TOP CORPORATE NEWS - 11 MAR 2016

CRISIL downgrades PSU Banks

Credit rating agency CRISIL downgraded eight PSU banks, following deterioration in their asset quality, and also revised the outlook on five of them to negative. The agency also placed the rating on Syndicate Bank on a negative watch list.

The state-run banks whose ratings have been downgraded were BOI, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, IOB, Syndicate Bank and UCO Bank. Those whose outlooks have revised down were Andhra Bank, Bank of Baroda, Canara Bank, Punjab National Bank and Punjab & Sind Bank.

Dr Reddy's ink pact with Turkey co for biosimilar drugs

DRL has announced a strategic collaboration agreement, involving 3 biosimilar products, which shall be registered and subsequently commercialised under the terms of agreement with TR-Pharm in Turkey – Long term Positive for Dr Reddy.

United Spirits plans to sell 13 residential properties

United Spirits is planning to sell 13 residential properties and mandated a leading banker to re-evaluate these assets.

The transaction is expected to be completed by the second half of the next financial year. The amount raised through the sale of assets will be utilized to reduce debt on books.

Welspun Corp gains on order win for Offshore project

Welspun Corp has won an order for supply of 200K MTs pipes for an offshore project in the Middle East. With the addition of this order, current order book of the company has crossed 1136K MTs worth Rs6500 crore.

Ashok Leyland plans to cut debt and focus on core biz

Ashok Leyland has announced to wrap up 23 of its 27 joint ventures in near term so as to reduce its debt and focus on core business.

The company had diversified into many non-core areas such as retail services, construction equipment, wind energy and infotronics by forming joint ventures. Most of the joint ventures are loss making.

                                            

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