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Steel Strips receives orders from Europe and US

Automotive steel wheels designer and manufacturer, Steel Strips Wheels Limited (SSWL) secured export orders worth about 335K euros from Europe and US. The order which involves supplies of nearly 8,000 truck wheels for EU and US truck trailer markets is planned to be executed in June and July.

This order reflects the slow but steady restart of operations in EU & US markets after the COVID-19 lockdown situation. The company is now anticipating orders from several other regular customers in the coming weeks as the market shows signs of revival. In terms of the export figures based from its Chennai plant, the company is anticipating a 5 per cent YoY growth in June 2020.

The company is currently enjoying 52 per cent market share in the M&HCV segment, 50 per cent of the market share in the passenger vehicle segment and 42 per cent in the tractor segment.

Steel Strips Wheels is engaged in manufacturing single piece steel wheel rims of about 10 to 30 inches mostly used in scooters, passenger cars, utility vehicles and tractors, which together cover majority of the vehicle segment. Its supply of rims goes to almost all key manufacturers in the auto sector.

Lupin signs multiple agreements for marketing NaMuscla in EU Territories

Lupin Limited has signed agreements with three companies namely Cresco Pharma B.V, Exeltis Healthcare S.L and Macure Pharma ApS with an objective of commercialization of its orphan drug NaMuscla (mexiletine) in EU territories. NaMuscla is indicated for the symptomatic treatment of myotonia in adults with non-dystrophic myotonic (NDM) disorders. NDM disorders are a group of uncommon, genetic neuromuscular disorders which render the muscles unable to relax following voluntary contraction. Intake of NaMuscla results in a noteworthy improvement in patient quality-of-life and other functional and clinical outcomes. It is the first and sole licensed product for this indication. It was in December 2018 that the company received authorization to market this drug. In line with the terms of the arrangement, Cresco Pharma B.V will commercialize the drug in the Netherlands; Exeltis Healthcare S.L will commercialize NaMuscla in Spain and Portugal and Macure Pharma ApS will proceed to do so in Nordic countries. Lupin Limited will continue commercializing NaMuscla in Germany and UK and has plans to launch the product in Austria and France in the latter part of this year.

Reliance Infra: Defaults yet again, asset monetization underway

Anil Dhirubhai Ambani Group (ADAG) group company Reliance Infrastructure Limited disclosed another default of interest. This is the third one of its kind by the company, reflecting the hardship it is facing in its operations as well as asset monetization plans.

There is default of interest amounting to Rs 29.55 crore, due on May 01, 2020, against an obligation of Rs 3,627.19 crore to Yes Bank, as stated in a press release submitted by the company. The company had also reported default of another interest obligation of Rs 4.88 crore, due on April 29, 2020 against a total principal amount of Rs 944 crore by the same lender. Other defaults reported over the last week included few other lenders such as Jammu and Kashmir Bank and SREI Equipment Finance etc., amounting to a total principal of Rs 102 crore.

Since the last several quarters, the group has been in the news due to its debt status, rating downgrade, default fears etc. As depicted by the last reported numbers of group companies such as Reliance Power, Reliance Infrastructure, Reliance Capital, they oblige a consolidated amount of Rs 40,285.42 crore in terms of long-term borrowings. The standalone debt of Reliance Infrastructure stood at a total of Rs 6,267 crore as on April 30, 2020.