TOP CORPORATE NEWS:- 3 Jan 2018

top corporate news
TOP Headlines Of The Day:- 3 Jan 2018

UCO Bank to issue shares worth Rs1,375 cr to govt on preferential basis
USFDA clearance for Dr. Reddy’s Duvvada unit likely to get delayed
RIL commissions world’s largest refinery off-gas cracker at Jamnagar
Orbit Exports up 14% on buyback proposal
Aarti Drugs hits 52-week high on share buyback proposal

UCO Bank to issue shares worth Rs1,375 cr to govt on preferential basis
The board of directors of the UCO Bank has approved the proposal to issue of equity shares on preferential basis to Government of India against the capital contribution of Rs1, 375cr subject to necessary approval. This capital infusion is a part of government PSU banks recapitalization program.
This capital support to the bank is a step in the right direction as it would improve their loan book growth for quarters to come beside giving room to provide for their bad loans. The bank is trading at 0.6x FY17 P/BV. We have a neutral outlook on the stock.

USFDA clearance for Dr. Reddy’s Duvvada unit likely to get delayed
Shares of Dr. Reddy’s Laboratories fell nearly 2.5% on fears that clearance for the company’s injectables unit in Duvvada, Andhra Pradesh, may get delayed from the US Food and Drug Administration (USFDA), as per the media reports.
USFDA had issued a warning letter to the company’s unit in 2015. The unit was issued an establishment inspection report in which the US regulator did not clear the unit but pointed out areas of concern that the company needed to address.
As per media reports, the regulator has discussed a repeat instance of false or misleading statements given by the Duvvada unit staff to the USFDA.

RIL commissions world’s largest refinery off-gas cracker at Jamnagar
Reliance Industries Limited (RIL) has successfully commissioned and achieved design throughput of the world’s first ever and largest Refinery Off-Gas Cracker (ROGC) complex of 1.5 MMTPA capacity along with downstream plants and utilities.
With the commissioning of ROGC complex, the largest ever expansion of RIL’s petrochemicals portfolio comes to a flawless completion. This is one of the largest capital expenditure programme globally in the sector in recent times.

Orbit Exports up 14% on buyback proposal
Shares of Orbit Exports jumped nearly 19% today to their two-year high mark after the company said its board will meet on Friday to consider and approve the proposal for buyback of shares.
The stock snapped a two-session losing streak, in which it lost nearly 8%. So far today, over 310,000 shares of the company have traded on the NSE, which is significantly higher than its six-month daily trading average of 21,942 shares.

Aarti Drugs hits 52-week high on share buyback proposal
Shares of Aarti Drugs extended gains and surged over 8% to a 52-week high following the company’s share buyback plan.
The company’s board will meet on Monday to consider the proposal to buy back its fully paid-up equity shares, the company said in a BSE filing.
The company had last undertaken a share buyback was in December 2016, when it had bought 360,000 fully paid-up equity shares at Rs750 apiece.
Since Dec 15, the stock has gained over 25%, registering a decline in only one session.

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