Capitalstars Updates: Top Corporate News:- 9 Feb 2018

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Top Headlines Of The Day:- 9 Feb 2018

Indiabulls real estate board to consider restructuring of commercial and residential business
Fortis healthcare issues clarification, stock gains
Jubilant gets ANDA for Amantadine Hydrochloride Tablets
M&M offloads 22% stake in JV to partner Sanyo Special Steel for Rs146cr
Indraprastha Gas to develop gas distribution network in Haryana

Indiabulls real estate board to consider restructuring of commercial and residential business
Indiabulls Real Estate (IBR) share price is up 8.8% ahead of its board meeting to consider restructuring of its residential and commercial & leasing businesses. The commercial & leasing business has a total 9.1mn sq.ft of leasable area. Out of which 5.2mn sq.ft is completed and 3.9mn sq.ft is under construction & planning/approval phase. The expected annuity income for FY18 is Rs720cr. The projected annuity income for FY20-21 is Rs1,513cr.
The commercial and leasing business is held under Indiabulls Commercial Assets Ltd, a wholly owned subsidiary of IBR.

Fortis healthcare issues clarification, stock gains
Shares of Fortis Healthcare in solid gains after the company issued a clarification to the stock exchange.
Shares of Fortis Healthcare had rallied 23% in the morning trades on the news of resignation by the Singh brothers, however, erased most gains after the news of possible corporate governance issues surfaced.
The company has said that:
The company has deployed funds (Rs473cr) in secured short-term investments in promoter group companies with entities and the same has been recorded as related party transactions.
It has denied that Deloitte has refused to certify Fortis Healthcare’s Q2 results. The clarification states that the results are due for the board approval and the limited review of the results is in progress. The results will be submitted to the board on February 13, 2018.

Jubilant gets ANDA for Amantadine Hydrochloride Tablets
Jubilant Life Sciences Ltd, an integrated global Pharmaceutical and Life Sciences Company, has announced that Jubilant Pharma Limited, a material wholly owned subsidiary of the Company, through one of its wholly-owned subsidiaries, has received ANDA final approval for Amantadine Hydrochloride Tablets, 100 mg, the generic version of Symmetrel of Endo. The tablet is indicated for the prophylaxis and treatment of signs and symptoms of infection caused by various strains of influenza A virus.
It is also indicated in the treatment of Parkinsonism and drug-induced extrapyramidal reactions.
This is the ninth approval that we have received from the USFDA during the current financial year. As on December 31, 2017, Jubilant had a total of 86 ANDAs for Oral Solids filed in the US, of which 56 had been approved and 12 Injectable filings, of which 10 had been approved.

M&M offloads 22% stake in JV to partner Sanyo Special Steel for Rs146cr
India’s largest tractor manufacturer, Mahindra and Mahindra Limited (M&M), sold 22% stake in Joint Venture (JV) Mahindra Sanyo Special Steel Private Limited (MSSSPL) to JV partner Sanyo Special Steel Company Limited (Sanyo) for Rs146.32cr. This was announced by M&M to stock exchanges on February 9, 2018.
As per its FY17 Annual Report, M&M owns 51% stake in MSSSPL, while Sanyo, Japan and Mitsui and Company Limited, Japan, own 29% and 20% respectively. MSSSPL is a manufacturer of Carbon, Alloy & Tool Die Steels.

Indraprastha Gas to develop gas distribution network in Haryana
Indraprastha Gas Limited (IGL) has received the grant of authorization from Petroleum and Natural Gas Regulatory Board (PNGRB) for development of city gas distribution network in the geographical area of Karnal District, Haryana.
IGL is a leading natural gas marketing company and has operations across Delhi, Noida, Greater Noida, and Ghaziabad. CNG contributed 69% and PNG 31% to sales volume, as of 3QFY18.
IGL’s FY18-20E volumes are set to grow at 10% per annum on the back of sustained private car conversion from liquid fuels to CNG, the addition of new buses and LCVs, pick up in industrial sales and foray in new areas such as Rewari and Gurugram. In 3QFY18, the overall volumes grew 14% YoY to 5.3mm scmd.

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