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TOP CORPORATE NEWS- 04 APR 2019

corporate news (2)

GRUH Finance gains on approval for amalgamation scheme
Shares of GRUH Finance gained 2% in intraday trade on Thursday after the company received approval for the scheme of amalgamation of it with Bandhan Bank. “The company has received observation letters from the Stock Exchanges, both dated April 3, 2019, for the Scheme. The Stock Exchanges by way of the aforesaid observation letters have given their No Objection so as to enable the Company to file the draft Scheme with the National Company Law Tribunal,” the company said in a press note after markets hours to the exchanges on Thursday.

RBI Policy LIVE: RBI cuts repo rate by 25bps
In a widely expected move, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC), in its first bi-monthly monetary policy review for FY20 has decided to cut the repo rate by 25bps to 6% and kept stance unchanged at neutral. Notably, the RBI has cut the repo rate for the second time in 2019. “The MPC notes that the output gap remains negative and the domestic economy is facing headwinds, especially on the global front. The need is to strengthen domestic growth impulses by spurring private investment which has remained sluggish,” the MPC said in a press note.

Suven Life Sciences secures product patents in Israel, Japan, New Zealand, Sri Lanka
Suven Life Sciences in its filing to the exchanges informed that the company received product patent from Israel, Japan, New Zealand, and Sri Lanka corresponding to the New Chemical Entities for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2036 and 2029, respectively. The granted claims of the patents include the class of selective 5-HT4 and M1 PAM compounds, the company said in a press note after markets hours to the exchanges on Wednesday.

Indiabulls Housing Finance plans Rs26,000cr borrowing for FY19
Shares of Indiabulls Housing Finance gained % on Thursday on plans to borrow Rs26, 000cr in FY19 after raising Rs17, 300cr in FY18 to meet profit target. Reacting to this, shares of the company gained 2% on Thursday. “To deliver 17-19% profit after tax (PAT) growth in the current financial year, the company plans to raise a net total of Rs26, 000cr in the four quarters of the current financial year,” the company said in a press note after markets hours to the exchanges on Wednesday.

Godrej Properties forms JV to develop 4.25 acres property in Mumbai
Godrej Properties, in its filing to the exchanges, informed that the company has formed a Joint Venture with a renowned developer to develop a 4.25 acres sea-facing property in the prime suburban micro-market of Bandra West, Mumbai.The project will offer ~1 lakh square meters (~1.1 mn square feet) of saleable area and will be developed as a luxury residential project, the company said in a press note after markets hours to the exchanges on Wednesday.

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