Following are the important business news carried by leading financial dailies on Friday Feb. 1, 2013.
Lupin to launch generic drugs in US by March-end
Lupin, India's fourth-largest drugmaker by sales, expects to launch three to four new generic drugs in its key US market by March end, its Group President Nilesh Gupta said on Thursday. The Mumbai-based drugmaker has so far launched six products in this fiscal in the United States, which generates about 42% of its total formulation sales.
JSPL makes an offer to buy Gujarat NRE
Naveen Jindal-controlled Jindal Steel & Power (JSPL) has offered to buy Gujarat NRE Coking Coal at a price of USD 231 million. It already holds 19.48% stake in Gujarat NRE. JSPL offered 20 Australian cents in cash for every share of Gujarat NRE, 5.3% more than the close yesterday, the New Delhi-based company said today in a statement.
Infosys announces leadership changes
Infosys on Wednesday made a fresh round of management reshuffle handing over its Global Head of HR, Nandita Gurjar a new role in the company and appointing a new CEO & MD for its business process outsourcing business. In a statement posted on its website, the company said Srikantan Moorthy who was earlier heading the Education & Research has been appointed as the new Global head of Human Resources. Gurjar will now take up the role of Global Head of Education & Research which was previously taken care of by Moorthy.
Axis Bank raises Rs 55.37 bn via share sale
Axis Bank, the third largest private sector lender in the country, today said it has raised Rs 55.37 billion by selling shares to institutional investors and certain promoters. ''We are delighted that large global houses and long-term institutions like pension funds, insurance companies and mutual funds have reposed their faith in the bank. We believe that the success of our fund-raise signals the belief in the India promise and the renewed interest global investors have in high quality companies and issuers from India,'' Shikha Sharma, managing director and chief executive of Axis Bank, said in a statement.
ONGC Videsh gets nod to acquire stake in oil Azerbaijan assets
The Cabinet Committee on Economic Affairs has given its approval authorising ONGC Videsh (OVL)'s acquisition of participating interests owned by Hess Corporation's wholly-owned subsidiaries in upstream and midstream oil and gas assets in Azerbaijan.
Uttam Galva says no proposal from ArcelorMittal to buy more stake
Uttam Galva Steels said it has not received any proposal from ArcelorMittal for acquiring additional stake in the company. '' ...there is no such proposal by ArcelorMittal Group to acquire any further stake/shares in Uttam Galva Steels,'' the Mumbai-based firm said in a BSE filing.