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TOP CORPORATE NEWS – 06 September 2019

corporate news (2)

Lupin gets USFDA approval for Fosaprepitant for Injection

Lupin Ltd announced that it has received approval for its Fosaprepitant for Injection, 150 mg Single-Dose Vial, from the United States Food and Drug Administration (USFDA).Lupin Fosaprepitant for Injection, 150 mg Single-Dose Vial, is the generic version of Emend for Injection, 150 mg Single-Dose Vial, of Merck Sharp & Dohme Corp. (Merck). It is indicated for adults in combination with other antiemetic agents, for the prevention of : Acute and delayed nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy (HEC) including high-dose cisplatin.

Axis Bank rises 3% on brokerage view

Shares of Axis Bank scaled 3% on Friday after research house Nomura maintained a “buy” call on the stock. According to media reports, Nomura maintained a buy call, however, it slashed the target price to Rs875 from Rs900/share. Further, the research house moderated growth expectations by 1-2%, which could result in a 4-5% decline in earnings.

BHEL bags order worth Rs450cr for developing emission control equipment

Bharat Heavy Electricals Limited (BHEL) has secured an order for emission control equipment for 2×250 MW Bhilai Expansion power project in Chhattisgarh. The order valued at around Rs450cr, the order has been placed on BHEL by NTPC-SAIL Power Company Limited (A joint venture of NTPC Ltd and Steel Authority of India Ltd). The order involves the supply and installation of Flue Gas Desulphurization (FGD) system.

Ashok Leyland announces 5-day plant shutdown in Chennai amid slowdown

Media reports on Friday suggested that Ashok Leyland has announced a shut down of its production facility in Chennai for five days starting today due to contraction in the commercial vehicle market.” The company’s shares are trading flat with a negative bias amid these reports. The company has issued a notice to employees stating that the plant will remain closed on September 6 and 7 of this week as well as September 10 and 11 next week, while September 9 has already been declared as sixth non-working day.

PFC, REC stocks climb after foreign brokerage view

Shares of Power Finance Corporation (PFC) and REC climbed 4% each after global brokerage house CLSA upgraded the stocks from Sell to Buy. According to the media reports, brokerage firm CLSA has raised the target for PFC to Rs150 from Rs120 and REC to Rs180 from Rs160 per share. The firm expects that the capex in SEB/PSUs will provide space for mid-teen loan growth over 2-3 years. The risk comes from the supply of shares and on capital allocation.

Prabhat Dairy to consider delisting of shares from exchanges on Sept 10

Prabhat Dairy said in the filing on Thursday post-market hours that the board of directors will be considering delisting of shares from the bourses on September 10. The promoters intend to acquire a 49.9% stake from the public shareholders and then go for voluntary delisting. At present, they hold a 50.1% stake in the company.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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