Maruti Suzuki India, NMDC and Dr Reddy's Laboratories to see some action today

Maruti Suzuki India (MSI) aims to sell 4-6 lakh CNG units in the current fiscal year depending upon supply situation of essential components. The company sold about 2.3 lakh CNG units in 2021-22. MSI currently sells nine of its 15 models with CNG powertrain and is looking to drive in more models with such technology in the coming days.

NMDC has reported 4.98 million tonne (MT) of iron ore production and logged sales volume of 4.21 MT in the month of March 2022. The company’s Chhattisgarh mines produced 3.68 MT of iron ore and registered sales volume of 3.00 MT, while Karnataka mines produced 1.30 MT of iron ore and sold 1.21 MT of iron ore in March 2022.    

Dr Reddy's Laboratories has entered into an agreement with Novartis AG to acquire the cardiovascular brand Cidmus in India. Under the agreement, Dr Reddy's will be assigned and transferred the Cidmus trademark in India from Novartis AG for a consideration of $61 million. The Cidmus brand shall be affixed on the pharmaceutical composition comprising a combination of Valsartan and Sacubitril (currently under Novartis patent) which is indicated for heart failure patients with reduced ejection fraction. The tablets are available in three strengths.

Infosys is reportedly shifting its services from Russia to its other global delivery centres. The move comes amid mounting pressure on UK Chancellor Rishi Sunak, who has been fielding some tough questions lately over the Russian presence of Infosys. Infosys has less than 100 employees in Russia, and the status of the local staff there and whether they will be relocated could not be immediately ascertained.

SpiceJet has settled its commercial dispute worth around $24 million with Swiss financial services company Credit Suisse, with the low-cost airline agreeing to pay the settlement amount over a mutually agreed period of time. Credit Suisse had filed a case in the Madras High Court alleging that SpiceJet failed to honour its commitment to pay the bills for over $ 24 million raised by it towards maintenance, repairing, and overhauling of the aircraft engines and components. The high court in December 2021 ordered winding up the airline. SpiceJet then moved the Supreme Court, which on January 28 stayed the high court order and granted three weeks to the budget carrier to resolve the commercial dispute.

TVS Motor Company’s wholly-owned subsidiary -- TVS Motor (Singapore) (TVSM Singapore) has acquired 70% stake in EBCO, a British company providing smart connected mobility solutions, based in United Kingdom and thereby it has become a subsidiary of TVSM Singapore as well as to the Company. TVS Motor Company considers EBCO as a long-term partner to establish a strong presence in the e-bike business.

Indian Overseas Bank has signed a memorandum of understanding (MoU) with the Software Technology Parks of India (STPI) and STPINEXT (a Section 8 company of STPI) for leveraging innovation through the financial technologies engaged under the FinBlue initiative. This MoU will help the bank in leveraging innovation through the financial technologies engaged under the FinBlue initiative.