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TOP CORPORATE NEWS- 09 JULY 2019

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Titan says growth in jewelry segment lower than planned in Q1
The quarter witnessed a tough macro-economic environment with consumption being hit, Titan said in the press note on Monday. Very high gold prices, particularly in June, also impacted growth in the Jewellery industry. Against this background, the company’s growth, particularly in the Jewellery segment, was lower than planned even though the gains in market share were sustained.
Jewellery segment revenue grew by a muted ~13% in Q1FY19 as a sharp increase in gold prices dented consumer demand significantly in the month of June. Wedding jewellery & studded group witnessed decent growth in the quarter. Sales on the auspicious occasion of Akshaya Tritiya were robust.

Larsen & Toubro to merge L&T Shipbuilding with itself
Larsen & Toubro said in the filing on Monday that the board has given approval for the Scheme of Amalgamation of LTSB with the company.
This Scheme of Amalgamation is presented under Sections 230-232 and other relevant provisions of the Companies Act, 2013 as an integrated and complete Scheme of Amalgamation between L&T Shipbuilding Limited, the Transferor Company and Larsen & Toubro Limited, the Transferee Company and the dissolution of the Transferor Company without winding up. The Scheme is in the interest of the Transferor and Transferee Companies, their respective shareholders and creditors.

Fortis Healthcare completes stake sale in Medical & Surgical Centre; stock trades flat
Shares of Fortis Healthcare are trading flat post its announcement of sale of The Medical & Surgical Centre (MSCL) in Mauritius.
Late yesterday, the company released a filing on the BSE stating, “This is in continuation of our intimation ref. FHL/SEC/2019-20 dated May 17, 2019 captioned sale or disposal of MSCL and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that Fortis Healthcare International Limited (FHIL), a wholly owned subsidiary of Fortis Healthcare Limited (FHL or the Company), which is incorporated in Mauritius, has consummated the Proposed Transaction of sale of the entire shareholding held by FHIL in The Medical and Surgical Centre Limited (MSCL) [renamed as C-Care (Mauritius) Ltd.]

Glenmark receives USFDA approval for Ranolazine extended-release tablets
Glenmark Pharmaceuticals Inc. in a filing tothe exchanges today announced that it has been granted final approval by the United States Food & Drug Administration (USFDA) for Ranolazine Extended-Release Tablets, 500 mg and 1,000 mg, a generic version of Ranexa®1 Extended-Release Tablets, 500 mg and 1,000 mg, of Gilead Sciences, Inc.
According to IQVIATM sales data for the 12-month period ending May 2019, the Ranexa ExtendedRelease Tablets, 500 mg and 1,000 mg market achieved annual sales of approximately $929.0mn.
Glenmark current portfolio consists of 158 products authorized for distribution in the US marketplace and 57 ANDAs pending approval with the USFDA.

Max Financial: No proposal from IRDAI on Axis Bank buying unit stake
Shares of Max Financial Services Ltd gained 4% in the afternoon session on Tuesday after the company clarified the news item on the stock exchanges.
The company said that the news appeared in The Economic Times on Monday titled ‘Axis may Have to Fork Out More to Hike Max Life Stake’ and has clarified that it has not approached the Insurance Regulator IRDAI with any proposal for Axis Bank purchasing 10% stake in MFSL’s life insurance subsidiary, Max Life Insurance Company Limited. The news is incorrect and baseless.

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