TOP CORPORATE NEWS : -10 April, 2017

corporate

All liquor shops in Madhya Pradesh will be shut down in phases
Liquor companies – All liquor shops in the state of Madhya Pradesh will be shut down in phases.
This is negative for companies having large presence in Madhya Pradesh (United Spirits, Gm Breweries); No major impact for Pincon Spirits as it does not have presence in Madhya Pradesh.

Neuland Lab gets form 483 from USFDA for Bonthapally facility
Neuland Lab: The USFDA inspected Unit 1, manufacturing facility at Bonthapally, of Neuland from 3rd to 7th of April 2017. At the end of the inspection, there were 2 observations given under form 483.

The two observations relate to a) procedures followed for the annual quality standards record evaluation and b) cleaning and maintenance of equipment at appropriate intervals during manufacturing campaign – Sentimentally negative for Neuland.

IOC plans to expand Paradip refinery capacity to 20mmt
Indian Oil (IOC), as per media reports, is planning to expand Paradip refinery capacity to 20mmt (from 15mmt currently) and investment would also include upgradation of production facility to comply with BS IV norms.
The timeline for completion of the expansion project is not available as yet. – Long term positive for IOCL

Divis Lab surges as USFDA exempts alert list
Divis Laboratories rose over 5%, touching to Rs656.15, after the company said that US drug regulator exempted some of the company’s products from the import alert list.
Divis Laboratories has announced that United States Food and Drug Administration ( USFDA) has exempted some more products manufactured at the company’s Unit-II at Visakhapatnam from the import alert issued under clauses 66-40 & 99-32 of the FDA regulations.
An import alert prohibits the company to manufacture or market that particular drug in the United States.

Apollo Tyre up on inauguration of Hungary plant
Apollo Tyres announced inauguration of the company’s sixth global tyre manufacturing unit and the second one in Europe. Located less than 100 km from the capital Budapest, it is the company’s first Greenfield facility outside India. Built over 72 hectares, construction began on site in April 2015.
Apollo Tyres is investing Euro 475 million in this facility. The final capacity at the end of phase I would be 5.5 million passenger car & light truck (PCLT) tyres and 675,000 commercial vehicle tyres. This facility will complement Apollo Tyres’ existing facility in the Netherlands, and will produce both Apollo and Vredestein brand of tyres for the European market.

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