (MF) on Monday announced the launch of Kotak Special Opportunities Fund. The scheme will look to take advantage of uncertainties across the economy, industry and company levels. “(The fund) aims to generate long term capital growth through investing in equity and equity related securities of companies benefitting from different special situations such as company specific events, corporate restructuring, government policy change, regulatory changes, technology led disruption or companies going through temporary but unique challenges, etc. The fund would look for such opportunities across market capitalisation. Since such opportunities can arise across sectors, the portfolio is likely to be diversified,” the fund house stated. The new fund offering (NFO) will remain open for subscription till June 24.
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Posted On:
11-06-2024

Blackstone mops up Rs 6,736 crore from 15.1% stake sale in Mphasis

Private equity player Blackstone on Monday sold a 15.1 per cent stake in mid-tier IT firm Mphasis via block deals. The private equity major sold 28.5 million shares at Rs 2,363 a piece, raising Rs 6,736 crore. Among the buyers were Kotak Mutual Fund (bought shares worth Rs 1,121 crore), Morgan Stanley (Rs 526 crore), and Société Générale (Rs 251 crore). Shares of Mphasis fell nearly 3 per cent to end at Rs 2,398 on the NSE, where Rs 8,042 crore worth of shares were traded. Blackstone acquired a 60.48 per cent stake in Mphasis from Hewlett Packard Enterprises in 2016 for Rs 5,466 crore (at the time, $827 million). The stock price of Mphasis was then Rs 430 per share. In 2021, Blackstone switched funds and committed up to $2.8 billion to hold a 55.45 per cent stake in Mphasis. In 2021, Blackstone also got investors such as Abu Dhabi Investment Authority, GIC, and UC Investments to invest in the firm. For Blackstone, IT and tech investment has been a sweet spot. It has preferred to be a long-term investor in its tech investments.
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