NEW DELHI, Apr 9:  Finance Ministry today said the NDA government has restored the faith of investors and rating agencies on the growth outlook of the Indian economy.
“Moody’s decision continues to reaffirm that rating agencies, global investors and our own domestic businesses have faith in India’s growth outlook and our financial strength as a sovereign,” Minister of State for Finance, Jayant Sinha told reporters here.
Rating agency Moody’s today upgraded India’s credit outlook to positive from stable, saying that the measures taken by the policymakers would enhance economic strength.
The rating agency also said that it could upgrade India’s rating in 12-18 months time if such measures propel growth.
“The macro-economic situation has improved dramatically in last 10 months, obviously due to action that we have taken as far as fiscal policy is concerned,” Sinha said.
Reiterating that India has benefited from declining global oil price, Sinha said, “So those macro-economic factors are very much in our favour. We have to work on (them) to ensure that sector-wise growth picks up.” (PTI)
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NEW DELHI, Apr 9:  Pharma major Cipla today said its UK subsidiary Cipla (EU) will acquire Brazilian firm Duomed Produtos Farmaceuticos for about Rs 2.6 crore.
“Cipla (EU) Ltd, UK, a wholly-owned subsidiary of Cipla, has entered into a definitive agreement for acquisition of 100 per cent stake in Duomed Produtos Farmaceuticos Ltd, for a cash consideration of Brazilian Real (R$) 1,293,600 (about Rs 2.6 crore),” Cipla said in a filing to the BSE.
The deal has the approval of Brazilian health authority (ANVISA) and other regulatory authorities to import and distribute pharmaceutical products in Brazil, the filing said.
The transaction is expected to be completed by end of May 2015, subject to certain conditions, it added.
The acquisition is part of Cipla’s front-end strategy and will expedite its product registrations in Brazil.
Duomed Produtos, a limited liability company in Brazil, was incorporated on June 10, 2013.
(PTI)

NEW DELHI, Apr 9:  Aurobindo Pharma today said Plethico will pay it USD 23.3 million to settle a dispute related to the acquisition of US-based Natrol.
Aurobindo Pharma Ltd’s 100 per cent subsidiary Aurobindo Pharma USA completed acquisition of Natrol LLC from Plethico for USD 132.5 million in December 5, 2014.
On April 6, 2015, Natrol LLC had approached the Delaware Bankruptcy Court with certain discrepancies and non- performance of obligations by erstwhile owner Plethico with regard to the deal.
“Based on the discussions, a settlement agreement has been reached, wherein Plethico Group would assign USD 23.3 million in cash in milestone payments, certain global IP rights and other assets,” Aurobindo Pharma said in a BSE filing.
Aurobindo Pharma had emerged as the highest bidder for acquisition of Natrol Inc, USA.
The acquisition included manufacturing assets, personnel, commercial infrastructure, including nutraceutical brands in USA of Natrol along with an agreement to take certain liabilities.
(PTI)

MUMBAI, Apr 9:  Shares of Rural Electrification Corporation (REC) today jumped nearly 5 per cent, a day after the company received an overwhelming response to its share sale by the government.
The stock went up by 4.83 per cent to Rs 346 on the BSE.
On the NSE, it rose by 4.93 per cent to Rs 346.60 in the noon trade.
The scrip has been holding up above the floor price of Rs 315 fixed for the 5 per cent REC Offer For Sale (OFS).
Kicking off its disinvestment programme for the current fiscal on a robust note, government yesterday mopped up over Rs 1,550 crore by selling 5 per cent stake in power sector lender REC in an OFS that was subscribed over 5.5 times.
With strong demand from retail and institutional investors, the issue received bids for over 27.31 crore shares as against 4.93 crore shares on offer, resulting in over- subscription of 5.53 times.
The REC issue received bids worth Rs 7,621 crore, with retail investors bidding for shares worth Rs 3,415 crore. Institutional investors put in bids worth Rs 4,734 crore which include FII bids worth Rs 1,692 crore.
The portion reserved for retail investors, who got a 5 per cent discount, was subscribed 9.02 times.
The general category portion was over-subscribed 4.66 times. (PTI)

