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TOP CORPORATE NEWS- 25 JAN 2019

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Gujarat State Fertilizers and Chemicals tanks 7% post disappointing Q3 numbers
Shares of Gujarat State Fertilizers and Chemicals tanked ~7% in intraday trade on Friday as the company reported a weak set of numbers for the quarter ended December 2018.
The Gujarat-based fertilizer maker missed street estimates on all fronts.
The operating profit for the quarter came in at Rs152.4cr, down 5.6% yoy. The EBITDA margin contracted by ~287bps yoy to 7.6% in Q3FY19.
The revenue, EBITDA and PAT missed the estimate of Rs2, 111cr, Rs208cr and Rs135cr by 6%, 27% and 27% respectively.

Deepak Fertilizers jumps 11.5% after clarification on repayment of CPs
Shares of Deepak Fertilisers & Petrochemicals Corporation soared 11.5% on BSE after the company issued a clarification on certain rumours relating to repayment of commercial papers.
The company has been repaying commercial papers in accordance with the due dates and has repaid its last commercial papers on the due date in the current month, the company said in a BSE filing on Thursday post market hours.
The fertilizer company also clarified that there are no commercial papers outstanding as on date payable by itself or any of its subsidiaries.

UPL obtains regulatory approval for Arysta LifeScience acquisition
UPL, in a press note to the exchanges, informed that the company has obtained all regulatory approvals for the acquisition of 100% stake of Arysta LifeScience.
Accordingly, the company is expected to complete the transaction with regards to acquisition by January 31, 2019, said UPL in a press release after market hours to the exchanges on Thursday.

CBI visits DLF offices for land acquisition issue
The Central Bureau of Investigation (CBI) visited DLFs Delhi offices on Friday in connection with a land acquisition issue, a PTI report said. Reacting to this, shares of the company slipped 5% on Friday.
“A team from the CBI has visited our offices today, as well as those of several other corporates, with respect to an old case, pertaining to a land acquisition matter. We are fully confident of the merits of our case & are extending our full cooperation to the authorities,” a media report said citing DLF.

Zee Entertainment cracks 30% in today’s session; Nifty Media plunges 16%
Shares of Zee Entertainment Enterprises ended 30% lower on Friday on the NSE.
The stock dragged the Nifty Media index by 16%. Several stocks in the Nifty Media index hit their 52-week low.
Shares of Dish TV also contributed to the fall, declining 37%. Shares of Zee Media and TV Today dropped 11% and 5%, respectively.

Hindustan Foods board approves acquisition of 40% stake in ATC Beverages
Hindustan Foods board approved a proposal for the acquisition of 40% stake in ATC Beverages. Reacting to this, shares of the company gained 1% on Friday.
Accordingly, the acquisition will be done in one tranche through the execution of the Share Purchase Agreement. The transaction is expected to be completed by end of February 2019.


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