TOP CORPORATE NEWS - 18 MAR 2016

HUL signs agreement with LT Foods for sale of rice exports business

Hindustan Unilever has signed an agreement with LT Foods for sale of its rice exports business for a consideration of Rs25 crore as it looks to exit non-core businesses.

The brands registered a turnover of Rs51 crore as per audited financials for the year 2014-15. Positive for LT foods, Neutral for HUL.

ONGC, Rosneft enter into preliminary agreement

ONGC and Rosneft, Russia have entered into preliminary agreement to supply long term crude oil & feedstock to ONGC’s refining are MRPL.

This will ensure a long term crude oil supply for MRPL and thus it will not have to purchase at the volatile market prices. – Positive read thru for MRPL.

Lupin hits 52-week low as CLSA downgrade

Shares of Lupin dipped over 7%, touching to Rs1535, after CLSA downgraded the stock to underperform from buy and slashed target price to Rs1, 800 from Rs2, 162 earlier as it does not see near-term catalyst. It expects the stock to remain range bound until clarity emerges on the Goa observations. Out of nine USFDA (US Food and Drug Administration) observations in Form 483 on Lupin’s Goa plant, two are repeat from the July 2015 inspection (Observation No 2 and 4) while two are worrying (No 1 and 4), feels the brokerage.

Glenmark gets USFDA nod for Lacosamide Oral Solution

Glenmark has been granted tentative approval by the USFDA for its Lacosamide Oral Solution, i.e. gVimpat of UCB, Inc.

Glenmark will market this product upon receiving final approval and the patent is scheduled to expire on March 17, 2022. Glenmark’s current portfolio consists of 108 products authorized for distribution in the US. marketplace and 61 ANDA’s pending approval with the USFDA.

Tata Motors gets a new MD; to focus on reviving operations

Guenter Butschek the new chief executive and managing director of Tata Motors is set to initiate some crucial operational changes, overhaul the brand positioning and spruce up manufacturing processes to make the company more agile and future ready.

‘Butschek, 55, who took over the reins a month ago, said that his focus will be to make the company leaner and more flexible, which will help in responding to market changes faster than it has historically.

                                              

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