TOP CORPORATE NEWS- 18 Mar 2016

HUL signs agreement with LT Foods for sale of rice exports business

Hindustan Unilever has signed an agreement with LT Foods for sale of its rice exports business for a consideration of Rs25 crore as it looks to exit non-core businesses.The brands registered a turnover of Rs51 crore as per audited financials for the year 2014-15. Positive for LT foods, Neutral for HUL.

ONGC, Rosneft enter into preliminary agreement

ONGC and Rosneft, Russia have entered into preliminary agreement to supply long term crude oil & feedstock to ONGC’s refining are MRPL.This will ensure a long term crude oil supply for MRPL and thus it will not have to purchase at the volatile market prices. – Positive read thru for MRPL.

Lupin hits 52-week low as CLSA downgrade

Shares of Lupin dipped over 7%, touching to Rs1535, after CLSA downgraded the stock to underperform from buy and slashed target price to Rs1, 800 from Rs2, 162 earlier as it does not see near-term catalyst. It expects the stock to remain range bound until clarity emerges on the Goa observations. Out of nine USFDA (US Food and Drug Administration) observations in Form 483 on Lupin’s Goa plant, two are repeat from the July 2015 inspection (Observation No 2 and 4) while two are worrying (No 1 and 4), feels the brokerage.

Glenmark gets USFDA nod for Lacosamide Oral Solution

Glenmark has been granted tentative approval by the USFDA for its Lacosamide Oral Solution, i.e. gVimpat of UCB, Inc.Glenmark will market this product upon receiving final approval and the patent is scheduled to expire on March 17, 2022. Glenmark’s current portfolio consists of 108 products authorized for distribution in the US. marketplace and 61 ANDA’s pending approval with the USFDA.

Tata Motors gets a new MD; to focus on reviving operations

Guenter Butschek the new chief executive and managing director of Tata Motors is set to initiate some crucial operational changes, overhaul the brand positioning and spruce up manufacturing processes to make the company more agile and future ready.

‘Butschek, 55, who took over the reins a month ago, said that his focus will be to make the company leaner and more flexible, which will help in responding to market changes faster than it has historically.

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TOP CORPORATE NEWS- 17 Mar 2016

Biocon inks deal with Mexican Co PiSA

Pharma major, Biocon said that though its wholly owned subsidiary Biocon SA, it has entered into a co-development and commercialization agreement with Laboratories PiSA.

The Company through its wholly owned subsidiary Biocon SA, has entered into a co-development and commercialization agreement with Laboratories PiSA S.A. de C.V (PiSA) of Mexico for generic recombinant human insulin (rh- insulin) for the US market.

HPCL surges on hike in petrol, diesel

Shares of Hindustan Petroleum Corporation (HPCL) rose nearly 4% to Rs764.95, after the petrol and diesel prices were hiked on Wednesday.The retail selling price of petrol is increased by Rs3.07/litre and diesel by Rs1.90/litre at Delhi (including state levies) with corresponding price revision in other states.

Financial Tech completes 13% stake sale in DGCX

Financial Technologies said that it has exited from Dubai Gold and Commodities Exchange (DGCX) by selling its 13% stake in the bourse to Dubai Multi Commodities Centre (DMCC).

Financial Technologies (India) Ltd (FTIL) today concluded the transaction relating to sale of its 13% stake in DGCX to Dubai Multi Commodities Centre (DMCC), a Government of Dubai enterprise.The deal concluded after it got an approval from the Reserve Bank of India (RBI) on March 4.

IRB Infra gets SEBI nod for IRB InvIT Fund

Road developer IRB Infrastructure Developers Ltd said that it has received the Securities and Exchange Board of India’s (Sebi) approval to launch an infrastructure investment trust (InvIT).Sebi has granted the certificate of registration in terms of Regulation 6 of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (Regulations) to IRB InvIT Fund to which the Company is a Sponsor.

TCS launches peer-to-peer mobile payment solution with DNB, TCS announced the successful launch of Norway’s first peer-to-peer mobile payment solution with DNB, the largest financial services group in Norway.Dubbed Vipps, DNBs peer-to-peer mobile payments application is not just for account holders of DNB, but can be used by any consumer.

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TOP CORPORATE NEWS- 16 Mar 2016

TVS Motors eyes 10% sales growth in FY2017

TVS Motor Company expects its domestic two wheeler sales to grow by 10% in FY2017 as against a growth of about 8% in the current fiscal. In FY17, TVS expects the industry growth to pick up to 5 to 6% as against 1% growth in the current fiscal.TVS is targeting to outpace the industry in FY2017 on back of the recently relaunched “Victor” motorcycle and to be launched premium motorcycle “Apache 200”.

Indiabulls plans to raise Rs100 cr via NCDs

Indiabulls Real Estate (IBREL) plans to raise Rs100 crore through private placement of non-convertible debentures (NCDs).The company proposes to issue secured, redeemable, non-convertible debentures of face value Rs10 lakh each aggregating Rs100 crore, on a private placement basis.The issue will open on March 18.

L&T wins orders worth Rs1672 crore

L&T has won orders worth Rs1672 crore which comprise of Rs967 crore in building & factories, Rs580 crore in power T&D and Rs125 crore in water & effluent treatment business – Positive for L&T.

Rajesh Exports drops ahead of board meeting

Rajesh Exports dipped over 13% to Rs582, after the company scheduled a board meeting on March 21, 2016, to consider and discuss certain business propositions.The company will also consider declaration of interim dividend for the year ending March 2016 in its board meeting scheduled to be held on March 21, 2016.

HCL Tech wins Rs60 crore RBI contract

HCL Technologies wins contract worth Rs60 crore to upgrade RBI's IT infrastructure, as per media report.The stock opened at Rs813.45 marking days low at Rs807.50 with an intraday high of Rs816.50.

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TOP CORPORATE NEWS- 11 Mar 2016

CRISIL downgrades PSU Banks

Credit rating agency CRISIL downgraded eight PSU banks, following deterioration in their asset quality, and also revised the outlook on five of them to negative. The agency also placed the rating on Syndicate Bank on a negative watch list.The state-run banks whose ratings have been downgraded were BOI, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, IOB, Syndicate Bank and UCO Bank. Those whose outlooks have revised down were Andhra Bank, Bank of Baroda, Canara Bank, Punjab National Bank and Punjab & Sind Bank.

Dr Reddy's ink pact with Turkey co for biosimilar drugs

DRL has announced a strategic collaboration agreement, involving 3 biosimilar products, which shall be registered and subsequently commercialised under the terms of agreement with TR-Pharm in Turkey – Long term Positive for Dr Reddy.

United Spirits plans to sell 13 residential properties

United Spirits is planning to sell 13 residential properties and mandated a leading banker to re-evaluate these assets.The transaction is expected to be completed by the second half of the next financial year. The amount raised through the sale of assets will be utilized to reduce debt on books.

Welspun Corp gains on order win for Offshore project

Welspun Corp has won an order for supply of 200K MTs pipes for an offshore project in the Middle East. With the addition of this order, current order book of the company has crossed 1136K MTs worth Rs6500 crore.

Ashok Leyland plans to cut debt and focus on core biz

Ashok Leyland has announced to wrap up 23 of its 27 joint ventures in near term so as to reduce its debt and focus on core business.The company had diversified into many non-core areas such as retail services, construction equipment, wind energy and infotronics by forming joint ventures. Most of the joint ventures are loss making.

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