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TOP CORPORATE NEWS – 17 FEB 2020

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CORPORATE NEWS

Tata Motors board meeting to be held on Feb 24 to discuss NCD issues.

Tata Motors said in the press note on Monday that it is desirous of offering rated, listed, unsecured, redeemable, non-convertible debentures, aggregating Rs500cr in two tranches. In this regard, it is “holding a meeting of its duly constituted committee of the board on February 24. The issuance is pursuant to the approval of the board of directors’ resolution passed at the meeting held on October 25, 2019,”

Bharti Airtel pays Rs10,000cr to govt towards AGR dues.

Bharti Airtel on Monday said that it has paid Rs10,000cr to the telecom department towards statutory dues. Further, the telecom company said as much as Rs9,500cr has been paid on behalf of Bharti Airtel (including Telenor India which merged with the company), and another Rs500cr for Bharti Hexacom. The tele company added that it is completing its self-assessment expeditiously and will pay before the next hearing of Supreme Court -which so far has been listed for March 17.

Reliance Infrastructure stock surges 5% after profit rises in Q3.

Shares of Reliance Infrastructure surged 5% on the BSE after the company net profit rose 17.61% to Rs345.5cr in the quarter ended December 2019 as against Rs293.77cr during the previous quarter ended December 2018. However, the sales declined by 3.29% to Rs3,954.92cr in the quarter ended December 2019 as against Rs4,089.62cr during the previous quarter ended December 2018.

Moody’s cut India GDP growth forecast to 5.4% from earlier 6.6% for 2020.

Moody’s Investors Service (Moody) on Monday has slashed India’s Gross Domestic Product (GDP) growth forecast for 2020 to 5.4%, earlier it predicted a GDP growth of 6.6%. Moody’s has also cut the 2021 GDP growth from 6.7% to 5.8%. The business and financial services company said that it expects G-20 economies to collectively grow at an annual rate of 2.4% in 2020. Today, it has also reduced its global growth projection, saying that the coronavirus outbreak has diminished optimism about prospects of an incipient stabilization of global growth this year.

USFDA completes inspection at Granules India’s Hyderabad facility.

USFDA has completed inspection at Granules India facility in Gagillapur located in Hyderabad, Telangana, India on February 14, 2020, with two observations. Granules India will respond to these observations within the stipulated time. We successfully completed an FDA audit with two observations, which are being addressed and will respond to the FDA within the stipulated time. These observations will not affect the business continuity, said Krishna Prasad, Chairman and Managing director, Granules India Limited, commenting on the USFDA Audit.


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