TOP CORPORATE NEWS:- 15 Nov 2017

top corporate news

TOP Headlines Of The Day:- 15 Nov 2017

Religare locks up at 10% post announcement of changes in Board and Management Team
Sun Pharma slips after Q2FY18 profit declines
Fortis Healthcare to acquire assets of RHT Health Trust, up 3.7%
GAIL India stock drops 1.5% post Q2 numbers
Divi’s Labs advances 1% as USFDA lifts import alert on Visakhapatnam unit
TCS announces partnership with Rolls-Royce

Religare locks up at 10% post announcement of changes in Board and Management Team
The company, through its filing made on BSE on November 14, 2017, has announced the appointment of Mr. S. Lakshminarayanan, Former Secretary to the Govt of India, as Executive Chairman of the Board of Directors of the company.
Mr. S Lakshminarayanan is currently Chairman and Independent Director in Shriram Transport Finance Co. Ltd. The immediate focus for the New Executive Chairman is to strengthen the governance structure, bring in new Board members, infuse fresh equity capital, chalk out future growth plans and work towards enhancing stakeholder value.

Sun Pharma slips after Q2FY18 profit declines
Sun Pharmaceutical Industries shares slipped 2.5% after the pharma company reported consolidated results for the quarter came in mixed versus street estimates.
The company revenue for the quarter came in 3.1 % lower than the estimated figure of Rs 6,861 crore. EBITDA for the quarter came in 1.3 % higher than the estimated figure of Rs 1,357 crore.
Sun Pharmaceutical Industries consolidated revenue for the quarter came in at Rs 6,650 crore, registering 19.5% yoy decline.
EBITDA for the quarter fell by 56.6% yoy to Rs 1,375.6 crore with a corresponding margin contraction of 1767 bps. EBITDA margin for the quarter stood at 20.7%. This margin contraction was aided by 10.4% increase in its employee benefit expenses.

Fortis Healthcare to acquire assets of RHT Health Trust, up 3.7%
Fortis Healthcare has received the board approval for an acquisition of the equity and financial securities of Singapore-listed RHT Health Trust for a combined enterprise value of approximately Rs 4,650 cr (including RHT Debt of approximately Rs 1,152 cr) from the wholly-owned subsidiaries of RHT.
Fortis currently holds an indirect interest of about 29.8% of units in RHT.
Fortis will be acquiring all the sale securities held by RHT’s wholly-owned subsidiaries – Fortis Global Healthcare Infrastructure Pte Ltd and RHT
Healthtrust Services Pte Ltd. As per the deal, an entire portfolio of RHT Health comprising two hospitals, 12 clinical establishments, and four new clinical establishments will be consolidated into Fortis. Both the companies have entered into a term sheet to negotiate exclusively for 60 days.

GAIL India stock drops 1.5% post Q2 numbers
GAIL (India) Ltd is currently trading at Rs 448.5, down by Rs 7.95 or 1.74% from its previous closing of Rs 456.45 on the BSE. The company posted numbers after market hours. The net profit stood at Rs 1309.6 Cr for the quarter ended September.
GAIL Ltd standalone revenue for the quarter came in at Rs 12,409.6 crore, registering 2.9% yoy increase. This was primarily driven by 10% and 31% yoy increase in revenues from Natural Gas transmission services and LPG and Liquid Hydrocarbons segment.
EBITDA for the quarter rose by 27.5% yoy to Rs 2,411.7 crore with a corresponding margin expansion of 375 bps. EBITDA margin for the quarter stood at 19.4%. This margin expansion was aided by favorable movements in inventories.

Divi’s Labs advances 1% as USFDA lifts import alert on Visakhapatnam unit
Shares of the Hyderabad-based Divi’s Labs rose 1% after it said the US drug regulator removed an import alert on its Visakhapatnam unit, paving the way for the company to sell medicines in the crucial market.

TCS announces partnership with Rolls-Royce
Tata Consultancy Services, a leading global IT services, consulting and business solutions organization, and Rolls Royce, the market leader in high-performance power systems, have announced the expansion of their long-standing partnership in order to exploit future data innovation opportunities.
The partnership will help Rolls-Royce accelerate its ‘Digital First’ vision, deliver further value to customers, improve existing services, accelerate development and deployment times and create new areas of growth.
This digital transformation for Rolls-Royce will be supported by TCS’ Connected Universe Platform, a platform-as-a-Service (PaaS) offering that accelerates the development and deployment of Internet of Things (IoT) applications.

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