Rail Vikas Nigam, South West Pinnacle Exploration and Cupid to see some action today

Rail Vikas Nigam has received Letter of Acceptance from South Central Railway for Engineering, Procurement and Construction (EPC) tender for proposed Doubling of Track between Ankai station (Excluding) at KM 16.00 & Karanjgaon stations (Excluding) at Km 69.01 (i.e. 53.01 Km) including Electrification and Signaling works in connection with Aurangabad-Ankai Doubling Project in Nanded Division of South Central Railway. The project cost is Rs 440.01 crore (Incl GST).

South West Pinnacle Exploration (SWPE) has got a Letter of Intent from Vedanta FACOR (Ferro Alloy Corporation), a subsidiary of Vedanta for Exploration activities at Kalarangitta Chromite Mines, Jajpur and Katasahi Manganese Mines, Barbil in the state Odisha. The aggregate value of contract is Rs 8.49 crore + GST as applicable. The project is a short duration project and is to be completed in 5 months.

Cupid has commenced its strategic venture into the Indian market through the introduction of its Rapid In Vitro Diagnostic (IVD) kits distribution network. This move is a key component of Cupid's overarching strategy to amplify its presence in the worldwide IVD market. The company has initiated the distribution of its IVD kits in various states across India, including Maharashtra, Goa, Gujarat, Rajasthan, Jammu & Kashmir, and Madhya Pradesh. The company is targeting a nationwide presence by the end of the fiscal year and has already established a strong sales team for this purpose.

MOIL has scaled new peak of 2.15 lakh tonnes monthly sales of manganese ore in May, 2024, surpassing the previous record of 1.83 lakh tonnes in December, 2019 and registering an impressive growth of 41% over May 2023. Sales during April-May 2024, has been higher by 31.5% as compared to corresponding period last year (CPLY). Helped by market conditions, the company has increased the prices of various grades by about 65% in the current financial year. On the production front, 3.05 lakh tonnes of manganese ore production was achieved in April-May, 2024, registering a growth of 7% over CPLY.

Aurigene Pharmaceutical Services (Aurigene), a Dr. Reddy’s Laboratories company, has inaugurated its biologics facility spread across 70,000 sq.ft. in Genome Valley, a bio cluster, located in Hyderabad, India. The facility is designed to serve customers with process & analytical development and small scale manufacturing of antibodies and other recombinant proteins for preclinical and early phase clinical requirements. The process and analytical development laboratories are now operational while the commissioning of manufacturing capacity will be completed later in 2024.

Omaxe has acquired 33,33,400 equity shares having face value of Rs 10 each of Inditrade Capital held by Juno Moneta Technologies (Pledgor), representing 14.27% of the paid-up equity share capital by way of invocation.

Adani Power’s wholly owned subsidiary M/s Mahan Energen (MEL) has approved a proposed Scheme of Amalgamation for amalgamation of Stratatech Mineral Resources (SMRPL), a wholly owned subsidiary of Adani Enterprises, with MEL. SMRPL is engaged in the business of mining of coal, minerals and ores and other allied activities. MEL is engaged in the business of generation and sale of power.