Latest news with #PRV
Yahoo
4 days ago
- Business
- Yahoo
Bavarian Nordic Announces Sale of Priority Review Voucher for USD 160 Million
COPENHAGEN, Denmark, June 18, 2025 – Bavarian Nordic A/S (OMX: BAVA) announced today that it has entered into an agreement to sell its Priority Review Voucher (PRV) for a total cash consideration of USD 160 million. Bavarian Nordic was awarded the PRV in February 2025, following the approval by the U.S. Food and Drug Administration of the chikungunya vaccine, VIMKUNYA™ for prevention of disease caused by chikungunya virus in people 12 years of age and older. Pursuant to a license agreement assumed upon acquisition of the chikungunya vaccine in 2023, National Institutes of Health (NIH) will receive 20% of the gross proceeds from the sale of the PRV. The proceeds will be recognized as other operating income and thus will not impact the guided revenue expectations for 2025. However, EBITDA will be positively impacted and any impact on the guided EBITDA margin of 26-30% for 2025 will be updated upon closing of the transaction. The transaction remains subject to customary closing conditions, including anti-trust review, which is expected to occur in the third quarter of 2025. Jefferies LLC acted as exclusive financial advisor to Bavarian Nordic on this transaction. About Bavarian NordicBavarian Nordic is a global vaccine company with a mission to improve health and save lives through innovative vaccines. We are a preferred supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and have a leading portfolio of travel vaccines. For more information, visit Forward-looking statements This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law. Contact investors:Europe: Rolf Sass Sørensen, Vice President Investor Relations, rss@ Tel: +45 61 77 47 43US: Graham Morrell, Gilmartin Group, graham@ Tel: +1 781 686 9600 Contact media:Nicole Seroff, Vice President Corporate Communications, nise@ Tel: +45 53 88 06 03 Company Announcement no. 18 / 2025 Attachment 2025-18-enError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
09-06-2025
- Business
- Mint
Five shipbuilding stocks to watch as India strengthens ties with Japan
India is moving at a rapid pace on its journey to become a global hub for shipbuilding. The government has finalised a fresh round of international partnerships, including a major push with Japan, to strengthen the country's maritime capabilities. In a recent bilateral meeting in Oslo, Indian shipping minister Sarbananda Sonowal and Japan's vice minister Terada Yoshimichi discussed a broad range of areas—from shipbuilding and maritime training to green ports and smart island development in Andaman & Nicobar and Lakshadweep. A key focus was encouraging Japanese investment in Indian shipyards, opening doors for technology transfer and capital support from some of Japan'sleading maritime companies. Here are a fewshipbuilding stocks that could benefit from this growing India-Japan collaboration. #1 Garden Reach Shipbuilders Garden Reach Shipbuilders is already seeing direct benefits from these international maritime collaborations. The company caters to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. It builds vessels, i.e. frigates, missile corvettes, anti-submarine warfare corvettes, survey vessels, offshore patrol vessels, etc. Over the years, GRSE has also supplied various boats, pontoons, and barges. It owns three separate shipbuilding facilities close to each other in Kolkata. The ships are built at the Main Works Unit and the Rajabagan Dockyard. As part of India's recent global outreach in maritime partnerships, GRSE signed a significant Memorandum of Understanding (MoU) with Norwegian firm Kongsberg during the Nor-Shipping 2025 event in Oslo. The MoU sets the stage for India's first-ever Polar Research Vessel (PRV). This highlights India's commitment to advancing oceanic and polar research capabilities while strengthening its indigenous shipbuilding industry under the 'Make in India' initiative. The PRV will be developed with design expertise from Kongsberg and constructed by GRSE in Kolkata. It will cater to the requirements of the National Centre for Polar and Ocean Research (NCPOR), enabling scientific exploration in the polar and Southern Ocean regions. GRSE is focusing on developing cutting-edge technology for the next generation of warships, like unmanned surface vessels (USVs), leveraging artificial intelligence (AI) and machine learning (ML). #2 L&T Larsen & Toubro (L&T) is one of the major players in the shipbuilding industry, offering a wide range of services from designing and building new vessels to repairing and refitting existing ones. It operates shipyards in Kattupalli, near Chennai, and Hazira, according to L&T India. L&T's shipbuilding arm specialises in both defence and commercial vessels, including warships, submarines, auxiliary vessels, and specialised commercial