TOP CORPORATE NEWS:- 19 Dec 2017

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TOP Headlines Of The Day:- 19 Dec 2017

Aurobindo Pharma gains 2% on USFDA nod for Sustiva generic
Concor gains on signing MoU with BMTC
Amara Raja commissions two-wheeler battery plant in Chittoor
Rajesh Exports surges on procuring new export order
Bank of Baroda to raise up to Rs3,000cr
Dr. Reddy’s settles compliance issues with US government

Aurobindo Pharma gains 2% on USFDA nod for Sustiva generic
Shares of Aurobindo Pharma rose nearly 2% after the company received the US Food and Drug Administration’s approval for efavirenz capsule, a generic of Sustiva, which is marketed by Bristol-Myers Squibb.
The drug is used to prevent human immunodeficiency virus from multiplying. The company has also received tentative approval from the US drug regulator for omeprazole magnesium tablet, used in the treatment of symptoms of gastroesophageal reflux disease and other conditions caused by excess stomach acid.
This approval of drug gives Aurobindo scope of growth in US generic business. This will strengthen the US product portfolio and will increase its market share.

Concor gains on signing MoU with BMTC
Shares of Concor have gained by 2.2% after the company announced that it has signed MoU with BMCT (Bharat Mumbai Container Terminals Private Limited) to launch dedicated shuttle train running between BMCT and Concor’s Rail Transshipment Hubs (RTH) at Khatuwas and Jakhwada to consolidate containers railed between BMCT and North and West of India.
BMCT will designate the Kathuwas and Jakhwada RTHs as BMCT’s inland extended gateways for North and West India whilst Concor will ensure competitive rail freight costs and transit times between BMCT and the RTHs in addition to providing competitive pre / on-carriage rail options. The aggregation of all North and West India-destined boxes onto a single train at BMCT in the gateway port of JNPT will enhance train utilization.

Amara Raja commissions two-wheeler battery plant in Chittoor
Amara Raja Batteries Ltd (ARBL) has commissioned its two-wheeler battery plant in the Amara Raja Growth Corridor in Chittoor, Andhra Pradesh, according to media reports.
The first phase of the plant, which has been commissioned, will have a capacity of 5 million units. The plant will have an ultimate capacity of 17 million units with an estimated investment of Rs700cr, taking the total capacity for two-wheeler batteries to 29 million units. The plant will employ 1,300 people at full capacity. It is the most advanced production facility in the country, pioneering the use of advanced, punched grid-
making technology for two-wheeler battery manufacturing. The technology ensures best-in-class product performance, higher productivity, and improved environmental standards.

Rajesh Exports surges on procuring new export order
Shares of Rajesh Exports have gained by 1.5% after the company announced that it procured new export order worth Rs878cr.
The order has been procured after beating global competition from a well-established and prestigious global white label importer from the UAE. The said order is to be completed by April 2018.
A company will be executing the order from its facility, which is the world’s largest gold manufacturing facility. This facility has a processing capacity of 250 tonnes of jewelry and gold products per annum. A company is confident of executing this order well within the time frame on the back of its expertise, skilled craftsmen, artisans & its exceptionally strong backward integrated infrastructure.

Bank of Baroda to raise up to Rs3,000cr
Bank of Baroda’s Board of Directors will consider a proposal to approve raising of additional capital funds in domestic/overseas markets eligible to be reckoned as BASEL- III Compliant Additional Tier – 1 (AT – 1) Capital as per RBI guidelines, which will be over and above Rs.3,000cr. The proposal will be taken up at a meeting on December 22, 2017.

Dr. Reddy’s settles compliance issues with US government
Dr. Reddy’s announced that it has reached a settlement with the US government regarding the company’s compliance with the Consumer Product Safety Act.
The US subsidiary of Dr. Reddy’s Laboratories Ltd reached a settlement with the US government in a case that is more than six years old, involving packaging for five blister-packed prescription products. In a joint filing by the parties, Dr. Reddy’s and the US Department of Justice agreed to the settlement of the action without any adjudication of any issue of fact or law.

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