Cyient DLM Acquires 100% Stake in Altek Electronics Inc.

  • calendar04 Oct, 08:37 PM (GMT+5:30)
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Summary

Cyient DLM Limited announced on Friday, October 4, the acquisition of a 100% stake in Altek Electronics Inc., a U.S.-based electronic manufacturing services (EMS) company. This acquisition, executed through Cyient DLM's wholly-owned subsidiary, Cyient DLM Inc., strengthens Cyient’s presence in North America and enhances its capabilities in industrial, medical, and defence sectors.

Cyient DLM Acquires 100% Stake in Altek Electronics Inc.

Key Takeaways from the Acquisition 

  • Cyient DLM Limited has brought in a 100% stake in Altek Electronics through its wholly owned subsidiary Cyient DLM Inc., indisputably enhancing Cyient's business within North America.
  • Altek Electronics, an electronic manufacturing services (EMS)-related company in the U.S., had 37 million dollars in turnover in 2023, with a multi-sector pattern of clientele including the medical, industrial, and defence sectors.
  • With this acquisition comes certain assurances in the perspective of synergies, which strategically position Cyient DLM in the industrial, medical, and defence sectors.

Altek Electronics, headquartered in Connecticut, USA, is known for providing services such as printed circuit board assemblies (PCBA) and upper-level assembly across various industries. With a turnover of USD 37.2 million in 2023, the acquisition aims to create growth synergies for Cyient DLM’s future expansion in key sectors.

The deal is structured as an enterprise value transaction on a debt-free, cash-free basis. The upfront payment is USD 23.4 million, with an additional earnout of up to USD 5.8 million based on Altek’s performance.

About Cyient DLM Limited

Established in 1993, Cyient DLM (NSE: CYIENTDLM) is a leading provider of integrated electronics manufacturing solutions. Throughout the product life cycle, integration combines design-led manufacturing (DLM) with engineering and R&D capacity. Specialised in high-reliability electronic systems applied in safety-critical industries, it extends design, manufacturing, testing, and certification support to deliver the highest standards of performance, safety, and reliability. Cyient customers are in the aerospace & defence, industrial, and medical & healthcare segments.

About Altek Electronics

Altek Electronics is a leading electronics contract manufacturer based in Torrington, Connecticut. With over 50 years of expertise in electronic assembly, Altek specializes in high-mix and low-to-medium volume PCB assemblies across a variety of industries, including medical, industrial, aerospace, and defence; it has developed a reputation for exceptionally delivering quality, reliability, and customer service. 

Source - NSE

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HDFC Bank’s Advances Under Management up 8% at Rs 26,335 Billion

  • calendar04 Oct, 09:59 PM (GMT+5:30)
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Summary

HDFC Bank on Friday, October 4, reported its financial update for the quarter ending September 30, 2024. The bank's advances under management reached Rs 26,335 billion, showing an 8% increase from Rs 24,374 billion a year earlier and a 2.3% rise from Rs 25,750 billion at the end of June 2024. 

HDFC Bank’s Advances Under Management up 8% at Rs 26,335 Billion

Key Takeaways from HDFC Bank’s Financial Update:

  • HDFC Bank's advances under management reached Rs 26,335 billion, up 8% a year ago and a 2.3% rise from June 2024.
  • Total gross advances stood at Rs 25,190 billion, up 7.0% from Rs 23,546 billion a year earlier, with Rs 192 billion securitised or assigned during the quarter.
  • Deposits were reported at Rs 25,000 billion, a 15.1% growth compared to Rs 21,729 billion a year ago and a 5.1% increase from Rs 23,791 billion at the end of June 2024.
  •  Average advances under management for the quarter were Rs 25,630 billion, reflecting a 10.2% growth year-on-year, while the liquidity coverage ratio averaged around 127%.

During the quarter, retail loans grew by approximately Rs 338 billion, while commercial and rural banking loans increased by around Rs 380 billion. However, corporate and other wholesale loans decreased by Rs 133 billion compared to June 2024.

The bank's total gross advances were about Rs 25,190 billion, up 7.0% from Rs 23,546 billion a year ago. The bank also securitised or assigned loans worth Rs 192 billion during the quarter.

In terms of deposits, HDFC Bank reported Rs 25,000 billion as of September 30, 2024, which is a 15.1% growth compared to Rs 21,729 billion a year ago and a 5.1% increase from Rs 23,791 billion at the end of June 2024. CASA (Current Account Savings Account) deposits stood at Rs 8,835 billion, rising 8.0% from Rs 8,177 billion a year ago, while time deposits increased by 19.3% to Rs 16,165 billion.

The average advances under management for the September quarter were Rs 25,630 billion, reflecting a 10.2% growth year-on-year. The bank's liquidity coverage ratio averaged around 127% for the quarter.

About HDFC Bank Limited:

HDFC Bank Limited was established in August 1994, with its headquarters in Mumbai, India. It began operations as a Scheduled Commercial Bank in January 1995. On April 4, 2022, a merger was announced between HDFC Bank and HDFC Limited, India's largest housing finance company. HDFC Limited has built a strong reputation over 45 years, offering a wide range of housing finance products. This merger allows HDFC Bank to provide seamless home loan services as part of its extensive product offerings, serving customers in urban, semi-urban, and rural areas.

As of August 31, 2024, HDFC Bank has a distribution network that includes 8,919 branches and 21,031 ATMs or cash recycling machines across 3,836 cities and towns. The bank also operates internationally with branches in Hong Kong, Bahrain, and Dubai, as well as an IFSC Banking Unit in Gujarat. Additionally, it has representative offices in Kenya, Abu Dhabi, Dubai, London, and Singapore, which were previously offices of HDFC Limited. These offices help facilitate housing loans in India and assist customers in purchasing properties in the country.

