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TOP CORPORATE NEWS- 12 JULY 2019

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Laurus Labs reports successful completion of USFDA inspection at Unit 4, Visakhapatnam
Shares of Laurus Labs gained 3% in the last hour of trading after the company announced that it has completed the US Food and Drug Administration (USFDA) inspection of Unit 4 at Visakhapatnam, Andhra Pradesh, without any observations and no form 483 issued.
Laurus Labs Ltd announced that the maiden USFDA audit for its Unit 4 was successfully completed without any observations and no form 483 was issued.
The inspection was carried out from July 8  12, 2019, the company said.

Reliance Power signs inter-creditor agreement with six lenders
Reliance Power said in the filing that 6 lenders have signed the lnter-Creditor Agreement (ICA) on July 6, 2019.
As per the RBI Circular of June 7, 2019, 100% of its lenders have signed the ICA for the resolution of Reliance Power debt. Reliance Power has now achieved standstill for 180 days as per the ICA. According to the RBI Circular, the Resolution Plan of Reliance Power is to be implemented within 180 days.
All 6 Lenders of Reliance Power subsidiary Vidarbha Industries Power Limited (VIPL), 600 MW Butibori Power Project near Nagpur in Maharashtra, have also signed ICA giving VIPL a 180day timeframe to implement a resolution plan, the company said in the filing.

USFDA issues 5 observations to Dr. Reddy Hyderabad unit;
Shares of Dr. Reddy’s Lab slipped 1% in the afternoon session after US health regulator USFDA issued a Form-483 with 5 observations.
The company said in its filing that the audit of its API manufacturing plant 2 at Bollaram, Hyderabad by the USFDA, has been completed with 5 observations.
“We will address them (observations) comprehensively within the stipulated timeline, the company stated.

Quess Corp stock rallies 10% after Amazon invests Rs50.99cr in company
Shares of Quess Corp extended rally in afternoon trade on Friday after the company board announced that it has approved the allotment of the company’s preferential equity shares to Amazon.com NV Investment Holdings LLC for Rs50.99cr.
The company’s board approved the issue of 7.54 lakh equity shares of face value Rs10 of Quess Corp by way of a preferential issue to Amazon.com NV Investment Holdings LLC for Rs50.99cr at an issue price of Rs676 per share. Amazon.com NV is a Category III Foreign Portfolio Investor. The allotment is subject to regulatory and shareholders approval, the firm said in the filing.

Den Networks stock jumps 7.5% post Q1FY20 numbers
Shares of Den Networks jumped over 7.5% on the BSE in the late morning trade post Q1FY20 numbers. The company reported a consolidated net profit of Rs11.23cr in Q1FY20 compared with a net loss of Rs30.7cr in Q1FY19. The company total income rose 13.1% to Rs365.29cr.
The company reported a 2% rise in the subscription revenue to Rs189cr in Q1 June 2019 over Q1 June 2018. The consolidated EBITDA fell by 11% to Rs41cr during the stated period. The finance cost reduced over the last 2 quarters mainly due to the improved credit rating and pre-payments of loans.

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