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TOP CORPORATE NEWS – 22 AUGUST 2019

Corporate-News

Yes Bank dives 14% to hit 52-week low
Shares of Yes Bank hit a 52-week low today, after falling 14% in today trade. The stock traded positive in opening trade, however, it has remained under pressure since late morning trade. The stock is being battered since Tuesday, losing nearly 30% of its value over a week.The sharp decline comes as the bank holds 12.79% stake in CG Power, which since Tuesday has been in the news regarding financial irregularities.

Government accepts NTPC’s request for surrendering coal mine
NTPC Ltd, India largest power generating company, said that the Government has accepted its request to surrender the Kudanali-Luburi coal block located at Odisha allotted to it jointly with Jammu & Kashmir State Power Development Corporation Ltd (JKSPDC) in July 2013. The ompany said that the mine was allotted for developing 1320 MW Bilhaur thermal power plant at Uttar Pradesh, which now is being developed as a solar plant and Power Purchase Agreement for this has been signed with Uttar Pradesh.

Granules India unit’s Virginia plant gets 2 USFDA observations
Shares of Granules India fell 3% in the noon trade after USFDA has completed inspection of the facility of Granules Pharmaceuticals, Inc., a wholly-owned foreign subsidiary of the company at Chantilly, Virginia, the USA on August 21, 2019, with two minor observations. This is a pre-approval inspection for seven products filed from this facility. Granules Pharmaceuticals, Inc. will respond to these observations within the stipulated time period, the pharma company said.

Lupin divests Kyowa Criticare to Neopharma group
Pharma major Lupin announced that it has entered into a definitive agreement through its Japanese subsidiary Kyowa (Kyowa Pharmaceutical Industry Co., Ltd.) for the sale of its Japanese Injectables business and related assets in Japan to neo ALA Co. Ltd, a wholly owned subsidiary of Neopharma group, the UAE’s largest pharmaceutical manufacturer headquartered in Abu Dhabi. The plant and associated facilities are based out of Atsugi, Japan and has been engaged in sales and contract manufacturing of injectable products to meet various medical needs. Under the terms of the agreement, Lupin has agreed to sell all the issued and outstanding share capital in Kyowa Criticare Co. Ltd to neo ALA Co. Ltd. The transaction is subject to customary closing conditions and has been approved by the Board of Directors of Lupin. This transaction does not involve or affect the other operations of Kyowa, namely research, manufacturing, marketing and distribution of oral solids and other dosage forms in Japan.

LIC Housing Finance sheds 10.5% on report of Fidelity selling stake in co.
Shares of LIC Housing Finance cracked ~8% in early trade after media reports suggested that 3.9cr shares representing 7.7% of the co.’s equity were traded in a block deal at Rs431/share. According to a report by CNBC-TV18, Fidelity Management has likely sold stake, amounting to Rs1, 261cr, in the co. Economic Times earlier reported that some marquee investors were likely to sell ~6.7% shares of the co. According to the report, Fidelity Investment Trust held 3.41% in the company as on June 30, 2019, while Bank of Muscat India Fund and Government Pension Fund Global held 2.28% and 1.83%, respectively.

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

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