NEW DELHI, Apr 9:  Online furniture retailer Urban Ladder today said it has raised USD 50 million (about Rs 310 crore) in a fresh round of funding led by Sequoia Capital.
Existing investors SAIF Partners and Kalaari Capital also participated in this round.
The Bangalore-based firm will utilise the capital to fund its expansion to 30 cities by year-end and will invest in enhancing its design thinking, product quality and customer experience.
Urban Ladder has raised USD 27 million from Kalaari Capital, SAIF Partners and Steadview Capital in the past three years. Besides, Tata Group Chairman Emeritus Ratan Tata had also made a personal investment in the company in November 2014, it said in a statement.
The firm added that Sequoia Capital led the round along with TR Capital and existing investors Steadview Capital, SAIF Partners and Kalaari Capital.
“Over the last 3 years, we have stayed sharply focused on our design thinking, product quality and customer experience. While these will continue to be important themes, geographical expansion will also be a key focus area this year. We will be present in 30 cities by the end of 2015,” Urban Ladder co-founder and CEO Ashish Goel said.
The firm’s COO and co-founder Rajiv Srivatsa said Urban Ladder is investing heavily in technology to introduce world class tech innovations that will massively simplify furniture shopping.
Launched in July 2012, Urban Ladder offers a range of over 4,000 products across more than 35 categories in furniture and home decor. (PTI)

NEW DELHI, Apr 9:  French auto major Renault today forayed into the multi purpose vehicle (MPV) segment in India with the launch of ‘Lodgy’ at an introductory price starting at Rs 8.19 lakh (ex-showroom, Delhi).
The vehicle will compete with the likes of Toyota’s Innova, Maruti’s Ertiga, Honda’s Mobilio and General Motors’ Enjoy, which are priced in the range of Rs 5.99 lakh to Rs 15.8 lakh.
“Lodgy would fuel our next phase of growth in India. With this vehicle, we will define multi purpose vehicle segment in the country,” Renault India Country CEO and MD Sumit Sawhney told reporters here.
The vehicle will come in seven variants, priced between Rs 8.19 lakh and Rs 11.79 lakh.
Besides Lodgy, the company also plans to introduce a small car this year, a move aimed at achieving 5 per cent market share in India by the end of next year, Sawhney said.
The company had a market share of just over two per cent in the country last year.
At present, Duster is Renault’s volume driver and a key pillar for its growth in the country. Renault India has so far sold 1.25 lakh Dusters in the country.
The company is also looking at expanding its sales network across the country with a target of over 200 touch points by the end of this year.
“As of today, we have 157 outlets across the country. By the end of this year we aim to have 205 sales outlets and 280 touch points by the end of next year,” Sawhney said.
The company is also getting into the used car business in order to fuel growth in the country. (PTI)

New Delhi, Apr 9 (PTI) Private carrier Jet Airways has appointed Anita Goyal, wife of founder-Chairman Naresh Goyal, as additional director to comply with the Sebi’s norm for listed companies to have at least one woman director on board.
Anita would be additional director in a non-executive and non-independent role with effect from April 8, Jet Airways today said in a filing to the stock exchanges.
She is the only woman on Jet Airways’ board. However, she was already a part of the senior management team as Executive Vice President (Revenue Management and Network Planning).
Jet Airways said: “The Board of Directors of the Company has appointed Anita Naresh Goyal as an Additional Director (non-executive and non-independent) with effect from April 8, 2015.”
The company would still have to pay a fine of Rs 50,000 as it failed to appoint at least one woman director within the stipulated deadline of March 31.
The capital markets regulator Sebi yesterday had announced a four-stage penalty structure wherein fines would increase with the passage of time.
According to Sebi, listed companies complying between April 1 and June 30 will have to pay only Rs 50,000. Those complying between July 1 and September 30 this year would need to pay Rs 50,000 and an additional Rs 1,000 per day till they comply.
The listed companies complying on or after October 1, 2015 will have to pay Rs 1.42 lakh, plus Rs 5,000 per day till the date of compliance.
“For any non-compliance beyond September 30, 2015, Sebi may take any other action, against the non-compliant entities, their promoters and/or directors or issue such directions in accordance with law, as considered appropriate,” the regulator had said in a circular.
The market watchdog, in February last year, had asked all listed companies to appoint at least one woman director by October 1, 2014 and later extended the deadline for six months. (PTI)