TOP CORPORATE NEWS:- 2 Nov 2017

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TOP Headlines Of The Day:- 2 Nov 2017

NTPC shares down by 2% after explosion in its Unchahar Plant
Cadila up 2% after arm gets USFDA nod
Dredging Corp surges 11% as Cabinet approves stake sale in co
Hero MotoCorp down 2% post-Jul-Sep earnings
Divis Labs spikes as USFDA to lift import ban
AU Small Finance Bank inks agreement with Chola MS

NTPC shares down by 2% after explosion in its Unchahar Plant
NTPC shares dropped by 2%. The dip came after the news of an explosion in its Unchahar Plant hit the market.
There was an explosion in the boiler of Feroze Gandhi Unchahar Thermal Power Station situated in Rae Bareli in Uttar Pradesh. The explosion killed 26 people and injured more than 100.
Following the news built up, shares of the company fell down.
In a filing made to BSE today, the company informed that the Unit No. 6 of Feroze Gandhi Unchahar Thermal Power Station, located in Uttar Pradesh, is under a shutdown. The shutdown has been initiated after an accident happened on the evening of Wednesday, November 01, 2017

Cadila up 2% after arm gets USFDA nod
Zydus’ Nesher Pharmaceuticals announced that it has received USFDA final approval for Dextroamphetamine Sulfate and Amphetamine Sulfate Tablets.
The drug is used to treat Attention Deficit Hyperactivity Disorder (ADHD) and as per the IMS data it has sales of $416.5 million.

Dredging Corp surges 11% as Cabinet approves stake sale in co
Dredging Corp of India surged around 11% today and extended its gains on reports that the Cabinet has approved the sale of the government’s entire 73.47% stake in the company.
The value of the stake sale is around Rs 14 billion, according to reports. On Wednesday, the stock ended 20% higher at Rs 670.6. So far in 2017, the stock has gained over 75%.

Hero MotoCorp down 2% post Jul-Sep earnings
Hero MotoCorp was down 2% around today as its September quarter net profit at Rs 10.1 billion came flat and fell short of the market expectation of Rs 10.4 billion.
However, Hero MotoCorp said that the first half of 2017-18 (Apr-Mar) has been exciting with the industry rebounding in the festive quarter, and with new product launches. The company added that it is confident of strong growth in Oct-Mar.

Divis Labs spikes as USFDA to lift import ban
As per the company’s filing on BSE, the USFDA has informed the company that it will be lifting the Import alert 66-40 and will be moving to close out the warning letter issued to the company’s Unit-II at Vishakhapatnam. The Divi’s stock was up around 16%.
The US drug regulator, after its reinspection of the plant during September 11 to 19, 2017, had issued six observations by raising Form-483.
The Company, in its September, 2017 quarter financial results press release, had mentioned that it had filed responses to the USFDA within the given stipulated time.

AU Small Finance Bank inks agreement with Chola MS
AU Small Finance Bank has entered into an agreement with Cholamandalam MS General Insurance Company (Chola MS) for General Insurance Business as Corporate Agent. This tie up will be beneficial for AU Small Finance Bank in terms of business, market penetration and reach.
However, AUBANK is likely to face transition related impact on its financial performance in FY18E, which would lead ROA compression from 4.1% in FY17 to c1.7% in FY18E.

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