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TOP CORPORATE NEWS- 17 May 2019

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Arvind Profit after Tax up 8% in Q4FY19
Arvind Ltd’s PAT was up by 8% at Rs63cr in Q4FY19 from Rs59cr a year ago. The net revenue came in at Rs1,859cr for the quarter ended March 31, 2019, marginally up by 1%.The EBITDA increased by 4% to Rs184cr against Rs176cr in the corresponding period last fiscal.The company expects to grow its revenue by about 8% and maintain margin at current levels in next financial year, the company added in the filing.

DHFL gains 2% on reports of offloading loan to Oaktree Capital
Shares of Dewan Housing Finance Corporation (DHFL) were trading 2% higher on Friday after media reports stated that the company has entered talks with US-based Oaktree Capital to offload wholesale real estate loans worth Rs17,000-18,000cr.As per report, the cash strapped company has signed a nonbinding pact to this effect. The company has about Rs8, 400cr of loan repayments and securitization payouts coming up in the two months, the report said.

Mindtree gains as L&T hikes stake to 26.48%
Shares of Mindtree were trading in the positive territory on the NSE in the morning trade after Larsen and Toubro (L&T) bought more than 8.86 lakh equity shares in the company, taking its holding to 26.48% in the company.The company has bought 886,438 equity shares (with a face value of Rs10 each) from the open market at nearly Rs980 apiece, the company said in an exchange.Last week, L&T had missed a deadline to issue its open offer letter to Mindtree shareholders after the market regulator had raised queries to its merchant bankers. L&T responded to the Securities and Exchange Board of India on May 10.

Aurobindo Pharma falls 5% after USFDA classifies some units as OAI
Shares of Aurobindo Pharma fell 5% in the early morning trade after the company has received letters from the USFDA classifying the inspections concluded at our API facilities of Unit I and XI and intermediates facility of unit IX in February 2019 as Official Action Indicated (OAI).The company has already submitted its initial response to USFDA. The company is sending further updates on the committed corrective actions, the company said in the BSE filing.The company is confident that these OAI classifications will not have an impact on the disruption of supplies or the revenue from operations of these facilities.

USFDA completes inspection of Lupin’s Aurangabad facility
Pharma major Lupin Limited (Lupin) announced the completion of the United States Food and Drug Administration (USFDA) inspection carried out at its Aurangabad manufacturing facility, the company said in a filing on Thursday.The announcement was made after market hours on May 16, 2019.The inspection was carried out from May 6 to May 15, 2019.The inspection at the Aurangabad facility closed with three observations. The company is confident of addressing them satisfactorily, the company stated.

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