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TOP CORPORATE NEWS – 5 September 2019

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Moody’s upgrades PNB’s outlook to positive

Moody has upgraded the outlook on Punjab National Bank (PNB), which will merge OBC and United Bank of India with itself, to positive from stable.
Moody’ Investors Service has updated the outlook on PNB to positive from stable on Wednesday and has affirmed the local and foreign currency deposit ratings of PNB at Bal/NP, and affirmed the bank’s BCA and Adjusted BCA at b1, as per filing.It also affirmed the local and foreign currency deposit ratings of Canara Bank, OBC, Syndicate Bank and Union Bank at Baa3/P-3.Moody Investors Service also said it has affirmed the local and foreign currency deposit ratings of PNB at Ba1/NP and affirmed the bank baseline credit assessments (BCAs).

Dr Reddys climbs ~3% on announcing launch of Bupropion Hydrochloride Extended-Release Tablets in the US

Dr. Reddy’s Laboratories on Thursday announced the launch of Bupropion Hydrochloride Extended-Release Tablets, USP (SR) in the US market.Shares of the pharma major are trading higher by ~3% currently.The company in its filing announced, “Dr. Reddy’s Laboratories Ltd…today announced the launch of Bupropion Hydrochloride Extended-Release Tablets, USP (SR), a therapeutically equivalent generic version of Zyban® (Bupropion Hydrochloride) Extended-Release Tablets, approved by the US Food and Drug Administration (USFDA).

Bharat Forge up 3% on rise in class 8 truck orders in August

Shares of Bharat Forge are up 3% on Thursday noon after data showed a rise in North America class 8 truck orders.Bharat Forge is the main supplier of US class 8 trucks in India, with the trucks making 12% of its revenue. August US class 8 truck sales increased by 6% mom to 10,414 units, however, slipped 80% yoy, FTR data stated.

Power Grid up ~3% after being declared successful bidder for developing transmission systems in MP

Power Grid Corporation of India announced Wednesday that it was declared successful bidder for establishing transmission system for Intra-State Transmission Work in Madhya Pradesh. Shares of the company are currently up ~3%. The company’s filing stated, “…it is informed that Power Grid Corporation of India Limited has been declared as the successful bidder under Tariff Based Competitive Bidding to establish transmission system for Intra-State Transmission Work associated with construction of 400kV Substation near Guna (Distt.-Guna, Madhya Pradesh) & Intra-State Transmission Work associated with construction of 220kV Substation near Bhind (Distt.-Bhind, Madhya Pradesh) on build, own operate and maintain (BOOM) basis.”

CRISIL assigned “CRISIL AA+” rating to NCDs of Avenue Supermart

Avenue Supermarts, through a BSE press release on Wednesday post market hours, informed that Credit Rating Agency, CRISIL Limited, has assigned its “CRISIL AA+/Stable” (pronounced as CRISIL double A Plus rating with Stable outlook) for Non-Convertible Debentures of Rs200cr of the Company. CRISIL has, after due consideration, assigned its “CRISIL AA+/Stable” (pronounced as CRISIL double A Plus rating with Stable outlook) rating to Avenue Supermarts’ Rs200cr NCDs. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

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

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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