TOP CORPORATE NEWS:- 4 Jan 2018

top corporate news
TOP Headlines Of The Day:- 4 Jan 2018

Government looks to split GAIL into two units
Govt to seek Parliament’s nod for $12.6bn Bank Recap Bonds
Glenmark announces launch of anti-inflammation drug Adalimumab
Uflex introduces special packaging for staple food items in India
Nalco to invest Rs25,000cr in capacity expansion; stock up 2.5%
NIIT acquires Eagle Productivity Solutions

Government looks to split GAIL into two units
The government is considering to split GAIL (India) Ltd by spinning off the marketing operations into a separate company, according to media sources. The plan is being discussed in the petroleum ministry, as the central government is unhappy with the state-run player’s performance in building a pipeline network in addition to a possible conflict of interest in its role as a infrastructure provider and carrier. The plan to split
the company had been discussed in the past too but it did not materialize.
The sources further added that the deal could help the government garner around Rs35,000cr by way of disinvestment receipts. Bharat Petroleum and Indian Oil are looking to take over GAIL, as per media reports of last month. The reports, however, said that the government would first prefer to unbundle GAIL before deciding on consolidation.

Govt to seek Parliament’s nod for $12.6bn Bank Recap Bonds
The central government has sought Parliament’s nod for $12.6 billion Bank Recap Bonds. This is a follow up of a mega recapitalization plan that was announced by the government in October 2017 to counter the rising bad loans of public sector banks. The plan is worth Rs2.11 lakh cr out of which Rs1, 35,00cr will be in the form of recapitalization bonds.
The ratification for recapitalization bonds would act significantly positive for the PSU Banks and the stocks would remain positive on this news.
The capital infusion is much needed as it would aid these banks to improve their capital adequacy. As a consequence, it would also improve their loan book growth for the coming years, besides giving room to provide for bad loans.

Glenmark announces launch of anti-inflamation drug Adalimumab
Glenmark Pharmaceuticals Limited (Glenmark Pharma) announced the launch of the biosimilar of Adalimumab. The drug will be marketed under the brand name ADALY, under a licensing agreement with Cadila Healthcare Ltd. ADALY would become Glenmark Pharma’s first biosimilar in its Dermatology product portfolio. The drug was developed by Zydus Research Centre and was first launched by Zydus in 2014 and is manufactured at Zydus Biologics.
Adalimumab is a TNF inhibiting, anti-inflammatory biologic that binds to tumor necrosis factor (TNFalpha) and reduces inflammatory response. ADALY would also be used to address the needs of patients suffering from rheumatoid arthritis.
Glenmark Pharma is a leader in dermatological drugs in India and has introduced new molecules to help address patients’ needs. Recently the company introduced Aprezo (Apremilast) to help in treatment of psoriasis.

Uflex introduces special packaging for staple food items in India
Uflex Limited (Uflex), India’s largest flexible packaging materials company, announced the launch of resource optimized packaging for staple food items such as pulses, wheat flour, sugar, salt and oil. In India, about 80-85% of unbranded food products are sold loose and urban areas have increasingly seen demand for effective packaging of these items. Hence, the opportunity for this type of packaging is humungous in India.
Uflex recently developed a 2 ply laminated packaging for wheat flour comprising a specialized Polyester (PET) / specialized Polyethylene (PE) structure. The company handled the twin challenges of keeping price of packaging below 2.5-3% of product MRP while retaining functionalities and strength of the pack. The innovative packaging method ensures that there is no infestation by mites and other micro-organisms while perforations allow optimum passage of air and anti-skid properties.

Nalco to invest Rs25,000cr in capacity expansion; stock up 2.5%
National Aluminium Company Limited (NALCO) has been working on expanding its aluminium, alumina and power capacities and the company plans to reach over 1 mn tonne production capacity by 2020. In order to reach this goal, the company is implementing the following major capital expenditures.
NALCO is undertaking a brownfield expansion of its smelter at Angul with an investment of around Rs12,000cr. This would increase smelter production capacity by 6 lakh tonne per annum. The current capacity of the Angul plant stands at 4.6 lakh tonne per annum.

NIIT acquires Eagle Productivity Solutions
NIIT announced that it has acquired Eagle Productivity Solutions through its wholly owned subsidiary, NIIT (USA) Inc. Eagle is a top-rated global provider that specializes in training solutions for companies adopting sophisticated cloud-based applications in the pharmaceutical and life sciences industry.
The company foresees this acquisition to expand its capabilities in global application rollouts of enterprise applications requiring high adoption and deepen its domain expertise in the pharmaceutical and life sciences domain. Further to the announcement, the company stated that the life sciences domain and software application adoption expertise have been of keen interest to NIIT and Eagles’ competencies is a distinguishing reason why Eagle has a loyal and strong list of customers in the life sciences space.

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