TOP CORPORATE NEWS:- 24 Nov 2017

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TOP Headlines Of The Day:- 24 Nov 2017

Bharti Airtel expresses interest in RCom assets
Edelweiss Financial surges 3% following fundraising via QIP route
Siemens Q4FY17 standalone net profit declines 74.1% yoy
Cadila’s arm gets USFDA’s approval to market tablets
CG bags order of Rs111cr from Indian Railways
Steel Strips Wheels spurts 7% as promoter buys stake

Bharti Airtel expresses interest in RCom assets
Bharti Airtel has expressed interest in buying spectrum and equipment of RCom. RCom assets are currently being sold by lenders who are trying to recover Rs45, 000cr in debt owed to them. The spectrum sale could see Airtel and Reliance Jio competing for RCom’s spectrum in the 850 MHz band. The proceeds from the spectrum sale would go to RCom’s lenders.
In February 2017, Airtel had purchased Telenor India by taking over its liabilities related to license fees and lease obligations for mobile towers.
The Telenor deal gave Airtel 44 million additional users as well as access to Telenor India’s 43.4 MHz spectrum in the 1,800 MHz band.

Edelweiss Financial surges 3% following fund raising via QIP route
Edelweiss Financial Services Ltd (EFSL) gained 2.75% in today’s trade as the company successfully raised Rs1, 527.75cr through the Qualified Institutions Placement (QIP) route. The QIP opened on November 15, 2017, and closed on November 20, 2017. This is the first equity fundraise by EFSL since its IPO in December 2007.
The funds raised through the QIP would be utilized by EFSL for various purposes, including but not limited to, augment its long-term resources, to fund growth and expansion, maintain capital adequacy, consolidation of its subsidiaries, general corporate purposes, etc., as per EFSL’s growth and business related plans.

Siemens Q4FY17 standalone net profit declines 74.1% yoy
Siemens standalone revenue for the quarter came in at Rs. 3142 crore, registering 2.4% yoy decline. This was primarily driven by 15% and 25% yoy decline in revenues from Power and Gas and Mobility segment.
EBITDA for the quarter rose by 14.9% yoy to Rs. 317 crore with a corresponding margin expansion of 152 bps. EBITDA margin for the quarter stood at 10.1%. This margin expansion was aided by 3% and 10% yoy decline in Purchase of stock in trade and net other expenses.
The adjusted PAT for the quarter came in at Rs. 457 crore, yoy decline of 74.1%. This was due to 9% yoy increase in depreciation. Also rise in the effective tax rate to 30% from 24% in corresponding quarter last year contributed to the same.

Cadila’s arm gets USFDA’s approval to market tablets
Cadila Healthcare’s wholly owned subsidiary — Zydus Pharmaceuticals (USA) has received the final approval from the United States Food & Drug Administration (USFDA) to market Minocycline Hydrochloride Extended-Release Tablets. Zydus also received the tentative approval for Minocycline Hydrochloride Extended-Release Tablets, 55 mg, 65 mg, and 115 mg.

CG bags order of Rs111cr from Indian Railways
Avantha Group Company CG has bagged an order of Rs111crore from Indian Railways for Drive Propulsion System of Electric Loco at Chittaranjan Locomotive Works.
CG’s Drive Propulsion System comprises of IGBT based Traction converter, Auxiliary converter, TCN based Vehicle control unit and Driver Display Unit which helps to run trains efficiently at a higher speed with reduced energy consumption.
The order is significant to Indian Railways capacity enhancement plans and meets the demand for electric loco products with an emphasis on the propulsion system. This opens up huge opportunities for CG especially in electric locomotives.

Steel Strips Wheels spurts 7% as promoter buys stake
Steel Strips Wheels stock gained 7% after its promoter DHG Marketing bought 1.29 lakh shares or 0.8% equity stake at Rs811.76 each.
Earlier in October, the company had bagged exports order for its truck wheels plant in Chennai.
The total order was of 30,000 truck wheels that are to be supplied over next 12 months from Chennai Truck plant.

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