TOP CORPORATE NEWS:- 20 Nov 2017

top corporate news

TOP Headlines Of The Day:- 20 Nov 2017

Cipla receives approval for Generic Pulmicort Respules
Petronet LNG and ICICI Lombard to gain as RBI increases FPI invest limit
Ashok Leyland to acquire 4.7% stake in HLF from Everstone Group
UCO Bank spurts 4% as bank invites bids for sale of NPAs
Cox & Kings rises by 4% on report to list education tour operations
PVR soars by 3% on plans to acquire stake in US company

Cipla receives approval for Generic Pulmicort Respules
Cipla has received final approval from USFDA to market its Budesonide Inhalation Suspension; which is a generic version of AstraZeneca’s Pulmicort Respules.
Budesonide Inhalation Suspension is prescribed for the maintenance treatment of asthma and as prophylactic therapy in children from 1-8 years. The product is available for shipping immediately.

Petronet LNG and ICICI Lombard to gain as RBI increases FPI invest limit
Shares of Petronet LNG and ICICI Lombard are likely to gain further in today’s session as the RBI has raised the investment limit for foreign portfolio investors (FPI) in the companies.
In Petronet LNG, FPIs can now invest up to 40% in Petronet LNG after the company passed necessary resolutions to raise the limit from 30%, the central bank said in a notification aftermarket hours on Thursday.

In ICICI Lombard, FPIs can now invest up to 49% in ICICI Lombard from the earlier limit of 24% after the insurer passed necessary resolutions, the central bank said in a notification late Thursday.

Ashok Leyland to acquire 4.7% stake in HLF from Everstone Group
Ashok Leyland (AL) to acquire 4.7% stake in its commercial vehicle financing subsidiary Hinduja Leyland Finance Ltd (HLF) from the PE firm, Everstone Group. Everstone Group currently holds 14.1% stake in HLF.
AL is acquiring 2.05 crore shares at Rs 110/share amounting to the total deal value of Rs 225.4 crores. Post the acquisition, the shareholding of the AL in HLF would increase to 61.9% from earlier 57.2%.
Ashok Leyland Ltd is currently trading at Rs 116.25, up by Rs 2 or 1.75% from its previous closing of Rs 114.25 on the BSE. The scrip opened at Rs 115.05 and has touched a high and low of Rs 116.65 and Rs 115.05 respectively. The stock is currently trading below its 50 DMA.

UCO Bank spurts 4% as bank invites bids for sale of NPAs
Shares of UCO Bank rose 4% after a media report said that the bank has invited initial bids for the sale of 17 non-performing accounts worth Rs 18.96 billon.
The bank has invited bids from asset reconstruction companies, other banks, financial institutions, and non-banking finance companies. The last date for submission of bids is November 20.

Cox & Kings rises by 4% on report to list education tour operations
Shares of Cox & Kings reported a surge of over 4% as the company announced of listing an IPO for its education tour business. The shares of the company reversed their two-session losses to rise by 4% to a high of Rs 260.
The education tour business, in Europe and Australia, is part of Cox & Kings Operations post its acquisition of the UK-based Holidaybreak for Rs 2,300 Cr in 2011.
Cox & Kings ownership in the education segment stands at 65.6%. The segment contributes 30% to the company’s revenue and 35% to its operating profit
on a consolidated basis. The stock has gained over 42% so far this year.

PVR soars by 3% on plans to acquire stake in US company
Shares of PVR touched a high of Rs 1,428.95 after the company announced that it will acquire a stake in iPic. The shares soared by 3%.

iPic-Gold Class Entertainment, LLC is an US-based luxury restaurant and theatre company. The theatre company owns and operates 16 theatres with 121 screens across 10 states in the US, and plans to list its shares on the exchanges.

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