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TOP CORPORATE NEWS- 27 May 2019

Corporate-News

Manpasand Beverages independent director Bharat Vyas and director Dhruv Agrawal resign
Manpasand Beverages has received resignation from Bharat Vyas, the Independent Director and Dhruv Agrawal on May 26, 2019, from the post of director of the company.The reason for resignation, of Bharat Vyas is due to pre-occupation and, of Dhruv Agrawal is mainly due to GST search.The stock was trading 20% lower on the BSE after the firm’s Managing Director Abhishek Singh, his brother Harshvardhan Singh and the Chief Financial Officer Paresh Thakkar have been arrested by the Central GST (CGST) and Customs, Vadodara-II, for creating fake company units and committing tax invasion.

Motherson Sumi Systems posts net profit at Rs409.96cr in Q4
Motherson Sumi Systems Limited (MSSL) posted consolidated net profit at Rs409.96cr in Q4FY19 from Rs518.36cr in the same period last year.The company revenue from operations rose 11.4% to Rs17,169.5cr in Q4FY19. EBITDA stands at Rs366.87cr in March 2019 down 8.7% from Rs401.85cr in March 2018.Vivek Chaand Sehgal, Chairman, MSSL said,We are very grateful to our customers for their continued trust which helped us in closing the year on an all-time high revenue for MSSL. We have achieved a strong order book of over Rs1.47 lac cr, which brings us great opportunities to further serve our customers globally. Its heartening to see that we have generated higher net free cash in an uncertain market condition despite ramp-up of new large plants at Tuscaloosa and Kecskemet.

Page Industries stock declines 10% post Q4FY19 results
Shares of Page Industries fell 10% on Monday after the company net profit fell 20.4% to Rs74.98cr in the quarter ended March 2019 as against Rs94.22cr during the previous quarter ended March 2018.The sales of the company have also declined at Rs607.86cr in the quarter ended March 2019 as against Rs608.4cr during the previous quarter ended March 2018.According to the media reports, the research house Credit Suisse slashed target price by 19% to Rs18,700 from Rs23,221 apiece earlier after cut in FY20-21 earnings estimates by 9-11%.

Granules Pharma gets USFDA nod for ADHD capsules
Granules Pharma, in its press note to the exchanges on Monday, informed that the USFDA has given nod for Methylphenidate Hydrochloride Extended-Release capsules for 10 mg, 20 mg, 30 mg, 40 mg and 60 mg, bioequivalent to the reference listed drug product (RLD), Ritalin LA Extended-Release Capsules, 10 mg, 20 mg, 30 mg, 40 mg, and 60 mg, of Novartis Pharmaceuticals Corporation (Novartis).The Abbreviated New Drug Application (ANDA) for the drug has been filed by Granules Pharmaceuticals, Inc., a wholly owned foreign subsidiary of Granules India Limited.Methylphenidate Hydrochloride Extended-Release Capsules are used for the treatment of Attention Deficit Hyperactivity Disorder (ADHD), the company said in a press note to the exchanges on Monday.

USFDA classifies the inspection of Lupin’s Goa facility as OAI
Lupin has received a communication from the USFDA classifying the inspection conducted at its Goa facility between January 28 to February 8, 2019, as Official Action Indicated (OAI).The USFDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed. The inspection at the Goa facility had closed with two observations.

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