CORPORATE NEWS – 18 Jan 2017

corporate-news
Cabinet to reduce stake in general insurers to 75%
India’s cabinet on Wednesday approved a plan to reduce its stake in five state-run general insurance companies to 75% from 100%, Finance Minister
Arun Jaitley as per reports.
Jaitley had announced in last year’s budget the government would list the general insurance companies to improve transparency and accountability.

Panacea rallies on USFDA approval for migraine drug
Panacea Biotec jumped nearly 15%, touching to Rs145, on reports that the company has received the US drug regulator’s approval for a migraine drug.
According to reports, Panacea Biotec received the US Food and Drug Administration’s (USFDA) approval for Rizatripan Bonzoate tablet, which is used
in treating symptoms due to migraine.

Trident reports robust Q3FY2017 results
• Trident revenue was up by 26.9% (YoY) to Rs1122.3 crore vs an expectation of Rs1049.3 crore.
• Stable input prices (for the company in particular) led to 34BPS improvement in the gross margins. Operating Profit was up by 29.3% led by lower
other expenses and thus OPM came in at 20.1%, up by 52BPS.
• Due to the strong operational efficiency, PAT was also up by 26% YoY to Rs78.6 crore, more than our expectation.

Tata Motors launches Tata Hexa at Rs11.99 lakh
Tata Motors on Wednesday launched its latest offering the Tata Hexa priced between Rs11.99 lakh to Rs17.49 lakh (ex-showroom Delhi). This the latest car from the Tata Motors stable after the launch of Tata Tiago in April last year.
Hexa is based on the previous utility vehicle Aria’s platform, however, the chassis has been reworked and is now lighter than its predecessor. Hexa has been designed by Tata’s three design studios in India, Italy and the UK, and borrows some design cues from Land Rover.
Vijaya Bank raises Rs325 cr via private placement
Vijaya Bank successfully raised Basel-III compliant additional tier-1 bonds (Series IV) of Rs325 crore through private placement at coupon rate of 10.49% per annum.
On January 07, 2017, Vijaya Bank said that it has reduced its Marginal Cost of Funds based Lending Rate (MLCR) by upto 85 basis points across all tenors effective from January 10, 2017.

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