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Shoppers Stop Shuts Two Stores

Shoppers Stop has informed the bourses today that it has closed its two Shoppers Stop stores located at Orion East Mall, Banaswadi, Bengaluru and The Grant Mall, Velachery, Chennai due to lower than expected business and its low profitability. The sales from Orion East Mall’s store for the last financial year 2018-19 was Rs. 17.62 crore constituting 0.4 per cent of the turnover of the company as on March 31, 2019 and the sales from The Grant Mall’s store for the last financial year 2018-19 was Rs. 17.36 crore constituting 0.4 per cent of the turnover of the company as on March 31, 2019. Earlier this month, the company has informed that it has opened one Shoppers Stop store at Hilite Mall, Calicut and one more store at Sarath City Capital Mall, Hyderabad. With the closure of above stores, the company has now 89 Shoppers Stop including 5 airport stores under its operations. Shoppers Stop is engaged in the retailing business. It runs a chain of departmental stores with brands including Shopper’s Stop, Home Stop, Crossword, Cafes and Restaurants etc. 

IRB Secures 10 Years Tolling Contract For Mumbai-Pune Expressway

The country’s largest road construction company, IRB Infrastructure Developers, announced that it has received a contract to collect toll and operate Mumbai-Pune Expressway Project on Toll-Operate-Toll (Toll-Operate-Toll) model. The company in its press release said that it received LoA from MSRDC for road work of Mumbai-Pune expressway and an old highway connecting two cities. It has emerged as the preferred bidder for work relating to sub-concessionaire. The project would include tolling, operation, maintenance and transfer of two strategically important road connections in the state of Maharashtra. The work is slated to be executed on Yashwantrao Chavan Expressway (six-lane expressway for corridor between Kalamboli and Dehu Road) and Mumbai-Pune tranche of old highway from Shilphata to Nigadi. As per the contract, the company would make an upfront payment of Rs. 6,500 crore to MSRDC, followed by a staggered payment of Rs. 850 crore each in one to three years and Rs. 62 crore in four years, aggregating to Rs. 8,262 crore for sub-concession period of ten years and two months. The work order is the first project under TOT model introduced in 2016. The tolling is expected to start from March 1, 2020 on both road section of Mumbai-Pune corridor. Earlier also, IRB has managed this project for 15 years from 2004 to 2019. The company’s order book as on December 31, 2019 stood at Rs. 6,800 crore.

Lupin Launch Tablets For Treatment Of Edema

Lupin announced the launch of Ethacrynic Acid Tablets USP, 25 mg used for the treatment of Edema. The pharma major had already received an approval from United States Food and Drug Administration (USFDA) earlier for this drug. Ethacrynic Acid Tablets USP, 25 mg, is the generic equivalent of Edecrin Tablets, 25 mg, of Bausch Health Americas, Inc. It is used for curing Edema, associated with congestive heart failure, cirrhosis of the liver and renal disease, which includes nephrotic syndrome as well. Further, it can be used for the short-term management of ascites due to malignancy, idiopathic edema and lymphedema and also short-term management of hospitalised pediatric patients other than infants with congenital heart disease or the nephrotic syndrome. According to IQVIA MAT December 2019, Ethacrynic Acid Tablets USP had an annual sale of approximately USD 20 million in US. Lupin is an innovation-led transnational pharmaceutical company headquartered in Mumbai in India. The company develops and commercialises a wide range of branded and generic formulations, biotechnology products and APIs in various markets.