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TOP CORPORATE NEWS – 16 September 2019

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Strike on Saudi Arabian crude processing facilities expected to add a geo-political risk premium to oil prices.

A coordinated drone strike on September 14, on Saudi Arabia key oil facilities, also the world largest oil processing plant affected about the production of 5.7 million barrels of oil per day (mbd). As per an ICRA note, the production affected constitutes about half the kingdom exports and 5% of the global supply leading to jump of about $12/barrel in crude oil futures in the seconds after trade opened on Monday (September 16, 2019) which is the biggest intraday advance in absolute dollar terms ever. Besides oil, haven assets such as gold, treasuries surged owing to the uncertainty over the geopolitical fallout of the event.

Dr. Reddys launches Lansoprazole Delayed-Release Capsules in the US.

Dr. Reddy’s Laboratories Ltd. today announced the launch of Lansoprazole Delayed-Release Capsules USP, 15 mg, an over-the-counter (OTC) store-brand equivalent of Prevacid® 24HR Capsules, in the United States market, as approved by the US Food and Drug Administration (USFDA). Dr. Reddy’s OTC Lansoprazole Delayed-Release Capsules USP, 15 mg, is an over-the-counter, Proton Pump Inhibitor (PPI) used to treat frequent heartburn occurring two or more days a week.

L&T Construction bags contract in the range of Rs1,000-2,500cr.

Shares of Larsen & Toubro are trading lower ~1% on the BSE after its construction arm has secured orders from prestigious clients across various Indian states for its varied businesses. The company has won significant contracts in the range of Rs1,000-2,500cr, the company said. According to a company filing on the BSE, the Water and Effluent Treatment business has secured an Engineering, Procurement & Construction order from the West Bengal Public Health Engineering Department, funded by Asian Development Bank (ADB) for “Construction of an Intermediate Pumping Station, Secondary Transmission Mains, Overhead Tanks, Water Distribution Network Et Metering works including 2-years of Operation et Maintenance in the Nandigram-I and Nandigram-II blocks of East Medinipur, West Bengal.

OMC, Aviation, Paint stocks down on rising crude oil price.

Shares of oil marketing companies (OMC) fell in the morning trade after oil prices rose on reports of drone strikes at Saudi Arabia Aramco oil facilities in Abqaiq. The Nifty Energy index was down 192 points at 14,534.70 led by BPCL, HPCL, IOC and Reliance Industries. Shares of BPCL dragged 6%, followed by HPCL, which fell 5%, IOC and Reliance Industries were also down in the range of 2-3% respectively.

Eveready Industries slips ~5% as Calcutta High Court’s order may delay sale plans.

Shares of Eveready Industries are down ~5% in morning trade today. The company notified the exchanges on Sunday that the Honble High Court of Calcutta, in reference to a matter filed against some of the promoters oflhe Company, with regard to certain alleged dues, has passed an ad-interim order of injunction by which, interaiia, the Company (on the alleged grounds of being part of the Williamson Magor group) has been restricted from transferring, alienating or encumbering any of its assets till the disposal of the said application.

Piramal Enterprises to raise Rs500cr via NCDs.

Piramal Enterprises is trading flat with a positive bias after the company announced on Friday that it would be issuing non-convertible debentures (NCDs) to raise capital. The company said in its filing, “Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 20 15, we write to inform you that at the Meeting of Administrative Committee of the Board of Directors held today, the Committee approved the issue of secured, unrated, unlisted, redeemable Non-Convertible Debentures on private placement basis.”

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

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