TOP CORPORATE NEWS:- 29 Nov 2017

top corporate news
TOP Headlines Of The Day:- 29 Nov 2017

Dr. Reddy’s shares lose sheen; company served with US class action suit
Cadila Healthcare stock gains on USFDA approval
Jet Airways stock rises 2% after tie-up with Air France KLM
Motherson Sumi reiterates $18 bn sales target by FY20
BHEL bags Rs64cr order for setting up decentralized Sewage Treatment Plants

Dr. Reddy’s shares lose sheen; company served with US class action suit
Dr. Reddy’s Laboratories erased their gains and fell 0.4% after the company said it has been served with a class action lawsuit from a US court.
The company said it believes that the asserted claims are without merit and intends to vigorously defend itself against the allegations.

Cadila Healthcare stock gains on USFDA approval
Cadila Healthcare Ltd is currently trading at Rs 442.3, up by Rs 0.95 or 0.22% from its previous closing of Rs441.35 on the BSE.
Zydus Cadila has received the final approval from the USFDA to market Candesartan Cilexetil and Hydrochlorothiazide Tablets USP in the strength of 16 mg /12 mg, 32 mg/12.5 mg and 32 mg/ 25 mg.
The drug combines an angiotensin II receptor (type ATI) antagonist and a diuretic, hydrochlorothiazide and is used to treat high blood pressure.

Jet Airways stock rises 2% after tie-up with Air France KLM
Jet Airways expanded its code-sharing agreement with Air France KLM for the development of their operations between Europe and India.
This agreement will strengthen the enhanced offer for customers traveling between India, Europe, and North America.

Motherson Sumi reiterates $18 bn sales target by FY20
Key takeaways from Motherson Sumi Systems analyst meet –
1. The company maintained its consolidated sales target of $18bn and 40% ROCE by FY20.
2. The management is keen on achieving 3CX15 (i.e. – no country, customer, component will contribute more than 15% of sales) by winning new customers and diversifying geographically in America and China.
3. Since the company’s businesses are engine-agnostic, it does not face any major threat from electric vehicles (EV) and plug-in-electric vehicles (PHEV). In fact, it is a supplier to six out of the top 10 EV models globally, including a supply of mirrors for Tesla Model S, Model X, and dashboard for BMW i8.
4. Its subsidiary- Samvardhana Motherson Peguform (SMP) is likely to witness strong traction in volumes and profits with the commencement of three new plants (Mexico, US, Hungary).
5. Its another subsidiary – Samvardhana Motherson Reflectec (SMR) is one of the largest manufacturers of rearview mirrors for passenger cars in the world. It is currently focusing on horizontal (assembly, injection molding) as well as vertical integration (glass, actuators, electronic systems).
SMR is likely to experience good growth as a result of up-gradation in mirror type (from basic mirrors to feature rich mirrors).
6. The company is also keen on exploring opportunities in aerospace, defense systems and security in the long term.

BHEL bags Rs64cr order for setting up decentralized Sewage Treatment Plants
As part of its strategy to diversify into new areas, Bharat Heavy Electricals Limited (BHEL) has won an order for setting up six decentralized sewage treatment plants (STPs) in Raipur, Chhattisgarh. Valued at over Rs64Cr, the order for the STPs with a cumulative capacity of 25.4 MLD (Million Liters per Day), has been placed on BHEL by Raipur Development Authority (an Urban Development Authority under the Government of
Chhattisgarh).

The project for construction of the decentralized STPs shall be based on Sequential Batch Reactor (SBR) technology.

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