CORPORATE NEWS : 2 Mar 2017

corporate

Jubilant FoodWorks jumps on brokerage upgrades
Jubilant FoodWorks rose over 7%, touching to Rs1079, on reports that foreign brokerage has upgraded its rating on the stock to buy with a target
price of Rs 1,228
Goldman Sachs upgraded the stock to ‘ buy’ from neutral earlier.
The global investment bank also raised its 12-months target price to Rs1228 from Rs902 earlier which translates into an upside of over 20% from
Wednesday’s closing price of Rs1003.20.

M&M to fill product gaps in commercial vehicle space
M&M to fill product gaps in the commercial vehicle space to gain market share; to roll out vehicles in 8-16 tonnes category; positive read thru
Mahindra & Mahindra Ltd’s trucks and bus division is looking to double its market share to 7% by 2020.
The company is working at strengthening its commercial vehicle portfolio in the 8 to 16 tonne category where it currently does not have a presence.
M&M is working on three platforms to launch vehicles in the 8 to 16 tonne category in the next year.

Cadila’s Baddi mfg facility under USFDA inspection
Cadila’s Baddi formulations manufacturing facility was inspected by USFDA from 20th February 2017 to 1st March 2017.
At the end of the inspection, there were 3 observations given under form 483, related to Pre-Approval Inspection (PAI) for a specific product filed.
This product is yet to be manufactured or marketed in the US. Apart from above product related observations, there are no observations related to
cGMP practices – Neutral for Cadila.

DLF to sell 40% stake in company’s rental arm
DLF: The Company has decided to sell 40% stake in the company’s rental arm DCCDL for an estimated Rs12, 500-13,000 crore to an affiliate of
Singapore based private equity firm GIC.
The deal will take some months to conclude. The money is expected to start flowing in only by Q2FY2018. The development is positive for DLF.

Tata Motors February sales up 2% at 47573 units
Tata Motors February 2017 domestic sales grow marginally 2% yoy to 47,573 units; nos below estimates
• Tata Motors CV sales were flat at 30,407 units for the month coming below our estimates of 32,900 units. MHCV sales grew slightly 1% to 15,031
units while the LCV sales declined marginally 2% Market share loss to competition led to lower than estimated numbers.
• PV segment sales grew strongly 12% yoy to 12,272 units led by demand for Tiagio and Hexa. The nos were lower than our estimates of 13,500 units.
• Export sales dipped 5% yoy to 4,894 units.
Tata Motors (JLR) US February 2017 retail sales grow strongly 16% yoy to 9,231 units; in line with expectations
• Jaguar sales more than doubled to 3,484 units led by new launches.
• Land Rover sales declined 10% yoy to 5,747 units led by phase out of the Discovery model.

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