ships. It entered into a major MoU with Norway's DNV, aimed at collaboration in several sectors. This partnership covers shipbuilding, offshore and maritime and expanding port Infrastructure, energy systems, industrial solutions and smart Infrastructure, sustainability, ESG and risk services, software, cyber security, platforms and digital solutions. Going forward, the company plans to expand its defence business, leveraging its Kattupalli shipyard. Also Read: Realty firms are on a high after last year's spending spree to buy land #3 Cochin Shipyard Cochin Shipyard Limited (CSL) stands out as one of India's most modern and advanced shipyards. Incorporated in 1972, CSL is a leading player in the construction, repairs, and refits of all kinds of vessels,including periodic upgradation and life extension of ships. CSL has built and repaired some of the largest ships in India and has recently delivered the prestigious Indigenous Aircraft Carrier to the Indian Navy, the largest warship ever built in India. It has developed its expertise from building bulk carriers to smaller ships and ships which are more advanced in terms of technology such as Platform Supply vessels, and Anchor Handling Tug Supply Vessels. It has a significant focus on building warships for the Indian Navy. Given this expertise in building advanced vessels, Cochin Shipyard is well-equipped to benefit from the recent India-Japan maritime collaboration. Looking ahead, the company is investing ₹2,800 crore in infrastructure expansion, including a new dry dock and ship repair yard in Kochi, to enhance capacity for building and maintaining large warships. #4 Swan Defence & Heavy Industries Swan Defence & Heavy Industries, formerly Reliance Naval and Engineering Ltd, isan Indian shipbuilding and heavy industry company. The company operates India's largest shipyard, located near Pipavav, Gujarat. It is a prominent player in both commercial and defence shipbuilding, offering a range of services including shipbuilding, ship repair/retrofit, and heavy fabrication. It offers facilities for new builds and repairs of commercial and defence vessels, repairs for Jack-Up Rigs, offshore vessels and heavy fabrication for offshore projects in oil & gas, yellow goods and offshore wind farms. With its expansive shipyard and wide-ranging expertise, Swan Defence is well-placed to become an ideal partner for joint ventures, tech collaborations, or subcontracting deals that could emerge from the growing India-Japan maritime alliance. Going forward, the company plans to become a major player in naval defence and oil and gas vessels. #5 Marine Electricals Marine Electricals is an integrated electrical and automation solutions provider for the marine and industry/commercial sectors. Marine Electricals specializes in delivering innovative system solutions and reliable maintenance services for various ships, including naval, coast guard, container, and passenger vessels, as well as offshore and research crafts. Since its establishment in 1978, Marine Electricals has emerged as a pioneering force in the global maritime industry, offering comprehensive electrical and electronic solutions. The company's services encompass ship-wide cable laying solutions, equipment installation, and package solutions for shipyards. With decades of expertise in electrical automation, smart systems, and integrated ship solutions, the company is well-aligned to contribute meaningfully to these emerging priorities. Being part of the Indian delegation to Norway, not only highlights Marine Electricals' growing relevance in the sector but also places it in a strong position to explore international partnerships. Going forward, the company plans to expand its reach. Conclusion India is swiftly reshaping its maritime sector with bold initiatives like Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047. Thanks to the strong partnership with Japan, India is set to draw investments worth 5 trillion yen (around ₹3.2 trillion) by 2027, creating exciting opportunities for sustainable growth and innovation in shipbuilding, port modernisation, and smart island development. These are set to benefit the stocks in the shipbuilding space. However, it's important to conduct thorough research on financials and corporate governance before making investment decisions, ensuring they align with your financial goals and risk tolerance. Happy Investing. Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. This article is syndicated from
Time of India
09-06-2025
- Time of India
Cops attacked in bid to rescue wedding procession vehicle in Azamgarh, 17 arrested
