TOP CORPORATE NEWS:- 11 Jan 2018

top corporate news


TOP Headlines Of The Day:- 11 Jan 2018

IndusInd Bank Q3 profit rises 25%, NII misses estimates; asset quality weakens a bit
Bank of India to consider capital raising on Jan 20
Welspun India gains 4% as DSP BlackRock MF buys stake
Tata Chemicals shareholders approve sale of Haldia phosphatic fertilizer operations
Alkem Laboratories receives EIR for its Baddi plant

IndusInd Bank Q3 profit rises 25%, NII misses estimates; asset quality weakens a bit
Private sector lender IndusInd Bank has reported nearly 25 percent growth in profit at Rs 936.2 crore for the quarter ended December 2017 YoY, which was largely in line with estimates, but asset quality weakened a bit sequentially.
Profit in the year-ago quarter had reported at Rs 750.64 crore by the bank. Other income, operating income, and NII boosted profitability.
Net interest income missed analyst estimates, growing by 20 percent year-on-year to Rs 1,895 crore, from Rs 1,578.4 crore in the corresponding quarter.
The bank has registered credit growth of 25 percent for the quarter YoY, which was in line with estimates while deposits grew by 23 percent with saving deposits growth at 68 percent.

Bank of India to consider capital raising on Jan 20
The board of directors of Bank of India will meet on Jan 20 to consider fundraising options, the bank said in a notification to exchanges today.
In December, the bank received Rs2, 257cr funds through capital infusion by the government.

Bank of India is one of the 11 lenders for which the Reserve Bank of India had initiated prompt corrective action, citing weak asset quality, profitability, and high capital requirements

Welspun India gains 4% as DSP BlackRock MF buys stake
Shares of Welspun India extended gains to the fifth consecutive session and rose over 2% as four of DSP BlackRock Mutual Fund’s schemes bought a total 3.68% stake in the company.
The four funds bought a cumulative 37.2 mn shares of the company through multiple bulk deals on the NSE at Rs72.70 per share.
In another bulk deal, Welspun India’s promoter group company MGN Agro Properties Pvt Ltd sold 4.78% stake, or 48.10 mn shares, at Rs72.71 per share.

Tata Chemicals shareholders approves sale of Haldia phosphatic fertiliser operations
Tata Chemicals (TCL) has received approval from majority shareholders for sale of its Haldia fertilizer unit in West Bengal to Netherlands-based Indorama Holdings BV for Rs375cr.
The stock is currently trading at Rs 775, up by Rs12.05 or 1.58% from its previous closing of Rs762.95 on the BSE. The scrip opened at Rs763 and has touched a high and low of Rs781.2 and Rs763 respectively.
TCL is currently trading at Rs774.5, up by Rs11.55 or 1.51% from its previous closing of Rs762.95 on the BSE. The scrip opened at Rs763 and has touched a high and low of Rs781.2 and Rs763 respectively.

Alkem Laboratories receives EIR for its Baddi plant
Alkem Laboratories has received an Establishment Inspection Report (EIR) for its Baddi plant. The USFDA had issued two observations (form 483s) on this plant in the inspections conducted in September, 2017.
Alkem’s Baddi plant is a formulations plant manufacturing tablets, injectables and dry syrup. Alkem has low US base but has strong plans to grow its US business as half of its ANDAs are yet to be monetized. Company also plans to file 12-15 ANDA per year, which will be supported by having compliant facilities. On this backdrop, EIR for Baddi facility is very important.

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