TOP CORPORATE NEWS : -25 April, 2017

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Top Headlines :

Indian Bank reports Q4 good quarter
BHEL bags Rs10000 cr contract from Bangladesh
Glenmark gets USFDA clearance for IND application
Arvind launches ready-to-wear brand in Gujarat, Karnataka
Maruti Suzuki to launch new 3rd generation Dzire on 16th May

TOP CORPORATE NEWS : -25 April, 2017

Maruti Suzuki to launch new 3rd generation Dzire on 16th May
Maruti Suzuki will launch the new 3rd generation Dzire on 16th May 2017.The new vehicle will undergo a generation change as and will have a host of new features like projector headlamps, DRL as well as safety features like ABS, EBD, dual front airbags as standard.
The new version of the compact sedan is based on the Baleno’s platform which makes it 85 kg lighter for the petrol versions and 105 kg lighter for the diesel trims compared to the outgoing version.
The launch of the upgraded version will boost the sales help gain market share in the segment.

Indian Bank reports Q4 good quarter
Indian Bank Net Profit at Rs319.7 crore Vs Rs93.6 crore (YoY)
Indian Bank Q4 Net NPA at 4.39% Vs 4.76%
Gross NPA at 7.47% Vs 7.69% (QoQ)
Indian Bank’s profit surges & asset quality improves
Indian Bank to come out with Follow-on Public Offer this financial Year.

BHEL bags Rs 10000 cr contract from Bangladesh
Bharat Heavy Electricals Ltd (BHEL) has announced that it has received its largest ever export order, valued at Rs10, 000 crore (USD1.5 billion), for setting up 1,320 MW (2×660 MW) Maitree Super Thermal Power Project in Bangladesh.
Significantly won against stiff international competitive bidding, this is BHEL’s largest power project order in the international market.
The order has been secured from Bangladesh India Friendship Power Company (Pvt.) Ltd (BIFPCL), a 50:50 JV company of NTPC, India and BPDB, Bangladesh.

Glenmark gets USFDA clearance for IND application
Glenmark Pharma gets USFDA clearance for its Investigational New Drug (IND) application to initiate human study for GBR 310 (a proposed biosimilar) indicated for the treatment of allergic asthma and chronic idiopathic urticaria (skin disease).
The reference product for GBR 310 is omalizumab, available under the brand name XOLAIR.
According to IMS sales data for the 12-month period ending February 2017, annual sales of XOLAIR 150 mg injection was approximately $1.7 Billion in the US – Long term positive for Glenmark.

Arvind launches ready-to-wear brand in Gujarat, Karnataka
Arvind launches its ready-to-wear brand (athletic leisure wear) in Gujarat, Karnataka
and plans to scale up in other states in the coming months – positive read thru for Arvind as this is in line with its strategy to concentrate on branded apparel space rather than fabric business.

Arvind Limited announced the launch of its ready-to-wear brand which will be available across its 50 stores in Gujarat and Karnataka to begin with. The ready-to-wear brand called Arvind, which will have clothes under three categories of ‘work, leisure and ceremonial,’ will be available at the company’s ‘The Arvind Store’ across Gujarat and Karnataka before expanding to its 170 stores across 100 cities.Further, higher interest expense (up 36% YoY) and higher effective tax rate (31.8% against 25.9% in Q4FY2016) more than offset higher other income (up 71% YoY) leading to decline in adjusted net profit (down by 10% YoY) at Rs702 crore.

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