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TOP CORPORATE NEWS- 11 OCT 2017

Corporate News

Bharti Airtel, Infratel stock soar; KKR-led fund may buy arm Infratel

Shares of Bharti Airtel hit a three-week high on Wednesday after a media report said a global consortium, led by private equity firm KKR &  Co, is in talks to acquire the company’s subsidiary Bharti Infratel and Indus Towers for around $11 billion.

The KKR-led consortium will increase its stake in Bharti Infratel from the current over 10% to become the single largest shareholder, according to the report. Bharti Airtel holds 50.3% stake in the company currently.

GM Breweries hits 20% upper circuit after Q2 FY18 numbers

GM Breweries stock hits 20% upper circuit after PAT rose 41% in Q2 FY18. The company’s Q2 net profit was up 41% at Rs 16 crore Vs Rs 11 crore in the same quarter last fiscal.

EBITDA was up 46% at Rs 25 crore and EBITDA margin increased by 520 bps at 24.6%. The total income increased by 23% at Rs 385 crore versus Rs 312 crore.

Lupin acquires Symbiomix Therapeutics for $150 mn cash

Pharma major Lupin announced that its US subsidiary, Lupin, Inc., has acquired Symbiomix Therapeutics, LLC. Lupin had entered into an option to acquire the company earlier this year.

The acquisition has been made for a cash consideration of $ 150 million including a $ 50 million upfront and other time‐based payments. In addition, there are sales based contingent payments. The acquisition is funded from internal funds. The transaction was closed today.

The acquisition of Symbiomix and the Solosec franchise significantly expands Lupin’s branded women’s health specialty business, which is presently anchored by Methergine (methylergonovine) tablets.

L&T Hydrocarbon Engineering bags Rs 1,150 crore contract from ONGC

In a filing made to BSE in the early trading hours of Wednesday, L&T Hydrocarbon Engineering has bagged an offshore contract fromn ONGC for Transport and Installation at Daman Development Project. The contract is approximately valued at Rs 1,150 crore.

The project is a part of ONGC’s strategy to extract gas from Daman Field.

Tata Motors Group reports 14% increase in wholesales

In a filing made to BSE on October 10, 2017, Tata Motors Group global reported that its wholesales in the month of September 2017, including that of Jaguar Land Rover, were numbered at 1, 16,419. This was higher by 14% of the sales reported in September 2016.

The filing reported that the Global Wholesales of all Tata Motors Commercial vehicles and Tata Daewoo range in the month of September 2017, were 74,916 in number. This was higher by 10% in comparison to the figures in September 2016.

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