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TOP CORPORATE NEWS- 30 OCT 2018

Corporate News

Jubilant FoodWorks announces PepsiCo as new beverage partner for Domino’s Pizza
Shares of Jubilant FoodWorks dropped ~2.5% on Tuesday afternoon as the company announced Pepsico as its new beverage partner for Domino’s.
As part of the partnership, all Pepsico beverages, i.e., Pepsi, Mountain Dew, 7UP, and Miranda will be sold across all Domino’s restaurants in India, as per a BSE filing released on Tuesday afternoon.
The move signifies the end of the relationship with Coca Cola, which was JFL’s exclusive beverage partner for 20 years.

CESC trades down 20% after going ex-date for demerger
CESC is currently trading down 20% after going ex-date for the company’s demerger. The company has demerged its retail business (Spencers) and CESC Ventures. The three, new demerged entities are CESC (Power Distribution & Generation), Spencer (Retail) and CESC Ventures.
CESC shareholders would receive six shares (of face value Rs5) of the retail entity (Spencers) and two shares (Rs10 FV) of CESC ventures for every 10 shares of CESC held. The company has stated that it intends to demerge the power business further, separating the generation and distribution segments.

Union Bank of India stock zooms on reporting profit for Q2FY19
Shares of Union Bank of India zoomed 8% on the NSE during afternoon trade. The bank’s Q2FY19 revenue came in flat qoq at Rs9,438cr.
Its NII came in at Rs2,493cr, which has increased by 7.4% yoy. The bank, for Q2FY19, has reported a net profit of Rs139.3cr as against a loss of Rs1,530.7cr yoy.
The net profit was in-line with consensus estimates due to higher NII. Its GNPA for Q2FY19 stood at 15.74% against 16% qoq, a decline of 26bps. NNPA for the quarter came in at 8.42% against 8.71% qoq, a decrease of 29bps.

Jet Airways gains 6% on reports of Delta Air to buy stake
Shares of Jet Airways were trading 6% higher in noon trade on Tuesday after a media report said that Delta Air is mulling to buy a stake in the cash-strapped airline operator. Further, the company refuting media reports of defaulting on lease rentals’ payment also lent support to its shares.
According to media reports, the Atlanta-based Delta Air Lines is likely to buy Etihad Airlines’ 24% stake in Jet Airways. The UAE-based Etihad had acquired a minority stake in Jet Airways in 2012 for about $379mn.

Glenmark Pharma gets USFDA nod for Fluocinolone Acetonide
Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Fluocinolone Acetonide Topical Oil, 0.01% (Scalp Oil), a generic version of Derma-Smoothe/FS Topical Oil, 0.01% (Scalp Oil), of Hill Dermaceuticals, Inc.
According to IQVIATM sales data for the 12-month period ending September 2018, the Derma-Smoothe/FS Topical Oil, 0.01% (Scalp Oil) market2 achieved annual sales of approximately $14mn
Glenmark’s current portfolio consists of 141 products authorized for distribution in the US marketplace and 58 ANDAs pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

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