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TOP CORPORATE NEWS – 18 NOV 2019

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CORPORATE NEWS

Wockhardt jumps 12% on reports of companies’ interest in buying select businesses.

Shares of Wockhardt Ltd. are trading higher by over 12% after media reports said that several pharma companies are in race to buy select divisions of the company. The exchange has asked the company to verify the news. A clarification from the company is awaited. Reports said companies such as Cipla, Dr Reddys, and Carlyle were among the key contendors, adding that Wockhardt is expecting a valuation between Rs2,400-2,700cr as the combined valuation for the proposed sale of these business portfolios.

Gold slips as US & China get closer to phase-I trade deal.

Global gold prices slipped on Monday in Asia amid reports that the US and China are nearing a trade deal. Xinhua, Chinese state media, reported that high-level officials from China and the US has “constructive talks” about a phase-one trade deal over a phone call Saturday morning. Gold futures for December delivery were down 0.2% to $1,466.25/ounce. Gold slipped from its key $1,500 level early this month after Federal Reserve Chair Jerome Powell suggested that the Fed would not go for any more rate cuts this year.

Ashoka Buildcon’s arm declared L-1 bidder for NHAI project worth Rs1,000cr in Telangana.

Ashoka Concessions Limited (ACL), a subsidiary of Ashoka Buildcon, had submitted its bid to National Highways Authority of India (NHAI) for the project viz. Four laning of NH-161 from Kandi (Design Km 0.000) (Km 498.250 of NH-65) to Ramsanpalle (Design Km 39.980/Existing Km 44.757) (Design Length = 39.980 Km) in the State of Telangana under Bharatmala Pariyojna on Hybrid Annuity Mode. The quoted bid project cost is Rs1,000cr. ACL emerged as “the Lowest Bidder” at the Financial Bid opening meeting held on November 18, 2019. Ashoka Buildcon Ltd is currently trading at Rs94.80, up by Rs0.55 or 0.58% from its previous closing of Rs94.25 on the BSE. The scrip opened at Rs95.40 and has touched a high and low of Rs96.95 and Rs93.80 respectively.

BPCL, Air India to be sold by Mar 2020: FM Sitharaman.

Finance Minister Nirmala Sitharaman said that the government is aiming to complete the sale of state-run companies Air India and Bharat Petroleum Corporation (BPCL) by March 2020. We are moving on both with the expectation that we can complete them this year. The ground realities will play out, said the FM to The Times of India. Sitharaman added that there was a lot of interest among investors for Air India, as seen during international road shows. The privatization of the airline and oil refiner is expected to help the government meet its divestment target of Rs1 lakh cr in FY20. However, in 2018, the government did not witness much demand when it put up 76% of Air India for sale. The FM further said, If consumer confidence is not on way to being restored, why would you think that such an amount would have gone out as loans during the two outreach programmes started by banks? And, it it is all over the country.”

Zydus Cadila gets tentative nod from the USFDA for Apremilast Tablets.

Zydus Cadila said in a filing on Saturday that it has received the tentative approval from the USFDA to market Apremilast Tablets (US RLD Otezla) 10 mg, 20 mg, and 30 mg. This medication is used to treat a certain type of arthritis (psoriatic arthritis) and a certain type of skin condition (moderate to severe plaque psoriasis). It will be manufactured at the group manufacturing facility at SEZ, Ahmedabad, the pharma company said. The group now has 276 approvals and has so far led over 360 ANDAs since the commencement of the ling process in FY2003-04. It is also used to treat mouth sores in people who have Behcet disease, a type of in ammatory disorder and helps to reduce the pain and improve the healing of these mouth sores. Cadila Healthcare Ltd is currently trading at Rs237.65, up by Rs3.3 or 1.41% from its previous closing of Rs234.35 on the BSE. The scrip opened at Rs236.65 and has touched a high and low of Rs239.85 and Rs236.65 respectively.



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