Corporate News – 28 Nov 2016

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Oil India Q2 net profit slips 18% (YoY)
Oil India Ltd has announced the following Q2 Unaudited Standalone results for the quarter ended September 30, 2016 (YoY):
The Company has posted a net profit of Rs580.27 crore Vs Rs705.67 crore.
Total Income decreased to Rs2720.92 crore Vs Rs2960.77 crore.
Adding further the Board of Directors of the Company at its meeting held on November 28, 2016 has recommended Issue of Bonus shares in the ratio of 1:3 i.e. One bonus equity shares of Rs10 each for every Three existing fully paid up equity share of Rs10 each subject to approval of the shareholders.
Process for issuance of bonus shares and Credit / Dispatch of the Bonus Shares would be completed within the stipulated time period.

Ashok Leyland completes acquisition of Nissan’s stake
Ashok Leyland has completed the acquisition of Nissan Motor Co.’s stake in three LCV joint-ventures viz Ashok Leyland Nissan-Vehicles Ltd, Nissan-Ashok Leyland Powertrain Ltd and Nissan-Ashok Leyland Technologies Ltd.
With all necessary statutory approvals in place the acquisition was completed for a consolidated consideration of Rs3 paid by Ashok Leyland for all the shares of the three JVs.

Cipla in talks to sell animal health unit
Cipla rose over 2%, touching to Rs577, on reports that the company is in discussions to sell Cipla Vet, its animal health division.
According to reports, Cipla has hired global investment bank Rothschild to find potential buyers. Several Indian buyers have submitted bids for Cipla Vet, reports added. Cipla Vet is a leading veterinary pharmaceutical exporter with a presence in over 100 countries. Cipla’s move to sell its veterinary business comes in the backdrop of its overall plan to rationalize its markets and portfolio and exit non-core, low-profit businesses.

Strides to acquire PediaCare from Moberg Pharma
Shares of Strides Shasun rose by 2%, touching to Rs1100, after the company said its UK-based subsidiary will acquire PediaCare brand from Sweden’s Moberg Pharma for $5 million plus inventory value at closing
Strides Shasun announced that its wholly-owned subsidiary Strides Arcolab International, UK has entered into an agreement with Moberg Pharma, Sweden to acquire the ‘PediaCare’ brand for a total consideration of $5 million plus inventory value at closing.

Bharti Airtel buys Econet stake in Nigerian arm; stk up
Shares of Bharti Airtel rose over 3%, touching to Rs310, after firm said Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary has completed the acquisition of Econet Wireless’ entire 4.2% stake in Airtel Nigeria.
Bharti Airtel announced that Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary (Airtel), has completed the acquisition of Econet Wireless’ entire 4.2% shareholding in Airtel Nigeria. As a result, Airtel’s overall holding in Airtel Nigeria has increased to 83.25%.

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