08 April 2015 TOP CORPORATE NEWS

TOP CORPORATE NEWS

·         Aurobindo pharma alleges fraud by Plethico Pharma

Aurobindo pharma alleges fraud by Plethico Pharma while selling US-based Natrol Inc to Aurobindo’s US arm  last year – Negative for both Aurobindo and Plethico Pharma.

·         ABB India secures order worth Rs90 cr

ABB India has won an order of Rs90 crore from Techno Electric and Engineering Co., an Indian EPC player, to deliver gas-insulated switchgears ( GIS) and transformers for a 400/220 kV substation at Patran in Punjab. The project is due for completion in 2016.

·         Videocon D2H lists on US Stock Exchange

Videocon d2h has become the first Indian private company since the year 2000 to list overseas, issuing ADR worth $325 million to the public. It also became the first sizeable Indian listing on US exchanges and the first Indian Media company to be listed at Nasdaq. At market cap of about $1.15 billion, Videocon d2h has become the most valued Indian company at NASDAQ.

·         PM Modi announces higher compensation for farmers

Prime Minister Narendra Modi on Wednesday announced higher compensation and government aid for farmers who are suffering due to unseasonable rains, in an attempt to calm growing discontent among people living in the countryside. Storms have badly damaged crops in large parts of northern India and led to anger against Modi for not doing enough to help those in distress. Dozens of farmers have committed suicide in recent weeks.          

                                                                                                                              

·         PM launches MUDRA Bank to fund small businesses

With a corpus of Rs20,000 crore, and a credit guarantee corpus of Rs3,000 crore, MUDRA will be responsible for developing and refinancing, through the Pradhan Mantri MUDRA Yojana, all microfinance Institutions ( MFIs) in the business of lending to micro and small business entities in manufacturing, trading and service activities. MUDRA will also partner with states and regional level coordinators for providing funding to last-mile financiers of small and micro business enterprises.

·         Axis Bank cuts base rate by 20 basis points

Axis Bank follows its peers, cuts base rate by 20 basis points to 9.95% - Neutral for the stock.

·         Indian Oil Corporation to set petrochemical plants

Indian Oil Corporation, the country's largest refiner and fuel retailer, is set to spend about Rs45,000 crore over three years to build petrochemicals plants and LNG terminal, lay pipelines and upgrade its refineries.

The company plans to spend about Rs15,000 crore in 2015-16 and a similar amount in each of the two succeeding financial year.

·         Glenmark gets USFDA nod for osteoporosis drugs

It has received the final approval from the United States Food and Drug Administration ( USFDA) for sale of drugs meant to prevent post-menopause osteoporosis.The approved formulations are generic versions of Warner Chilcott's FemHRT, which clocked sales of $39 mn for year ended Feb 2015.

·         Dr Reddy files three new drug applications with USFDA

Dr Reddy's Laboratories has filed three new drug applications (NDAs), aimed to be used in the treatments of psoriasis, rosacea, migraine, with the US health regulator. Dr Reddy’s subsidiary, Promius Pharma LLC have filed three new drug applications with the US Food and Drug Administration ( USFDA).

 

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