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TOP CORPORATE NEWS- 18 MAR 2019

Corporate-News
Bharti Infratel stock gains 1.5% post block deal
Shares of Bharti Infratel gained 1.5% on the BSE in Mondays afternoon session; ~16cr shares of the company worth over Rs5,000cr changed hands in a block deal during pre-market trade, as per media reports
The company experienced a spurt in volumes by more than 1801.76 times on the BSE.

Lupin slips 4% as USFDA warns of regulatory action on New Jersey unit
Lupinâs subsidiary Novel Laboratories Inc. has received a letter from the USFDA classifying the inspection conducted at its Somerset (New Jersey) facility in December 2018 as Official Action Indicated (OAI).
The USFDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.

Grasim Industries gets Rs5,872cr tax demand
Shares of Grasim Industries slipped 2% in the afternoon session. The Income Tax Department (I-T) has slapped a Rs5,872cr demand in tax on Aditya Birla Group company Grasim Industries with respect to its merger with Aditya Birla Nuvo and Aditya Birla Financial Services.
The company said the order was not tenable in law and the company was taking necessary action against the order.
According to the company, the deputy commissioner of income tax (DCIT) issued a show cause notice on February 11, which was subsequently revised on March 01, asking as to why the provisions of Section 115-0 read with Section 115-Q of the Income Tax Act, 1961, should not be applied to the allotment of equity shares by Aditya Birla Capital (ABCL) to the shareholders of the company.

IRB Infra unit Yedeshi Aurangabad Tollway gets provisional permission to collect toll
IRB Infras SPV, Yedeshi Aurangabad Tollway Pvt. Ltd. (YATPL), has partially commissioned its four laning highway project Yedeshi to Aurangabad, in the State of Maharashtra, on March 17, 2019; thus, throwing open all four lanes for vehicular traffic.
The SPV is in possession of the Provisional Certification from the Competent Authority to commence tolling w.e.f. March 17, 2019, as it has completed 85.60% work of the project admeasuring 161.87 Kms, out of the total length of 189 Km of the Yedeshi Aurangabad Section of NH-211. Accordingly, the SPV has started tolling on the project from March 17, 2019.

Ashoka Buildcon wins contract worth Rs169cr from Jharkhand Bijli Vitran
Ashoka Buildcon has received Letter of Intent (LoI) from Jharkhand Bijli Vitran Nigam Limited (JBVNL). The accepted Bid Value for the project is Rs169cr.
The company has received Letter of Intent (LoI) from Jharkhand Bijli Vitran Nigam Limited (JBVNL) for the Project viz. Rural Electrification Works of Package-4 (Comprising Ranchi, Khunti, Gumla, Simdega & Lohardaga District) in Jharkhand State under Jharkhand Sampurna Bijli Achchhadan Yojana (JSBAY) Phase-II, the company said in the filing.


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