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TOP CORPORATE NEWS – 18 October 2019



L&T gains after increasing stake in subsidiary company

Shares of L&T were trading higher in the afternoon session the company has signed an agreement to buy the entire stake of Old Lane Mauritius III Ltd in L&T Infrastructure Development Projects (L&T IDPL) for Rs47.997cr and the share purchase agreement was executed on Oct 17, 2019. The company will buy 2.55% stake (81.90 lakh shares) of Old Lane in L&T IDPL. At the request of Old Lane, subject to completion of certain conditions precedent, L&T has agreed to purchase its smallholding in L&T IDPL as a gesture of goodwill towards a long-time investor, the company said in the filing.

Lupin’s Nagpur facility receives EIR from USFDA

Pharma major Lupin Limited (Lupin) announced the receipt of the Establishment Inspection Report (EIR) from the USFDA for its Nagpur facility. The facility was inspected by the USFDA between August 5, 2019 and August 8, 2019. The inspection for the oral solid facility at Nagpur closed without any Form 483 observation. The Nagpur facility is Lupin largest and most advanced oral solid dosage facility and has maintained a solid track record of compliance.

KPR Mill soars 5% on announcement to proceed with buyback

KPR Mill Ltd. on Thursday filed a release in reference to its earlier intimation dated July 11, 2019 stating its inability in going forward with the Buyback proposal because of the increase in the amount of buyback obligation due to the tax proposal in the Finance Bill 2019. As per the latest amendment in the Tax Policy vide The Taxation Laws (Amendment) Ordinance, 2019 No 15 dated September 20, 2019, buybacks announced prior to July 5, 2019 are exempted from the tax implication announced in Finance Bill 2019.

Zee Entertainment posts 6.9% yoy growth in PAT at Rs413.2cr in Q2FY20

Zee Entertainment Enterprises Ltd.’s revenue for Q2FY20 was Rs2, 122cr, a rise of 7.4% yoy. The growth was driven by the strong performance of domestic broadcast and digital businesses.Advertising revenue for the quarter was Rs1, 224.7cr, a growth of 1.2% yoy. Domestic advertising revenue grew by 1.4% yoy to Rs1, 169cr. International advertising revenue for the quarter was Rs55.7cr.

Indoco Remedies’ Clinical Research Organization receives zero 483s from USFDA

Indoco Remedies said that its Clinical Research Organization, AnaCipher, located at Hyderabad successfully cleared the United States Food and Drug Administration (USFDA) inspection with zero 483s. The inspection was held from October 14-18, 2019. Aditi Kare Panandikar, Managing Director, Indoco Remedies Limited said, This achievement is for the fifth time in a row and confirms the capabilities of our team at the CRO for maintaining highest quality standards and excellence in servicing our clients.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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