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TOP CORPORATE NEWS- 15 MAR 2019

Corporate-News
Tech Mahindra gains 1% as board approves acquisition of Japanese firm
Shares of Tech Mahindra were trading 1% higher on Friday after the companys board granted approval for the acquisition of K-Vision Co Ltd. through its wholly owned subsidiary Mahindra Engineering Services (Europe) Limited.
“The enterprise value of the deal is $19 1.5mn and it is expected to close by March 31, 2019. K-Vision is primarily engaged in providing network services for mobile communication carriers in Japan,” the company said in a press note after markets hours to the exchanges on Thursday.

IDBI Bank gains 1% as RBI categories the bank as private lender
Shares of IDBI Bank gained 1% intraday on Friday after the Reserve Bank of India (RBI) classified the bank as private lender post Life Insurance Corporation of India (LIC) took over control of the bank.
“IDBI Bank has been categorized as a Private sector bank for regulatory purposes by the RBI with effect from January 21, 2019, consequent upon Life Insurance Corporation of India acquiring 51% of the total paid-up equity share capital of the bank, the RBI said in a press release on Thursday.

Glenmark Pharma gets ANDA approval for Clindamycin and Benzoyl Peroxide Gel
Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Clindamycin and Benzoyl Peroxide Gel, 1%|5%, a generic version of BenzaClin1 Gel, 1%|5%, of Valeant Bermuda. Reacting to this, shares of Glenmark Pharma gained 2% in Friday’s morning trade.
According to IQVIATM sales data for the 12-month period ending January 2019, the BenzaClin Gel, 1%|5% market2 achieved annual sales of approximately $99.4mn.

Jubilant FoodWorks says Delhi HC stays anti-profiteering authority order
Jubilant FoodWorks stock in focus today as Delhi High Court stayed an order of National Anti-Profiteering Authority against the company and penalty proceeding, subject to deposit of Rs20cr on Central Consumer Fund.
The National Anti-Profiteering Authority (NAA) ordered against the company. In this regard, we wish to inform that the Hon’ble Delhi High Court vide its interim order dated March 13, 2019, stayed the NAA order and the penalty proceedings subject to deposit of an amount of Rs20cr in the Central Consumer Welfare Fund within four weeks from the date of the order, the company said in a press note after markets hours to the exchanges on Thursday.

Coal India declares 2nd dividend of Rs5.85/share
Coal India, in its filing to the exchanges, informed that the companys board has approved the second interim dividend of Rs5.85/equity share for FY19.
“The interim dividend has been approved with the face value of Rs10 as recommended by the audit committee of CIL in its meeting held on March 14,” the company said in a press note after markets hours to the exchanges.

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