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TOP CORPORATE NEWS – 20 JAN 2020

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CORPORATE NEWS

Zydus & China Medical System Holdings enter license agreement for Desidustat.

Zydus Cadila, a leading discovery based global pharmaceutical company today announced that it has entered into a licensing agreement with China Medical System Holdings Limited (CMS) for the development and commercialization of Desidustat, a novel oral HlF-PH inhibitor for the treatment of anemia in patients with Chronic Kidney Disease (CKD) not-on-dialysis and for the treatment of Anemia CKD patients on dialysis in Greater China (Mainland China, Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan).

Kotak Mahindra Bank’s standalone PAT up 24% yoy at Rs1,596cr in Q3FY20.

Kotak Mahindra Bank’s standalone PAT for Q3FY20 increased to Rs1,596cr from Rs1,291cr in Q3FY19 up 24% yoy.
Net Interest Income (NII) for Q3FY20 increased to Rs3,430cr from Rs2,926cr in Q3FY19, up by 17% yoy. Net Interest Margin (NIM) for Q3FY20 came in at 4.69% vs. 4.31% in Q3FY19. CASA ratio as on December 31, 2019, stood at 53.7% compared to 50.7% as on December 31, 2018. TD sweep deposits as on December 31, 2019, were 7.4% of the total deposits.

Power Grid spurts 4% after subsidiary commission transmission project.

Power Grid said in an exchange filing that Power Grid Southern lnterconnector Transmission System, a 100% wholly-owned subsidiary of the company, secured through tariff-based competitive bidding (TBCB) comprising elements viz. Vemagiri-11 – Chilakaluripeta 765kV DIC line, Chilakaluripeta – Cuddapah 765kV DIC line, Chilakaluripeta – Narsaraopeta (Sattenapalli) 400kV (quad) DIC line, Cuddapah – Madhugiri 400kV (quad) DIC line, Srikaukulam Pooling Station – Garividi 400 kV (Quad) DIC line and 765/400 kV substation at Chilakaluripeta on build, own, operate and maintain (BOOM) basis, has been successfully commissioned progressively on January 17, 2020.

Prestige Estates invests in Lokhandwala DB Realty LLP; stock zooms 9%.

Prestige Estates Projects on Sunday announced that its subsidiary, Prestige Falcon Realty Ventures has invested in Lokhandwala DB Realty LLP. Reacting to this news, the share price of Prestige Estates zoomed over 9% on the BSE.
Prestige Falcon Realty Ventures Private Limited (PFRVPL), a wholly-owned subsidiary of M/s. Prestige Estates Projects Limited, has invested in Lokhandwala DB Realty LLP (LLP) by way of capital account contribution and admitted as a partner of the LLP with 50% economic and voting rights,the company said in the press note.

L&T Finance Holdings cons. PAT at Rs591cr in Q3FY20.

L&T Finance Holdings (LTFH) reported a consolidated net profit of Rs591cr in Q3FY20 vs. Rs580cr in Q3FY19. The company sales rose 8% yoy to Rs3, 630.64cr in the quarter ended December 2019 as against Rs3, 359.77cr during the previous quarter ended December 2018. The company pre-provisioning operating profit (PPOP) stands at Rs1, 334 for Q3FY20, up 12% yoy.


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