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TOP CORPORATE NEWS- 19 MAR 2019

Corporate-News

Zydus receives USFDA’s final approval for Acyclovir Ointment
Zydus Cadila has received the final approval from the USFDA to market Acyclovir Ointment USP (US RLD- Zovirax@), 5%. It will be manufactured at the group’s Topical manufacturing facility at Ahmedabad. Acyclovir is an antiviral drug which stops the growth of certain viruses. This medication is used to treat the first outbreak of genital herpes infection. It is also used to treat non-life­ threatening herpes infections of the skin and around the mouth (cold sores) in people with a weakened immune system.

Kaveri Seeds sets up corn cob drying facility in Telangana
Kaveri Seeds, one of India’s premier seed companies with a strong R&D base for developing quality hybrids of key Indian crops announced the commencement of its corn cob drying facility at Molangur – Karimnagar in Telangana. The plant is Asia’s largest and the first of its kind cob dryer. This plant has a bio mass, double pass dryer Corn cob drying unit, which is fully automated and has the best and state of art infrastructural capability. The capacity of the cob drying facility is 1,456 Mt per cycle which is distributed across 36 Bins.

Hotel Leela Venture hits upper circuit after hotel sale plans
Shares of Hotel Leela Venture are locked in upper circuit of 5% in late morning trade on Tuesday after the companys board approved the proposal to sell 4 hotels, properties to Brookfield for sum of Rs3,950cr. Accordingly, the companys hotel business, together with all assets and liabilities of the hotels located at Bangalore, Chennai, Delhi, and Udaipur will be transferred to Brookfield on a slump sale basis as a going concern. This will also includes the companys rights in the hotels, and underlying immovable properties, the company said in a press release after the market hours to the exchanges on Monday.

ADAG stocks on a roll, Mukesh Ambani rescues Anils Rcom in Ericsson case
Shares of Anil Dhirubhai Ambani Groups cheered on Tuesday morning after brother Muskesh Ambani helps him to clear Ericsson dues by paying ~Rs460cr for Reliance Communication a day before the four-week deadline set by the Supreme Court to clear dues expires. Accordingly, the share price of Reliance Communications spurted 10% followed by Reliance Capital, Reliance Power, and Reliance Naval and Engineering which gained 5% each on the BSE. “The requisite payment of Rs550cr and interest thereon to Ericsson has been completed today in compliance of the judgment of the Hon’ble Supreme Court,” Rcom said in a press note after markets hours to the exchanges on Monday.

L&T buys 20.32% stake in Mindtree; promoters oppose
Larsen & Toubro in its filing to the exchanges informed that company has acquired 20.32% stake in Mindtree for Rs3,269cr from the Cafe Coffee day founder VG Siddhartha. The acquisition was done after Mindtree promoters unconditionally opposed the hostile takeover bid by L&T. “A hostile takeover by Larsen & Toubro, unprecedented in our industry, could undo all of the progress weve made and immensely set our organization back. We dont see any strategic advantage in the transaction and strongly believe that the transaction will be value destructive for all shareholders,” said the promoters of Mindtree, including Krishnakumar Natarajan (executive chairman), Subroto Bagchi (co-founder), Rostow Ravanan (CEO) and Parthasarathy N.S. (executive vice chairman and COO).

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