TOP CORPORATE NEWS- 21 Mar 2016

Persistent Systems, IBM tie-up to contribute 15-20% to revenue in FY17

Persistent Systems has tied-up with IBM to jointly work on the latter’s Internet of Things (IoT) platform.

The Company’s management stated that the partnership will be revenue accretive and will add about 15-20% to the company’s revenue in FY2017.The deal will also add close to 500 employees which includes experts from IBM. The Company has also set up subsidiaries in Mexico and Israel in collaboration with IBM.

ITC market share in instant noodles segment rises to 30-40%

ITC market share in instant noodles segment rises to 30-40% (from 20% earlier) - positive for ITC’s non-cigarette FMCG business.ITC sales of its instant noodles brand Yippee are recovering and its market share has risen in the range of 30 to 40% (from 20%). pre-Maggi controversy the industry sales were Rs 250-300 crore per month.The industry sales tanked to 5-10 per cent after the controversy broke, but now it is able to recover to nearly 50% of the original industry sales.

BHEL commissions another 270 MW coal-based unit in Punjab

State-run Bharat Heavy Electricals Ltd (BHEL) on Monday said it has commissioned second 270 MW coal-based unit in Punjab.The unit has been commissioned at the 2x270 MW Goindwal Sahib coal-fired thermal power project of GVK Power & Infra Ltd (GVKPIL), located in Goindwal Sahib in Tarn Taran district, near Amritsar, Punjab.

Aurobindo receives USFDA approval for Naproxen Sodium Tablets

Aurobindo receives final approval from USFDA to manufacture and market Naproxen Sodium Tablets (OTC). This product is expected to be launched in Q1 FY16-17. Naproxen Sodium Tablets is used in the treatment and prevention of osteoporosis in postmenopausal women.

Zee Entertainment in talks to acquire Reliance Broadcast

Zee Entertainment in talks to acquire Reliance Broadcast Network (RBNL)

ZEEL is in talks with Reliance Broadcast Network Ltd (RBNL) to acquire 49% stake in the latter's BIG FM radio business as well as a 100% stake in its television channels.

If the deals happen it will be a long term positive for ZEEL, as it will consolidate its positioning in broadcasting business and also foray into the Radio segment will expand its value chain in the Media and Entertainment space, though deal valuation will be crucial to gauge impact in near to medium term.

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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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