HDFC Ergo & L&T: HDFC Ergo buys general insurance business of L&T for Rs 551 crore. Deal at 1.1x gross premium & 3.9x book value of L&T General Ins Company. Merged HDFC Ergo & L&T Gen Insurance entity to have a valuation of over Rs 5,500 crore. HDFC Ergo currently valued at over Rs 4,900 crore. Combined market share at 8.8 percent of total market share for privete companies. HDFC Ergo’s current market share is 7.7 percent. L&T Gen Insurance market share is 1.1 percent. Merger to make new entity the 3rd largest insurer in the country. Merger subject to CCI, IRDA & Bombay High Court approval. Thyrocare: MARD alleges Thyrocare providing a cut to doctors for sending patients to the laboratory. MARD has written a letter to Maharashtra Medical Council. Thyrocare denies allegation that it pays doctors commission for sending patients to the lab. The letter circulated is an offer for labs and not doctors. Bharat Forge : North America Class 8 truck orders for May down 30 percent at 14,100 units (YoY). North America Class 8 truck orders for May up 4 percent (MoM). Lowest performance since 2010. Softening of order activity continues in summer months. Good news is it did not fall further from April levels. 30 percent of company revenue comes from trucks in North America. Sun Pharma: Sun Pharma divesting 2 oral solid dosage manufacturing facilities to Frontida Biopharma. Frontida Biopharma deal part of manufacturing consolidation plan. Financial impact of Frontida Biopharma deal minimal. Grasim: Grasim ‘s VSF plant at Nagda, MP to be shut due to water deficiency from June 5. Nagda plant VSF capacity is 1.62 lakh t/annum. Nagda plant accounts for 33 percent of total VSF capacity. Torrent Pharma : US FDA observations on Torrent Pharma are deficiency in Standard Operating Procedures (SOPs) at Indrad unit. Deficiency in implementation of SOPs in Quality Control Unit at Indrad. Deficiency in SOP for raw materials at Indrad unit. Indrad plant was inspected by US FDA during May 16-20. Received 2 observations by US FDA in inspection. Adani Enterprises: Report suggests that Adani Enterprises may pull out from proposed USD 21.5 billion rail and mine project in Australia. Project has been delayed for 6 years due to legal hurdles. Management to CNBC-TV18: Have invested USD 1 billion already. Biocon: Mylan & Biocon confirm efficacy & safety of biosimilar cancer drug. Companies will present drug during American Society of Clinical Oncology meet. Drug is in Phase III trials. Drug is co-developed by Biocon & Mylan. Drug is compared to Roche’s cancer drug, Herceptin. Excel Cropcare: Japanese conglomerate Sumitomo has acquired 44.98 percent stake in Excel Crop Care for around Rs 623.44 crore and also announced launch of Rs 415.80 crore open offer to acquire further 30 percent stake in the company. Mumbai-based Excel Crop Care in a filing to the BSE said that its board in a meeting today approved a share purchase agreement between the company, its promoter group entities and certain public shareholders, and Sumitomo group. Under the agreement, Sumitomo group is acquiring over 49.5 lakh equity shares of the company at a price of Rs 1,259.36 apiece, from the company, promoter group entities and certain public shareholders, comprising members of Ratnabali group, the filing said. Cadila: Cadila gets US FDA approval to start Phase 2 clinical trials for Saroglitazar. Saroglitazar used to treat Type 2 Diabetes. Jubilant Life : Jubilant Life receives US FDA approval for Levetiracetam Injection USP or Keppra generic. Levetiracetam used to treat epilepsy. Kwality: Mint reports that KKR India set to invest Rs 600 crore in Kwality . KKR India will invest through structured debt transactions. Company will refinance its existing loans and use it as growth capital. Funds will help Kwality to strengthen its brands, expand retail business.