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TOP CORPORATE NEWS- 10 JAN 2019

Bandhan Bank stock rises 3% after PAT up 10% in Q3FY19
Shares of Bandhan Bank rose 3% on the BSE after the bank reported an increase in net profitThe companys net profit in the third quarter ended December 2018 was up 10% at Rs331cr against Rs300cr in the same period last year.Its net interest income, meanwhile, rose 54% to Rs1, 124cr against Rs732cr last year.
During the quarter, it has made provisions of Rs385cr towards the exposure to IL&FS. Exposure to IL&FS is now fully provided for during the quarter.

Sonata Software acquires remaining 40% share in Rezopia
Sonata Software North America, Inc., a wholly-owned subsidiary of Sonata Software, has entered into a definitive agreement on Wednesday with shareholders of Rezopia to acquire the remaining 40% stake in the Californian Corporation.Despite the news, shares of the software company were down ~1% in intraday trade on Thursday. Pursuant to the acquisition of the entire share capital, Rezopia will become a wholly-owned subsidiary of the company.

Glenmark enters into licensing agreement with Yuhan Corporation
Glenmark Pharmaceuticals Ltd. (Glenmark), a research-led global integrated pharmaceutical company, announced that its Suisse subsidiary, Glenmark Specialty S.A., has entered into an exclusive licensing agreement with Yuhan Corporation for commercializing its novel nasal spray Ryaltris in South Korea.
The agreement with Yuhan is Glenmarks second regional licensing deal for Ryaltris.In July 2018, Glenmark entered into an exclusive licensing agreement with Seqirus Pty. Ltd. to commercialize Ryaltris in Australia and New Zealand.

JLR may cut up to 5,000 jobs in the UK as a part of its cost-cutting plan
British luxury carmaker, Jaguar Land Rover (JLR), owned by Indias Tata Motors Limited (TML), could cut up to 5,000 jobs in the UK, according to a report by BBC. The job cuts are a part of the £2.5bn cost reduction efforts that the company is currently undertaking, for a two-year period.
According to media sources, JLR has hired Boston Consulting Group (BCG) to advice on the turnaround plan. Management has targeted £2.5bn of cost, cash and profit improvements through FY20, led by i) slashing investments by £500mn each to £4bn in FY19 and FY20, ii) £500bn through inventory rationalization and working capital reduction and iii) £1bn of profit and cost actions.

Adani Group signs accord with Andhra Pradesh govt
The Government of Andhra Pradesh (GoAP) signed a MoU with the Adani Group to build Data Center Parks up to 5 GW capacities in and around Visakhapatnam over the next 20 years. This project would be a first-of-its-kind 100% renewable energy powered project in the world.
In line with the State Governments visionary, IT policy and focus on promoting data centers, cloud infrastructure, and allied technology industries as well as renewable energy, the Adani Group will support the development of the digital and energy infrastructure in the state by investing over Rs70, 000cr, over a period of 20 years, which in turn is expected to create in excess of 100,000 direct and indirect jobs across the state.

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