Source - NSE

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Alembic Pharma Receives USFDA Final Approval for Alcaftadine Ophthalmic Solution

  • calendar04 Oct, 08:52 PM (GMT+5:30)
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Alembic Pharmaceuticals Limited announced on Friday, October 4, that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Alcaftadine Ophthalmic Solution, 0.25% (OTC)

Alembic Pharma Receives USFDA Final Approval for Alcaftadine Ophthalmic Solution

Key Takeaways from the USFDA Approval

  • Alembic Pharmaceuticals has received USFDA approval for Alcaftadine Ophthalmic Solution, expanding its product portfolio in the ophthalmic category.
  • The approval represents a significant milestone for Alembic as it continues to enhance its presence in the global pharmaceutical market.
  • With this approval, Alembic now has a total of 216 ANDA approvals from the USFDA, including 189 final approvals and 27 tentative approvals.

As per a stock exchange filing, the product is therapeutically equivalent to the reference listed drug product (RLD), Lastacaft solution 0.25%, manufactured by AbbVie Inc., according to the stock exchange filing. The Alcaftadine Ophthalmic Solution is used for temporarily relieving itchy eyes due to allergens like pollen, ragweed, grass, animal hair, and dander.

Alembic Pharmaceuticals has been a frontrunner in health care since its inception in 1907, emerging as a firm committed to quality and innovation. With state-of-the-art research and manufacturing facilities meeting stringent regulatory standards, including the USFDA, the company operates in several countries.

After this approval, Alembic now has 216 ANDA approvals by the USFDA, which includes 189 final approvals and 27 tentative approvals. In over 5,000 generalised activities, the marketing team makes sure that its brands are among the most recognisable among health professionals and patients. 

About Alembic Pharmaceuticals Limited

Alembic Pharmaceuticals Limited, founded in 1907, is a research-driven pharmaceutical company based in India. It is publicly listed and produces generic medicines for global markets. Alembic's advanced research and manufacturing facilities are approved by regulators in several developed countries, including the USFDA. The company is a leader in branded generics in India, with a marketing team of over 5,000 promoting its well-known products to doctors and patients across the country.

Source - NSE

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Happiest Minds Technologies Recognised Among Top 100 India’s Best Workplaces for Women 2024

  • calendar04 Oct, 08:08 PM (GMT+5:30)
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Summary

Happiest Minds Technologies Limited, a 'Born Digital, Born Agile', Mindful IT Company, announced on Friday, October 4, that it has been recognised as one of the Top 100 India’s Best Workplaces for Women 2024 by Great Place To Work India. This esteemed recognition highlights the company's dedication to fostering an inclusive, diverse, and supportive work environment for women at all organisational levels.

Happiest Minds Technologies Recognised Among Top 100 India’s Best Workplaces for Women 2024

Key Takeaways from the Announcement

  • Happiest Minds Technologies has been acknowledged for its commitment to creating a workplace where women feel supported, valued, and empowered.
  • The recognition is based on a comprehensive assessment of women's workplace experiences and the company’s policies promoting inclusion.
  • The company continues to focus on initiatives that advance gender equality and professional development opportunities for women.

Happiest Minds has consistently received accolades for its efforts in cultivating a people-orientated workplace. In addition to this recent recognition, the company has achieved notable honours such as being listed among the 50 Best Firms for Data Scientists to Work for in 2024 and ranking in the Top 50 India’s Best Workplaces in IT & IT-BPM for 2023. It has also been recognised in previous years as one of the Top 50 India’s Best Workplaces for Women from 2020 to 2023.

Commenting on the recognition, Deepti Moolya, Associate Director & Lead, DEIB, Happiest Minds, said, "At Happiest Minds, inclusivity is at the heart of everything we do. Being recognized among India's Best Workplaces for Women is a testament to our continuous efforts to create an environment where women feel supported and respected and have equal opportunities to advance and succeed. This achievement motivates us to keep pushing the boundaries of being a truly inclusive workplace."

Sachin Khurana, Chief People Officer, Happiest Minds, added, "Our recognition as one of the best workplaces for women is a milestone and reflects our commitment to nurturing a culture that prioritizes the well-being, growth, and success of our employees. We believe that an inclusive workplace leads to greater innovation, engagement, and overall success, and we will continue to foster a culture that empowers all our employees to reach their full potential."

As part of its ongoing commitment to diversity and inclusion, Happiest Minds will continue to implement initiatives aimed at promoting gender equality and fostering a culture of respect and collaboration. The company recognises that empowering women in the workplace is essential not only for their professional growth but also for driving innovation and success within the organisation.

This recognition by Great Place To Work India serves as a testament to Happiest Minds Technologies' unwavering dedication to enhancing workplace culture and ensuring that all employees can thrive in an environment that values inclusivity and support.

About Happiest Minds Technologies Limited

Happiest Minds Technologies Limited is an IT company that centres its efforts on enabling businesses and technology providers in their digital transitions. That is, by providing seamless customer experiences, increasing operational efficiencies within business, and laying out action points for their future course of action. Their deep knowledge of advanced technologies includes artificial intelligence, blockchain, cloud computing, digital process automation, the Internet of Things (IoT), robotics, security, and virtual/augmented reality.

Positioned as "Born Digital. Born Agile," Happiest Minds offers services in Product & Digital Engineering, Generative AI Business Services, and Infrastructure Management & Security Services. Business verticals include banking, financial & insurance, edtechs, healthcare, high-tech, media & entertainment, industrial manufacturing, energy & utilities, and retail. 

Source - NSE

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