Varanasi: At least five police personnel were injured and their vehicle was damaged when they reached Barra village under Bardah police station in Azamgarh district on Friday night to resolve a dispute involving a wedding procession. Tired of too many ads? go ad free now The situation turned violent after villagers allegedly attacked an SUVof a wedding procession after raising objections to the loud DJ music. Regarding the incident, Azamgarh SP Hemraj Meena said that Bardah police station in-charge Rajiv Kumar Singh suffered serious head injuries while four other police personnel were also injured as the villagers resorted to brickbatting when the police attempted to retrieve the vehicle being held by the locals. A police public response vehicle (PRV) was also damaged in the attack. The station officer was admitted to a hospital while a named FIR against 34 natives of Barra village was lodged under sections of Bharatiya Nyaya Sanhita(BNS), 7 CL Act, and the Prevention of Damages to Public Property Act. By Saturday night, police arrested 17 accused, including Phool Chand, Sarvesh, Lucky, Gautam, Akash, Sinku, Vipin, Chandresh, Ritik, Rakesh, Vishal, Manoj, Sharmila, Shivmurat, Sangam, Manku, and Rishabh from Barra. Teams were carrying out raids to nab other 17 accused, said the SP. The incident started when some locals intercepted a wedding procession passing through Barra village and held an SUV hostage over objections to the loud volume of DJ music. When the public response vehicle of police arrived and the cops attempted to pacify the crowd, tensions escalated. The villagers turned violent and started hurling bricks at the officers. Tired of too many ads? go ad free now Bardah Station Officer Rajiv Kumar Singh sustained serious head injury, while four other cops were also injured in the attack. Additional police forces were rushed to the spot to bring the situation under control, and senior officers also reached the site. In view of the unrest, heavy police deployment remained in the area through Sunday to maintain law and order.
Indian Express
05-06-2025
- Science
- Indian Express
Knowledge Nugget: India's First Polar Research Vehicle – A must-know for UPSC
Take a look at the essential concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here's your knowledge nugget for today. (Relevance: Arctic sea ice has been shrinking for decades. Several expeditions have been sent to study the impact of climate change in this region. In 2018, a Mains question was asked on India's interest in the Arctic region. Prelims question was asked on the Arctic Council. In this regard, India's signing of the MoU for the building of the first-ever polar research vehicle is an important development for your UPSC exam.) On June 3rd, Kolkata-based Garden Reach Shipbuilders and Engineers Limited (GRSE), a Government of India undertaking, signed an MoU with Norwegian firm Kongsberg to co-design and build India's first-ever polar research vehicle (PRV) indigenously. GRSE, which has built warships, survey and research vessels, will build the PRV in its yard in Kolkata. 1. The MoU was signed in Oslo in the presence of Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal, who termed it 'a commitment to fostering scientific discovery, advancing India's capabilities in polar and ocean research, and contributing to global efforts to address pressing challenges like climate change.' 2. A PRV is a ship that serves as a platform for research in the polar regions (areas surrounding the North and South Poles). It can also help scientists undertake research in the ocean realm. The PRV will be equipped with the latest scientific equipment, enabling researchers to explore the oceans' depths and study marine ecosystems. 3. India currently operates three research base stations in the polar regions — Bharati and Maitri in Antarctica, and Himadri in the Arctic region — and had been planning to have its own PRV for a while now. 4. The National Centre for Polar and Ocean Research (NCPOR), operating under the Ministry of Earth Sciences, is the nodal agency responsible for the planning and execution of research expeditions to the Arctic, the Antarctic and the Himalayas. 5. The polar regions, the Arctic and Antarctica, offer pristine environments for scientists to study a range of natural phenomena for atmospheric, oceanic, biological, geological, glaciological and earth sciences research. In recent years, climate change research has been attracting scientists to the Arctic region. 6. Arctic sea ice has been shrinking for decades. In the last 40 years, the sea ice extent has been decreasing by 12.6% each decade, according to a 2023 report in the MIT Climate Portal. Expeditions have been sent to study lightning over the Arctic in winter, the role of precipitation in climate change, the characterisation of radio frequency environment, and the role of aerosols on climate change. In this regard, the decision to build the first-ever polar research vehicle is an important development. Research base stations of India 1. India signed the Svalbard Treaty in Paris in 1920. According to the website of arcticportal, 'The treaty establishes Norway's full and undivided sovereignty over Svalbard. Svalbard is part of the Kingdom of Norway, and it is Norway that ratifies and enforces the legislation that is to apply to the archipelago.' 