TOP CORPORATE NEWS :- 16 Aug 2017

Corporate News

TOP Headlines Of The Day :- 16 Aug 2017

Granules up after USFDA issues EIR for Gagillapur plant
NBCC Q1 profit up 37%
Patel Engineering Q1 net loss at Rs5 cr
Aurobindo Pharma in race with Intas Pharma
Adani Group faces financial fraud claims
Bajaj Hindusthan Sugar posts Q1 net loss of Rs25 crore

Granules up after USFDA issues EIR for Gagillapur plant
Granules India rose by 10% at Rs128.05, after the company said that the US drug regulator has issued Establishment Inspection Report for the Gagillapur facility.
Granules India said that the US drug regulator has issued Establishment Inspection Report (EIR) for the Gagillapur facility of the company located at Hyderabad, Telangana, India.
The facility was inspected by United States Food & Drug Administration (USFDA) in October 2016 and there were no observations during the inspection.
The facility manufactures finished dosages and pharmaceutical formulation intermediates.

NBCC Q1 profit up 37%
Revenue down 0.1% at Rs1556 crore
EBITDA up 35% to Rs71.6 crore
Margin expanded to 4.6% from 3.4%
Profit up 37% to Rs61.3 crore.

Patel Engineering Q1 net loss at Rs5 cr
Patel Engineering (Q1, YoY)
Revenue down 6.9% to Rs556.4 crore
EBITDA up 1.5% to Rs87.7 crore
Margin expanded to 15.8% from 14.5%
Net loss of Rs5 crore from net loss of Rs23.3 crore.

Aurobindo Pharma in race with Intas Pharma
Aurobindo Pharma is in race with Intas Pharma to acquire assets of Teva Pharma – Israeli generic drug maker. This news is sentimentally positive but
would depend upon valuation of the deal.

Adani Group faces financial fraud claims
Adani Group faces financial fraud claims as it bids for Australian coal loan, group companies to be in focus. Adani Group is expecting a legal
decision in the “near future” in connection with allegations it inflated invoices for an electricity project in India to shift huge sums of money
into offshore bank accounts. Details of the alleged 15bn rupee (US$235m) fraud are contained in an Indian customs intelligence notice obtained by
the Guardian, excerpts of which are published for the first time. The Directorate of Revenue Intelligence (DRI) file, compiled in 2014, maps out a
complex money trail from India through South Korea and Dubai, and eventually to an offshore company in Mauritius allegedly controlled by Vinod
Shantilal Adani, the older brother of the Adani Group chief executive, Gautam Adani. Vinod Adani is the director of four companies proposing to
build a railway line and expand a coal port attached to Queensland’s vast Carmichael mine project. The proposed mine, which would be Australia’s
largest, has been the source of intense controversy for years, as well as legal challenges and protests over its possible environmental impacts. The
Adani Group fully denies the accusations, which it has challenged in submissions to the authority.

Bajaj Hindusthan Sugar posts Q1 net loss of Rs25 crore
Bajaj Hindusthan Sugar (Q1, YoY)
Revenue up 31% to Rs1747 crore
EBITDA up 30.4% to Rs163 crore
Margin unchanged at 9.9%
Net loss of Rs25 crore from net loss of Rs77 crore.

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