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TOP CORPORATE NEWS- 31 OCT 2018

Corporate News

PNB Housing Finance surges 9% after raising Rs2,450cr through commercial papers

Shares of PNB Housing Finance, one of the country’s largest housing finance company, surged over 9% in late afternoon trade on Wednesday after the company successfully raised Rs2, 450cr through the issue of commercial papers. This amount is over and above the Rs1, 775cr raised earlier.
Thus, in total, the company has raised a whopping Rs4, 225cr through commercial papers (CPs) in October 2018 alone. Incidentally, the CPs were placed with various mutual funds and banks.

Dr.Reddy’s announces launch of gStrattera in US

Dr.Reddy’s Laboratories on Wednesday announced the launch of Atomoxetine Capsules, USP, a therapeutic equivalent generic version of Strattera® (atomoxetine) Capsules in the United States market. The capsules have been approved by the US Food and Drug Administration (USFDA).
The Strattera® brand and its generic had sales of approximately $304mn for the twelve months ending August 2018 in the US, according to IMS Health. Straterra® is a registered trademark of Eli Lilly and Company.

Government to raise Rs5,000cr by divesting 3% stake in Coal India

The government will divest 3% stake in Coal India for Rs266/share through the offer for sale (OFS) route on October 31, 2018, which will fetch ~Rs5,000cr, according to media reports.
The government currently has 78.3% shareholding in Coal India.The government will offer an additional 6% stake in case of over-subscription, sources said.
The floor price of Rs266/share is at a discount of about 4% over yesterday’s closing price of the stock on the NSE.

Cummins India climbs 12% post Q2FY19 numbers

Shares of Cummins India were trading 12% higher in the late morning session today as the company’s performance numbers for Q2FY19 beat market estimates.
The company’s Q2FY19 numbers strongly beat consensus estimates across the broader performance criteria. Revenue from operations witnessed a strong growth of 28.9% yoy to Rs1,486.9cr, beating street estimates by 16%. EBITDA for the quarter jumped 49.8% yoy to Rs250.9cr, surpassing estimates by 24.2%. The EBITDA margin also expanded by 236bps yoy to 16.9%. Net profit surged 38.4% yoy to Rs211.5cr in Q2FY19 vs. Rs152.9cr in Q2FY18, beating street estimates by 21.8%.

Tech Mahindra up ~7% as Q2 results beat estimates

IT service provider Tech Mahindra surged ~7% in late morning trade on Wednesday after the company reported a better-than-estimated result for Q2FY19.
The company has registered an 18.5% qoq increase in its consolidated net profit to Rs1,064cr in the quarter ended September 2018. Further, the Pune-headquartered company’s revenues grew 4.3% qoq to Rs8,630cr against the median consensus estimate of Rs8,614cr.

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