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TOP CORPORATE NEWS – 16 JAN 2020

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CORPORATE NEWS

Granules India to consider the proposal of buyback of equity shares.

Shares of Granules India surged 6% on the BSE in the last hour of the trading session as the company to consider buyback of equity shares of the company on January 21, 2020. Further to our earlier intimation of a meeting of the Board of Directors of Granules India Limited to be held on January 21, 2020 and pursuant to Regulation 29(1)(b) and 29(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board will consider a proposal for buyback of equity shares of the Company at its meeting scheduled to be held on January 21, 2020,

Dr Reddys Lab, Mahanagar Gas gain after brokerage view.

Shares of Dr Reddys Laboratories and Mahanagar Gas (MGL) are trading higher on the BSE in the afternoon session. According to the media reports, Nomura has maintained a buy call on Dr Reddy and raised the target to Rs3,437 from Rs3,200 per share. According to Nomura, the business restructuring & cost controls lay a strong foundation for sustainable growth. It raises EPS estimate by 6-4% for FY21/22. Credit Suisse has set a target price of Rs1,280 on MGL and expects further margin expansion in Q1FY21. As per the global brokerage firm, the company is aiming to add 90 CNG stations over the next five years and the company should benefit from an addition of 500 new buses by BEST in Q4.

Suresh Khatanhar appointed as Deputy Managing Director of IDBI Bank.

Suresh Khatanhar has taken charge as IDBI Bank Deputy Managing Director on January 15, 2020, for 3 years. Before his role as DMD, he was associated with IDBI Bank as an Executive Director heading Mid Corporate Group and Trade Finance. He has been with IDBI Bank for 22 years, wherein he was responsible for managing varied aspects of commercial banking. Before joining IDBI Bank in 1997, he was associated with Dena Bank.

Kotak Mahindra Bank’s petition to wind-up Alps Industries dismissed by Allahabad HC.

Allahabad HC dismissed Kotak Mahindra Bank’s petition to wind up Alps Industries. In other news, the lender sold its entire stake of 5.56% in Equifax Credit Info Services. The private sector lender sold 5.56% stake in the credit information bureau for a consideration of Rs50.5cr, Kotak Mahindra Bank said in a separate filing.

Wockhardt gets Indian regulator’s nod for 2 new antibiotics.

Indian drug regulator, DCGI has approved Wockhardt two new antibiotics, EMROK (IV) and EMROK 0 (Oral), for acute bacterial skin and skin structure Infections including diabetic foot infections and concurrent bacteraemia based on the Phase 3 study involving 500 patients in 40 centres across India. The new drug will target superbug like Methicillin Resistant Staphylococcus Aureus (MRSA), which is a leading cause of rising antimicrobial resistance (AMR). The size of Indian Antibiotic market is ~16,000cr, growing at 7% and is one of the largest therapeutic segment, with a 12% market share of the Indian Pharmaceutical Market.


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