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TOP CORPORATE NEWS- 16 May 2019

Corporate-News

Bajaj Finance gains 3% after Q4FY19 PAT beats estimates
Shares of Bajaj Finance were trading 3.5% higher on Thursday after the company net profit for Q4FY19 beat consensus estimates by 2%, which came at Rs1, 176cr against Rs748cr, which is up by 57% yoy.The lander consolidated NII has come at Rs3, 395cr, which has improved by 50% yoy. Its GNPA has decreased by 1bps qoq to 1.54% and NNPA has increased by 1bps qoq to 0.63%, respectively.Loan losses and provisions for the quarter came in at Rs 409cr as against Rs454cr qoq. Provision coverage ratio for the quarter came at 60%, which is flat qoq, while, Asset under management increased by 31% yoy to Rs1.16 lakh cr.

Shilpa Medicare gets USFDA approval for Zoledronic Acid Injection
Shilpa Medicare in its filing on Thursday to the exchanges informed that the company has received US Food and Drug Administration (USFDA) final approval for its ANDA, Zoledronic Acid Injection, 4 mg/5 mL.Zoledronic Acid Injection, 4 mg/5 ml is a generic equivalent of reference listed drug (RLD) ZOMETA, the company said in a press note to the exchanges today.It is a bisphosphonate indicated for the treatment of Hypercalcemia of malignancy, Patients with multiple myeloma and patients with documented bone metastases from solid tumors, in conjunction with standard antineoplastic therapy as recommended in the label approved by FDA.

Indigo declines 7% on reports of dispute between founders
Shares of Interglobe Aviation (Indigo) plummeted 7% after media reports stated that there is a dispute between the two founders of the company- Rahul Bhatia and Rakesh Gangwal- which may have an impact on the function of the airline.Among the issues are clauses in the shareholders agreement and differences between the two founders – Rahul Bhatia and Rakesh Gangwal – over strategies and ambitions for the airline. The report further stated that Legal firms Khaitan & Co and J Sagar Associates are helping the founders resolve the problems.

Ashok Leyland to supply 400 minibuses to Senegal for 10.1mn
Ashok Leyland, the flagship of the Hinduja Group, has received an order from Senegal. This order comes from Senbus Industries, a company assembling urban buses in Dakar. Ashok Leyland has signed a contract for supplying 400 units of Ashok Leyland Eagle 916 Minibuses valuing 10.06 mn. This order comes after the successful operation of 475 buses to Senegal’s Dakar Dem Dikk.This project will provide mobility solutions to the country by expanding the reach and covering the remote areas through AFTU, a leading private bus association of operator groups that run buses extensively across Senegal.

Tata Chemicals surges 7% after announcement of merger into Tata Global Beverages
Shares of Tata Chemicals extended its gain in the morning session on Thursday. Tata Group on Wednesday transferred all its branded food businesses to Tata Global Beverages Ltd (TGBL) from Tata Chemicals Ltd (TCL). TGBL will be renamed as Tata Consumer Products, the group announced.Under the scheme, every shareholder of TCL will get 1.14 new equity shares of TGBL for every one equity share held in TCL. It means that shareholders having 100 shares in TCL will receive 114 shares in TGBL, the company said in the filingThe newly merged entity will have key brands such as Tata Salt, Tata Tea, Tata Sampann and Tetley under a single umbrella.

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