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TOP CORPORATE NEWS – 14 AUGUST 2019

Corporate-News

Jindal Steel & Power soars 10%; reports net loss of Rs87cr for Q1FY19
Shares of Jindal Steel & Power rose 10% after the co reported its Q1FY20 results.Cons. revenue rose 2.9% yoy to Rs9, 945cr. Cons. net loss was Rs87.4cr vs. net profit of Rs109.9cr for Q1FY18.EBDITA margin was 22% in the quarter vs. 24% yoy.

Jindal Power made a net profit of Rs23cr in Q1FY20 vs. a loss of Rs134cr in the year-ago period.
Linde India to sell south region investment biz to Air Water India on slump sale basis Shares of Linde India soared 7% in the afternoon session after the company has entered into a binding term sheet with Air Water India.The company has entered into a binding term sheet with Air Water India Private Limited and with Air Water Inc., a company incorporated under the laws of Japan (as a guarantor) in this regard and is taking necessary action to seek the approval of the CCI and the Shareholders in connection therewith.

Sun Pharma enters global licensing arrangement with CSIR-IICT
Sun Pharma today announced that it has entered into a global licensing agreement with the CSIR Indian Institute of Chemical Technology, Hyderabad (CSIR-IICT), for patents related to certain compounds with potential therapeutic activity across multiple indications in Sun Pharma specialty focus areas.Under the terms of the license agreement, Sun Pharma gets exclusive global license for the said patents and any other future patents covered in the agreement.

Reliance Industries’ stake sales to ARAMCO and BP will reduce leverage, a credit positive
Moody’s Investors Service said in a new report that the proposed sale by Reliance Industries Limited (RIL, Baa2 stable) of a 20% stake in its oil-to-chemicals (O2C) business to Saudi Arabian Oil Company (ARAMCO, A1 stable) will reduce RIL’s debt leverage, a credit positive.In addition, RIL has announced it will sell a 49% stake in its fuel marketing business in India to BP p.l.c. (A1 stable) for $1bn, Moody said in the release.

Glenmark Pharma posts cons. net profit of Rs109cr in Q1FY20; stock tanks 8%
Glenmark Pharma posted its Q1FY20 results on Tuesday post market hours.The pharma major’s consolidated net profit came in at Rs109.28cr for the first quarter ended June 30, 2019 vs. Rs232.99cr in the same period of previous year.The figures are not comparable as the last financial year included a one-time forex gain of Rs138.21cr.The company’s consolidated revenue stood at Rs2, 322.87cr for the April-June quarter, while the same stood at Rs2, 165.61cr in Q1FY19.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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