TOP CORPORATE NEWS:- 7 Nov 2017

top corporate news

TOP Headlines Of The Day:- 7 Nov 2017

Lupin drops 17% after receiving warning letter from USFDA
Balrampur Chini Mills Q2FY18 standalone net profit declines 22.3% yoy
Prism Cement drops by 7% as Q2 losses widen
ICICI Bank board approves selling stake in ICICI Securities via IPO
Bharat Heavy Electricals Q2FY18 standalone net profit rises 5.9% yoy: Misses Estimates
Tata Chemicals sells its fertilizers business to IRC Agrochemicals

Lupin drops 17% after receiving warning letter from USFDA
USFDA issues combined warning letter to Goa and Phitampur facility unit II. Lupin Ltd is currently trading at Rs 862.8, down by Rs 171.9 or 16.61% from its previous closing of Rs 1034.7 on the BSE.
Lupin had received 3 forms 483s for Goa on April 7 & 6 for Pitampura in May. This is negative news for the company and stock to react significantly negative, as there will be dealy in product approvals from Goa and Phitampur facility.
Lupin’s US revenue is expected to decline ~20% in FY18E due to Glumetza/Fortamet sales erosion.

Balrampur Chini Mills Q2FY18 standalone net profit declines 22.3% yoy
Balrampur Chini Mills standalone revenue for the quarter came in at Rs. 1237 crore, registering 32% yoy increase. This was primarily driven by the increase in revenue from Co-generation and Sugar by 42.5% yoy and 39% yoy, respectively.
EBITDA for the quarter fell by 16.7% yoy to Rs. 143.7 crore with a corresponding margin contraction of 679 bps. EBITDA margin for the quarter stood at 11.6%. This margin contraction was led by 59% yoy rise in inventories.
The PAT for the quarter came in at Rs. 82.39 crores, yoy decline of 22.3%. This was partly due to 6.4% yoy rise in interest expenses.

Prism Cement drops by 7% as Q2 losses widen
The shares of Prism Cement suffered fall by nearly 7% after the company announced its Q2 results.
Shares of company erased their earlier gains, after the company posted dismal Q2 earnings, wherein the net loss widened to Rs 23.87 Cr, compared to Rs 21.27 Cr, a year ago. Net Sales of the company also declined by 7.7% to Rs 1160 Cr.
Prism Cement Ltd is currently trading at Rs 110.75, down by Rs 9.6 or 7.98% from its previous closing of Rs 120.35 on the BSE.
The scrip opened at Rs 122 and has touched a high and low of Rs 122.35 and Rs 110.55 respectively.

ICICI Bank board approves selling stake in ICICI Securities via IPO
The Board of Directors of the Bank today approved the sale of a part of its shareholding in ICICI Securities Limited in an initial public offering by the Company, subject to requisite approvals and market conditions.
The size and other details of the offer would be determined in due course.

Bharat Heavy Electricals Q2FY18 standalone net profit rises 5.9% yoy: Misses Estimates
Bharat Heavy Electricals Limited reported standalone results for the quarter registered a miss versus street estimates. Revenue for the quarter came in 8 % lower than the estimated figure of Rs. 6841 crore. EBITDA for the quarter came in 134 % lower than the estimated figure of Rs. 281 crore. And lastly, net profit for the quarter came in 56.9 % lower than the estimated figure of Rs. 268 crore.
Bharat Heavy Electricals Limited standalone revenue for the quarter came in at Rs. 6297 crores, registering 8.7% yoy decline. This was primarily driven by 3.6% decline in its power business and 27.7% decline in its industrial business.

Tata Chemicals sells its fertilizers business to IRC Agrochemicals
Tata Chemicals said its board has approved the sale of its Haldia fertilizer unit in West Bengal to Netherlands-based Indorama Holdings BV for Rs 375 crore.
In a regulatory filing, the company said its board approved the sale of the Phosphatic fertilizer business by way of slump sale on a going concern basis to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings BV.

The transaction would involve the transfer of Haldia plant, the trading business of bulk and non-bulk fertilizers along with immovable, movable properties, working capital, and product brands but excluding outstanding subsidy amounts.

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