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TOP CORPORATE NEWS- 12 APR 2018

Corporate News

ITI up 5% after reporting first annual profit in 16 years

PSU telecom equipment maker ITI Ltd is up 5% after reporting its first annual profit in 16 years. The company was able to turnaround its operations due to financial measures and proactive business initiatives. The company has also benefitted from various government initiatives such as Bharat Net, Smart City and Make in India.

ITI is currently the lowest bidder for the Mahanet tender, worth ~Rs4, 000cr. The company is also the lowest bidder in the ASCON phase IV project, worth Rs8, 000cr. Recently, ITI won an Rs800cr order for supplying Smart Energy Meters. The order book of the company currently stands at Rs3, 671cr.

Strides Shasun gets USFDA nod for Cyproheptadine Hydrochloride tablets

Pills Spilling From Bottle Strides Shasun announced that its wholly owned subsidiary Strides Pharma Global Pte. Ltd. has received approval for Cyproheptadine Hydrochloride Tablets USP, 4 mg from the United States Food & Drug Administration (US FDA). Cyproheptadine Hydrochloride Tablets is a generic version of Periactin Tablets of Merck &Co. Inc.

According to IQVIA data, the US market for Cyproheptadine Hydrochloride Tablets USP, 4 mg is approximately $20 million. The product will be manufactured at the company’s Oral dosage facility at Bangalore and will be marketed by Strides Pharma Inc. in the US Market

Vedanta reports strong production for domestic zinc and aluminum businesses in FY18

Vedanta closed up 4% on Wednesday after reporting production data for the fiscal year 2018. The company reported an expansion in production for its zinc, aluminum, and copper segments.

However, production of the iron ore, power, and oil & gas segments fell in the year. On the whole, Vedanta’s FY18 production showed a strong rise in commodity volumes backed by the uptick in global commodity cycle.

Dish TV promoters make open offer to buy 50cr shares at Rs74/share

Dish TV promoters have made mandatory open offer to buy ~50cr fully paid shares, which represents ~26% of the emerging share capital of the target company from the shareholders. The offer price is Rs74 per share aggregating to ~Rs3,701cr. The open offer has been made by World Crest Advisors LLP, Veena Investments Pvt Ltd and Direct Media Distribution Venture Pvt Ltd.

L&T and BEL sign MoU for defence products and systems

Larsen & Toubro (L&T), India’s multinational engineering conglomerate, and Bharat Electronics Limited (BEL), a leading public sector enterprise in defence electronics and tactical systems, have signed a MoU to cater to the needs of evolving domestic and export markets for defence products and systems.

The MoU seeks to leverage the capabilities of both the firms for meeting the growing requirements of the Indian Armed Forces. The MoU also intends to leverage the well-developed supply chain, vast experience and expertise of BEL and L&T to synergize and enhance exports in the defence sector, as per BSE press release.

Tata Motors group’s global wholesales rise 18% yoy in March 2018

Tata Motors (TML) group’s global wholesales were up 18% yoy in March 2018 at 1, 53,156 units. TML’s commercial vehicles (CV) and Tata Daewoo range sold 56,399 vehicles in March 2018, up 32% yoy.

Global wholesales of all Passenger vehicles (PVs) were up 11% yoy in March 2018 at 96,757 units. Global wholesales for Jaguar Land Rover (JLR), including those of CJLR (Joint Venture between JLR and Cherry Automobiles) were 76,221 vehicles, up 6% yoy.

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