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TOP CORPORATE NEWS – 20 AUGUST 2019

Corporate-News

Adani Ports denies report of buying stake in Krishnapatnam Port
Shares of Adani Ports and Special Economic Zone are trading flat with a negative bias, after the company issued a clarification regarding a media report released on Monday,The company said, “This is in response to your email and letter dated 19th August, 2019 in relation to the news item which appeared in the “www.thehindubusinessline.com” regarding “Adani to buy 70% stake in Krishnapatnam Port for over 5,500 crore”.

M&M Financial Services to acquire majority stake in Sri Lanka’s Ideal Finance
Shares of Mahindra & Mahindra Financial Services are trading down by 2% after the company made an announcement in late morning trade.The company said that it has today entered into a “Share Subscription, Share Purchase and Shareholders’ Agreement” with Ideal Finance Limited (Sri Lanka) [“Ideal Finance”] and its existing Shareholders and approved the investment of an amount not exceeding LKR 200.30cr in the aggregate, by way of subscribing/acquiring up to 58.20% of the Equity Share Capital of Ideal Finance, in one or more tranches. Upon acquisition, of the above stake, Ideal Finance will become a subsidiary of the Company.”

Mahanagar Gas rallies 11% on promoter stake sale
Shares of Mahanagar Gas rallied ~11% intraday on Aug 20 after a foreign promoter offloaded its entire stake in the company.According to reports, British Gas sold 98 lakh shares in the natural gas distribution company through block deals on the National Stock Exchange.BG Asia Pacific Holdings Pte Limited, a wholly-owned subsidiary of Shell, held 10% stake (representing 98, 77,780 shares) in the company, as per June shareholding pattern available on exchangesIn April this year, BG Asia had reduced its stake in Mahanagar Gas from 32.5% to 24%.

Dr. Reddy’s Lab launches Vigabatrin Powder for Oral Solution, USP in US market; stock up ~1%
Dr. Reddy’s Laboratories Ltd. announced the launch of Vigabatrin Powder for Oral Solution, USP in 500 mg per packet, a therapeutic equivalent generic version of Sabril (vigabatrin) Powder for Oral Solution, USP, approved by the US Food and Drug Administration (USFDA).The Sabril brand and generic had US sales of approximately $274mn MAT for the most recent twelve months ending in June 2019 according to IMS Health*.Dr. Reddy’s Vigabatrin Powder for Oral Solution, USP is available in 500 mg per packet in count size of 50 per carton.

CG Power plummets ~20% as probe uncovers several irregularities
CG Power & Industrial Solutions Ltd shares slumped ~20% after its Risk and Audit Committee raised red flags on five counts which were prejudicial to the company.The Committee found understated liabilities, related party transactions, unauthorized guarantees, understated net worth and company personnel transactions, among other irregulaties.An independent legal firm was appointed by the board of directors to probe certain financial irregularities by certain employees of the company which submitted a report to the board.

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

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