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TOP CORPORATE NEWS- 05 DEC 2018

Corporate-News

ONGC receives $32mn from Petroleos de Venezuela
ONGC has received a payment of $32mn from Petroleos de Venezuela (PDVSA) as part of a settlement of outstanding dividend payments. ONGC said it now hopes that the Venezuelan state-oil firm will be regular in making further payments.
In 2016, PDVSA and ONGC Videsh had signed a deal where the latter would get the proceeds from the sale of 17,000 barrels per day of oil to settle outstanding dividend payments of $537mn. PDVSA paid about $90mn but failed to pay the rest.

Paper stocks gain as government imposes anti-dumping duty
Shares of Paper companies gained on Wednesday after the Government of India imposed anti-dumping duty (ADD) on uncoated copier paper imported from Indonesia, Thailand, and Singapore.
The ADD is for a period of three years to protect the interest of domestic companies against low-cost shipments.
Indian paper companies operating across the uncoated paper segment are JK Paper, The West Coast Paper Mills, Tamil Nadu Newsprint Papers, and Ballarpur Industries had filed an application before Directorate General of Trade Remedies (DGTR) for the initiation of the investigation.

Bharat Forge hits 52-week-low as Class 8 truck orders decline in Nov
Shares of Bharat Forge (BFL) hit a fresh 52-week low on the NSE at Rs525.55 on the NSE after Class 8 truck orders fell sharply in November.
Total sales of North America trucks for November declined by 15% at 27,900 units compared to the same period last year and marks the lowest sales since September 2017, as per media reports. The orders compared to those in the previous month were down 36%.
BFL has manufacturing facilities spread across India, Germany, Sweden, France, and North America. Within its India business, CVs contributed 46%, industrial segment 44%, and PVs 10% in Q2FY19. In the international business, CVs, Industrial segment, and PVs contributed 43%, 45% and 13% respectively.

USFDA completes inspection of Lupin’s Mandideep location; Stock dips 2%
Pharma major Lupin announced the completion of USFDA inspections carried out at its Mandideep location. Lupin’s Mandideep location houses the company’s cardiovascular “Pril” API facilities, Cephalosporin API facilities and Cephalosporin Solid Oral Dosage Form facility, as per BSE filing.
These inspections were carried out between November 26 and December 4, 2018.
The inspection at Unit-2, the Cardiovascular “Pril” API facilities closed with 4 observations, the company added.
The inspection at Unit-1, the Cephalosporin facilities closed with 10 observations for the Cephalosporin API facilities and 8 observations for the Cephalosporin Solid Oral Dosage Form facility.

FY19 GDP growth target maintained at 7.4%: RBI
Turning to growth projections, the Reserve Bank of India, after its Monetary Policy Meet (MPC) on Wednesday said, “Although Q2 growth was lower than that projected in the October policy, GDP growth in H1 has been broadly along the lines of the April policy when for the year as a whole GDP growth was projected at 7.4%.”
Going forward, lower rabi sowing may adversely affect agriculture and hence rural demand. Financial market volatility, slowing global demand, and rising trade tensions pose a negative risk to exports.
On the positive side, the decline in crude oil prices is expected to boost India’s growth prospects by improving corporate earnings and raising private consumption through higher disposable incomes.

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