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TOP CORPORATE NEWS-18 JULY 2019

National_Stock_Exchange

Manappuram Finance down 3% after raising borrowing limit, appointment of CRO
Manapurram Finance shares are trading lower by ~3.5% after the company approved raising its borrowing limit to Rs25,000cr from Rs20,000cr and appointed Madhu Mohan as Chief Risk Officer.
The company in its filing on the NSE stated, “In compliance with the Reserve Bank of India Circular dated May 16, 2019, Mr. Madhu Mohan, General Manager, has been appointed as the Chief Risk officer CRO of the Company for a period of one year with effect from 17th July 2019.”
The company also apprised of an increase in its borrowing limit by adding the point, “Increase the overall borrowing limit under Sec.180 of Companies Act 2013, from Rs20,000cr to Rs25,000cr, subject to shareholders approval in the ensuing AGM.”

BHEL wins Rs750cr order for emission control system
Bharat Heavy Electricals Ltd. (BHEL) announced receipt of an order worth Rs750cr.
BHEL in a filing on the exchanges said, “Amidst stiff competitive bidding, Bharat Heavy Electricals Limited (BHEL) has won an order for emission control equipment from Bhartiya Rail Bijlee Company Limited (BRBCL), a joint venture of NTPC Ltd. and Indian Railways valued at about Rs750cr.”
The order involves supply and installation of Flue Gas Desulphurization (FGD) system at 4×250 MW Nabinagar project of BRBCL in Aurangabad district of Bihar.

Colgate Q1 net profit down ~11% to Rs169.1cr;
Colgate-Palmolive (India)’s net profit after tax for the quarter was down by 10.7% at Rs169.1cr as against the net profit of Rs189.5cr for the same quarter of the previous year.
Excluding the impact of the exceptional item for the previous year, the net profit after tax increased by 5% in the current year, the company said in the press note.
The company posted net sales of Rs1, 075.9cr for the first quarter of the financial year 2019-20, an increase of 4% over the same quarter of the previous year led by a domestic net sales growth of 6%.Reliance Industries completes acquisition of Hamleys Global for GBP67.96mn

Reliance Industries said subsidiary Reliance Brands completed the acquisition of 100% stake of Hamleys Global Holdings Ltd through a special purpose vehicle company set up in the United Kingdom for cash consideration of £67.96mn.
“Further to our previous communication dated May 9, 2019, regarding acquisition of Hamleys Global Holdings Limited (HGHL), we hereby inform that Reliance Brands Limited, subsidiary of Reliance Industries Limited, has completed acquisition of 100% stake of HGHL through a special purpose vehicle company set up in the United Kingdom for cash consideration of GBP 67.96 mn”, the company said in the press note.

Cadila completes enrollment in 3 Phase III Saroglitazar trials
Shares of Cadila are slightly lower at Rs238.55 on the BSE. The company said in the filing that Zydus Cadila has completed enrollment in EVIDENCES 11, EVIDENCES 111 and EVIDENCES V Phase 3 clinical trials of Saroglitazar Mg for treating Non-Alcoholic Steato Hepatitis(NASH). Patients with NASH have been enrolled in these trials across clinical sites in India and Mexico.
Pankaj R. Patel, Chairman, Zydus group said, We are excited about the progress that Saroglitazar Mg has been making in the NASH trials. It is currently being evaluated in over 23 different controlled clinical trials, involving over 3,800 patients. NASH is an area of unmet healthcare need and we are committed to developing this therapy for millions of patients suffering from this deadly disease.

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