TOP CORPORATE NEWS:- 6 Dec 2017

top corporate news
TOP Headlines Of The Day:- 6 Dec 2017

Dalmia Bharat to bid for debt laded Binani Cement with Piramal Bain fund
Shilpa Medicare dips 5% on 10 USFDA observations
Suven Life Sciences secures product patents in Eurasia and Norway
TVS Motor enters super-premium motorcycle segment through TVS Apache RR 310
Industry upset as RBI maintains status quo

Dalmia Bharat to bid for debt laded Binani Cement with Piramal Bain fund
Dalmia Bharat Cement has entered into an agreement with Piramal Bain Resurgence fund to bid for debt-laden Binani Cement Ltd, as per media sources.
Piramal Bain Resurgence fund is an Ajay Piramal and American private equity fund, Bain Capital Credit, venture. Binani Cement has a total capacity of 6.25mtpa in Rajasthan. The National Company Law Tribunal (NCLT) is seeking to resolve the debt issue at Binani Cement through bidding for it.
Binani Cement’s total debt stands at Rs3, 976cr as on March 2017 and has reported a loss of Rs370cr for FY17. Company’s enterprise value (EV) is pegged at Rs6, 000cr ($148/tn).
Dalmia Bharat together with its subsidiaries has clinker-backed cement capacity of 25mtpa (48% in the southern region and 52% in the eastern region).

Shilpa Medicare dips 5% on 10 USFDA observations
Shilpa Medicare, in a BSE filing yesterday stated that the company received 10 USFDA 483 observations in relation to SEZ formulation facilities situated at Jadcherla, Telangana (near Hyderabad).
Out of the 10 observations, 7 are about improvement in procedures and practices, while 3 are related to analytical specifications, test procedures, and method validation.
Shilpa Medicare, a manufacturer of bulk drugs, deals in oncology API, non-oncology API and custom synthesis (CS) mostly to Europe. In FY17, it generated 53% of revenues from CRAMS business followed by oncology API (33%) and Non-oncology API (14%) respectively.

Suven Life Sciences secures product patents in Eurasia and Norway
Suven Life Sciences, through its filing in BSE has informed, that it has secured one product patent from Eurasia and one product patent from Norway corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and that these Patents are valid through 2034 and 2026 respectively.
The granted claims of the patents include the class of selective 5-HT6 compounds and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer’s disease, Attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Parkinson and Schizophrenia.

TVS Motor enters super-premium motorcycle segment through TVS Apache RR 310
TVS Motor has entered into the super-premium segment, both in domestic and international markets through the latest launch, TVS Apache RR 310, as per the BSE filing. TVS Apache RR 310, 312cc engine, boasts of superior performance and riding dynamics, with top speed of 160kmph, and acceleration from 0-to-60kmph in just 2.9 seconds.

Industry upset as RBI maintains status quo
The Reserve Bank of India in its bi-monthly policy review, has decided to maintain the status quo by keeping the key rates unchanged. In the fifth monetary policy review of the financial year and the last for this calendar year, RBI Governor Dr. Urjit Patel has left interest rates, Statuary liquidity ratio (SLR) and Cash reserve ratio (CRR) unchanged. This means that the RePo rate stands at 6%, Reverse RePo at 5.75%, Marginal Standing
Facility (MSF) at 6.25%, CRR at 4% and SLR at 20%.

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