🇮🇳 India Daybook: UltraTech Enters Cables Market With ₹1,800 Cr Investment, Cipla Inks Keytruda Biosimilar Pact

📍 BUSINESS EXPANSION & INVESTMENTS

• UltraTech Cement: Announced its entry into the wires and cables segment with the launch of "Ultravolt", committing an investment of ₹1,800 crore. The Aditya Birla Group company aims to establish itself among the top two players in the industry within the next five years.
• Max Healthcare: Board approved an equity infusion of ₹87.87 crore into Kalinga Hospital via a rights issue.

📍 ORDER WINS & EPC CONTRACTS

• Ceigall India: Bagged a Letter of Intent (LoI) worth approximately ₹5,300 crore from REC Power Development and Consultancy for a major power transmission project in Gujarat.
• Power Grid Corporation of India: Secured a Letter of Intent valued at ₹1,152.49 crore to develop an inter-state transmission system to evacuate power from the Lakadia Renewable Energy Zone (REZ) Phase-II in Gujarat.
• Rail Vikas Nigam (RVNL): Emerged as the lowest bidder (L1) for a ₹404.88 crore project from East Coast Railway involving third-line construction, roadbed, bridge works, and electrification with an execution window of 30 months.
• Sical Logistics: Secured a significant commercial mining contract worth ₹534 crore from Central Coalfields Limited (CCL).
• Solex Energy: Won domestic work orders totaling ₹74.77 crore for manufacturing and supplying solar photovoltaic modules, scheduled for completion by December 2026.

📍 PARTNERSHIPS & DEFENCE UPDATES

• Cipla: Wholly owned subsidiary InvaGen Pharmaceuticals entered into an exclusive licensing and supply agreement with Qilu Pharmaceutical for QL2107, a biosimilar to Keytruda (pembrolizumab), targeting the US oncology market.
• Hindustan Aeronautics (HAL): Received a delivery of three F404-IN20 engines from GE Aerospace to support manufacturing of the indigenous Light Combat Aircraft (LCA Tejas) programme.

📍 FUNDRAISING & CORPORATE ACTIONS

• CreditAccess Grameen: Successfully raised ₹300 crore via the private placement of non-convertible debentures (NCDs) fully placed with Barclays Bank PLC to support rural and semi-urban credit expansion.
• Cipla: The NCLT Mumbai bench approved the scheme of amalgamation of its wholly owned subsidiary Inzpera Healthsciences into Cipla.

📍 CREDIT RATINGS UPGRADE

• Steel Authority of India (SAIL): India Ratings upgraded the company's long-term issuer and public deposit rating to 'IND AA+' (Stable) from 'IND AA' (Stable).
• Indian Railway Finance Corporation (IRFC): JCR upgraded IRFC's long-term issuer credit rating to 'A-' with a Stable outlook from 'BBB+'.

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