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TOP CORPORATE NEWS- 18 FEB 2019

Corporate-News

Varun Beverages to acquire PepsiCo franchise rights in South, West India; stock up 2%
The proposed acquisition is in line with the company’s strategy to expand into contiguous territories and will help the company to acquire greater scale, operational productivity, and efficiency leading to higher revenues and profitable growth. The Board of Directors of Varun Beverages has approved plans to enter into a binding agreement with PepsiCo India Holdings Pvt Ltd to acquire its franchise rights in South and West regions for a national bottling, sales, and distribution footprint in seven states and five Union Territories. The deal is subject to statutory approvals.

DHFL clarifies on news item; stock gains 5%
The stock has recovered 30% from Thursdays low of Rs104, after the company on February 13, 2019, said that Harshil Mehta was resigning as CEO with immediate effect. DHFL issued a clarification on Mondays trade after the company clarified on a news item appearing in the media captioned, “Private equity firms vie for 10% stake in DHFL.” The company stated in the exchange filing that during the investors’ call held on February 4, 2019, the Chairman and Managing Director of the Company had mentioned that there is an intent to bring in a strategic investor(s) in the Company. However, please note that no further discussion or decision in relation to the same have been made by the Board of Directors of the Company.

Titagarh Wagons’ stock soars 7% on international order win
The order book of TFA (after including the above order) stands at 320 mn, equivalent to Rs2578.56cr, the company added. Titagarh Wagons Ltd (TWL) on Monday announced that its wholly-owned Italian subsidiary Titagarh Firema Adler (TFA) SpA has been awarded a Letter of Acceptance (LoA) for the design, manufacturing, and supply of 54 units of Metro from Ferrovia Circumetnea, Italy. The total value of the LoA is 216mn, equivalent to ~Rs1,740.60cr, the company said in a filing to the exchanges.

Supreme Court sets aside NGT green light for Vedanta’s Sterlite plant
The Supreme Court has set aside the National Green Tribunal (NGT) order that allowed Vedanta to restart its copper smelter at Tuticorin. Justice RF Nariman of the Supreme Court said that the company can approach the Madras High Court to seek reprieve, as per a media report. On May 28, 2018, the state government had ordered the Tamil Nadu Pollution Control Board to “seal and permanently close” the mining group’s copper plant after it was subject to violent protests by locals owing to pollution concerns.

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