2. It was not until 2007 that the first Indian expedition comprising five scientists visited the International Arctic Research Facilities at Ny-Ålesund with the purpose of initiating studies in Arctic microbiology, atmospheric sciences, and geology. India's permanent research station, Himadri, began operations in July 2008. 3. Dakshin Gangotri in Antarctica was set up in 1983, two years after India's first expedition there. Dakshin Gangotri is now submerged under ice, but India's two other stations, Maitri and Bharti, are in use. It is governed by the Antarctic Treaty. 4. The Antarctic Treaty was originally signed by 12 countries — Argentina, Australia, Chile, France, New Zealand, Norway, the United Kingdom, the United States, the Soviet Union, Belgium, Japan, and South Africa — on December 1, 1959 to provide a framework for peaceful coexistence and scientific cooperation in the continent. 5. Currently, 56 countries are part of the treaty — 29 of which, including all 12 original signatories, are 'Consultative Parties', which are part of the decision-making process. India, which joined the treaty in 1983, is also a Consultative Party. 1. India is making bold moves in shipbuilding. The 2025 Union budget laid the foundation for a maritime resurgence, with mega clusters, a Rs 25,000-crore Maritime Development Fund (MDF), customs duty exemptions, and infrastructure status for large vessels. 2. The Rs 25,000 crore maritime development fund will be for distributed support and promoting competition. The government will contribute 49 per cent of the fund, with the remainder to be mobilised from ports and the private sector. 3. India is increasingly investing in shipbuilding clusters, as India's outward remittance on transport services is increasing with rising exports. In 2022, traders remitted over $109 billion as transport service charges. 4. MDF will facilitate the financing for ship acquisition with the aim of boosting the Indian flagged ships' share in the global cargo volume up to 20% by 2047. By 2030, MDF is aiming at generating upto ₹1.5 lakh crore investment in the shipping sector. 5. The Budget also extended the Shipbuilding Financial Assistance Policy (SBFAP) 2.0 with the total budget outlay of Rs 18,090 crore. It offers direct financial subsidies to Indian shipyards to enhance their competitiveness in the global market. (1) Consider the following statements: 1. India signed the Svalbard Treaty in 1983, leading to India's first research station, Dakshin Gangotri. 2. Himadri is India's permanent research station in Antarctica. Which of the following statements is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) None (2) Consider the following countries: (UPSC CSE 2014) 1. Denmark 2. Japan 3. Russian Federation 4. United Kingdom 5. United States of America Which of the above are the members of the 'Arctic Council'? (a) 1, 2 and 3 only (b) 2, 3 and 4 only (c) 1, 4 and 5 only (d) 1, 3 and 5 only Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – IndianExpress UPSC Hub, and follow us on Instagram and X. 🚨 Click Here to read the UPSC Essentials magazine for May 2025. Share your views and suggestions in the comment box or at Khushboo Kumari is a Deputy Copy Editor with The Indian Express. She has done her graduation and post-graduation in History from the University of Delhi. At The Indian Express, she writes for the UPSC section. She holds experience in UPSC-related content development. You can contact her via email: ... Read More
Business Standard
04-06-2025
- Business
- Business Standard
GRSE soars after MOU to build India's first Polar Research Vessel
Garden Reach Shipbuilders and Engineers (GRSE) surged 7.49% to Rs 3385.85 after the company inked a milestone MoU with Norway's Kongsberg Oslo to build India's first indigenous Polar Research Vessel (PRV). The project, to be executed at GRSE's Kolkata yard, will support deep-sea research in polar and southern oceans. The PRV will be equipped with cutting-edge scientific instruments and developed in partnership with the National Centre for Polar and Ocean Research (NCOPR), aligning with the governments 'Make in India' push. Union Minister Sarbananda Sonowal, currently in Norway for the Nor-Shipping event, noted that Indian shipyards now hold 11% of the Norwegian Shipowners Associations order book, showcasing Indias rising stature in global shipbuilding. GRSE is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily serves the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. As of 31 March 2025, the Government of India holds 74.50% in the company. The company's standalone net profit surged 118.87% to Rs 244.24 crore while revenue from operations jumped 61.66% to Rs 1,642.03 crore in Q4 FY25 over Q4 FY24.
