TOP CORPORATE NEWS : 12 Apr, 2017

corporate

TOP Headlines Of The Day :- 12 Apr, 2017 

• Berger Paints enters into MoU with Chugoku Marine Paints
• Shilpa Medicare jumps as USFDA accepts action plan
• Wipro completes InfoSERVER acquisition
• Reliance Defence Q4: Loss at Rs140 cr vs PAT of Rs102 cr YoY
• RBI imposes penalty on Shriram City Union

TOP CORPORATE NEWS : 12 Apr, 2017

Berger Paints enters into MoU with Chugoku Marine Paints
Berger Paints India has entered into an MoU with Chugoku Marine Paints of Japan to form a Joint Venture in the field of marine and related industrial paints (MoU also allows for joint efforts in marketing, supply, purchasing marine related industrial paints) – positive read through for Berger Paints.

Shilpa Medicare jumps as USFDA accepts action plan
Shilpa Medicare surged nearly 10% to Rs748.95, after US drug regulator accepted company’s corrective and preventive action plan in response to the form 483 issued at the end of Raichur plant inspection.
Shilpa Medicare announced that the US Food and Drug Administration (USFDA) issued an Establishment Inspection Report (EIR) for the company’s Active Pharmaceutical Ingredient (API) manufacturing facilities located at Raichur, Karnataka which was inspected between 12th and 16th December 2016. The inspection has now been closed by the USFDA. The company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines in response to the form 483 issued at the end of inspection. The USFDA has reviewed the CAPA and has found them
acceptable.

Wipro completes InfoSERVER acquisition
Wipro announced it has completed the acquisition of Brazilian IT service provider InfoSERVER on April 10, 2017.
The impact of the buyout will reflect in the financials of the company in Q1FY18.

Reliance Defence Q4: Loss at Rs140 cr vs PAT of Rs102 cr YoY
Reliance Defence Q4: Loss at Rs140 cr vs PAT of Rs102 cr YoY
Revenue at Rs 251 cr vs Rs 102 cr YoY
EBITDA at Rs 27.7 cr vs Rs 8.1 cr YoY
Margins at 11% vs 7% YoY
The Company approves raising 12b rupees via rights share issue.

RBI imposes penalty on Shriram City Union
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 20 lakh on M/s Shriram City Union Finance Ltd.
The company faced fine under Section 58G(1)(b) read with sub-section 5(aa) of Section 58B of the RBI Act, 1934, for violation of directions or orders issued by the Reserve Bank of India from time to time.
A scrutiny of sample loan accounts of the company was conducted under Section 45N of the Reserve Bank of India Act, 1934 (the RBI Act, 1934) during November 2015.
It was observed that the company has violated various provisions of the Fair Practices Code guidelines issued by the Bank under Section 45 L of the RBI Act, 1934.

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