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TOP CORPORATE NEWS- 11 JAN 2019

top corporate news

CONCOR commences coastal operations
CONCOR has commenced coastal operations from Thursday. The scope of the operations includes deployment of two dedicated vessels, each capable of carrying minimum of 700 loaded containers (TEUs).
The company made the announcement on January 10 post market hours. Despite the news, shares of the company were down ~1% on Friday morning.
CONCOR, in addition to first mile and last mile connectivity, will arrange port handling and coastal transportation of loaded/empty containers and bulk/break-bulk cargo between Kandla port and Tuticorin port via Mangalore port & Cochin port.

Reliance Industries to shut 2 units at Jamnagar plant
Reliance Industries, in its filing to the exchanges informed that the company is planning to shut down one of the crude distillation units and coker unit of its DTA refinery at Jamnagar.
The shutdown is for routine maintenance and inspection activities and for about 4 weeks starting from January 16, 2019, the company said in a press note after-market hours to the exchanges on Thursday.
“The other crude distillations and secondary processing units are expected to operate normally,” said Reliance Industries in the press note.

JLR retail sales down 6% yoy in December as China sales continue to hurt
Jaguar Land Rover (JLR), the British luxury carmaker owned by Tata Motors Limited (TML), reported a 6% yoy decline (8% mom growth) in retail vehicle sales in December 2018. JLR sold 52,160 cars in December 2018 against 55,697 cars in December 2017 and 48,160 cars in November 2018. The company sold 16,165 Jaguars in December 2018, up 7% yoy and 8% mom, while it sold 35,995 Land Rovers, down 11% yoy and up 8% mom.
The decline in overall volumes was mainly caused by a 42% yoy decline in China sales due to market uncertainty, sales deferment post import duty cut, ongoing trade tensions, and slowing economic growth. Overseas volumes also declined 10% yoy. Volumes in all other geographies were up.

RCom stock dips on reports of SC revising order
Shares of Reliance Communication were trading ~1% down on Friday after media reports suggested that the Supreme Court revised an order and directed the companys Chairman Anil Ambani to appear in the court at the next date of hearing in a contempt case filed by Ericsson over unpaid dues worth over Rs550cr.
As per media reports, Justice RF Nariman and Vineet Saran stated, the “personal appearance of the alleged contemnor is not dispensed with.” The order stated that SC had been dispensed with causing some confusion as the court in a hearing on Monday had turned down the demand from RCom lawyers that Ambani is exempted from making a personal appearance in the matter.

Jet Airways gains 2% on plans to resume talks with Tata
Shares of Jet Airways were trading 2% higher on Friday after media reports suggested that the airline company is mulling to resume stake sale discussions with the Tata Group.
As per media reports, the Naresh Goyal-led airline company will re-initiate talks as it is poised to run out of cash. Apparently, in November 2018, Tata informed that it held preliminary talks with Jet Airways though no proposal was made.

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