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TOP CORPORATE NEWS- 11 FEB 2019

Corporate-News

DHFL clarifies on report of suspicious transactions
Dewan Housing Finance Corporation (DHFL) in its filing to the exchanges on Monday clarified that the company has received a notice from the Income Tax department; however, the notice does not refer to any suspicious transactions.”The company is in receipt of a notice u/s 131 of the Income Tax Act, 1961 from the Income-tax department (Investigation Wing) on February 7, 2019, seeking information/evidence on certain aspects of the books of accounts,” the company stated in a press note to the exchanges.The company informed that it is in process of collating the requisite details and would be submitting before the regulatory department in due course of time.

Bharat Petroleum drops 1% post Q3 results
Shares of BPCL dropped ~1% in intraday trade on Monday after declaring their Q3 results. Shares dropped to a low of Rs328.40 on the BSE, a drop of Rs3.6 from todays opening of Rs332 on the BSE as the companys net profit plummeted by 76% in Q3FY19. Bharat Petroleum Corporation Ltd’s Q3FY19 results beat the estimates on the revenue and PAT fronts. The company’s net revenue in the quarter grew 30.6% yoy to Rs79,168.84cr against Rs60,623.04cr in Q3FY18, beating the estimates of Rs73,255cr. EBITDA for the quarter declined 77% yoy to Rs737.36cr against Rs3,206.74cr last year. Read more.

Nifty Pharma declines 2%; Dr.Reddys leads losers rally
The Nifty Pharma index declined 2% in afternoon trade on Monday led by a sharp decline in shares of Dr.Reddys, Piramal Enterprises, Divi’s Lab, and Glenmark Pharma. Shares of Dr.Reddys, which declined 6% intraday, were leading the losers’ rally on the index. The pharma major’s shares plunged after the USFDA issued a Form 483 with 11 observations at its Unit-3 Bachupally manufacturing plant. Shares of Piramal Enterprises and Divi’s Lab also declined 3% each and contributed to the fall, while shares of Glenmark Pharma and Biocon dropped 2% each, and those of Lupin and Sun Pharma fell 1% each.However, shares of Cipla and Cadila Healthcare cushioned the fall by rising 2% and 1%, respectively.

Eicher Motors advances ahead of Q3 results
Shares of Eicher Motors touched a high of Rs21,473.55 in intraday trade on Monday, a rise of 634.55 points or 3% as against its previous closing of Rs20,839 ahead of declaring Q3 earnings. Revenue:Rs2,314cr (up 2% yoy, down 4% qoq). We expect weak volumes in Q3FY19 for RE (down 6% yoy, 7% qoq) to be offset by higher realization (up 9% yoy, 4% qoq), led by introduction of newer models with disc brakes and ABS, which have a higher average selling price per unit. This will be the first time in several quarters that Royal Enfield will see single digit (yoy) growth. EBITDA: Rs717cr (flat yoy, down 3% qoq). Read more.

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