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TOP CORPORATE NEWS- 16 JUN 2017

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IPCA Labs: USFDA barred all drugs manufactured at Ratlam

IPCA Labs: USFDA has barred all the drugs manufactured at Ratlam (API Plant), Indore SEZ and Silvassa (Formulation plants) units until all plants are cGMP compliant.

This is sentimentally negative for IPCA; all the three units are under import alert currently (USFDA had given few drug exceptions to be supplied, which will not be the case henceforth).

Reliance, BP plans to jointly develop 3 dry gas projects

Reliance Industries Limited (RIL) and British Petroleum (BP) plans to jointly develop three dry gas projects (R-Series, Satellite fields and D-55) in the Krishna-Godavari Basin at a total investment of $6 billion (Rs40,000 crore).

The companies targets total gas production of 30-35mmscmd from the three projects in a phased manner over 2020-2022 – Positive; restart of investment to boost exploration business positive for sentiments; Reliance Ind is our preferred pick in energy sector.

Havells to issue Commercial Papers worth Rs150 cr

Havells India clarified that the issue of Commercial Paper would be to UTI Mutual fund instead of Yes Bank Limited for an amount of Rs150 crore.

Yes Bank is only acting as the issuing and paying agent.

Tata Motors plans 30% stake sale in Tata Tech to Warbug

Tata Motors to sell its 30% stake in Tata Technologies for a consideration of Rs1600 crore to Private Equity firm Warburg Pincus.

The move is part of the company’s plan to exit the non-core businesses and consolidate operations. Also Warburg Pincus shall buy the entire 13% stake in Tata Technologies held by Tata Capital.

Post the deal Tata Motors and Tata group would continue to hold 43% stake in Tata Technologies.

The proceeds from the stake sale would help Tata Motors to repay its debt. The consolidated debt (including that at UK subsidiary Jaguar Land Rover Automotive Plc) stood at Rs79323 crore for FY2017.

TCS introduces ignio for SAP operations

Tata Consultancy Services (TCS), a leading IT services firm has announced that it has launched ignio for SAP ERP to help customers run their operations in SAP more efficiently and effectively. ignio has also achieved certified integration with SAP ERP.

“ignio reduces knowledge gaps across operational teams and technologies, resolves common errors affecting critical business processes, and removes the complexity associated with SAP Basis Management. As such, ignio becomes an ‘intelligent virtual expert,’ in understanding how customers use SAP ERP for business operations and significantly enhancing the value of customers’ investments in the SAP platform.

DB Corp, DMCL mutually decide to terminate agreement

DB Corp ( DBCL),  which has earlier entered into publication license agreements with Diligent Media Corporation (DMCL) whereby DMCL had granted an exclusive license to DBCL to print, edit, publish, circulate and market the newspaper titled DNA – Daily News & Analysis together with its supplements in the cities of Jaipur and Ahmedabad.

DB Corp and DMCL (ZEE Media Company) have now mutually decided to terminate the agreements with effect from close of business hours on June 15, 2017 and consequently.

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