TOP CORPORATE NEWS - 29 MAR 2016

Lupin drops as Mandideep unit receives USFDA observations

Lupin slipped over 13% to Rs1294.05, after reports suggested that it has received a Form 483 (observation letter) from US drug regulator, USFDA for its Mandideep manufacturing facility.

Lupin's active pharmaceutical ingredient ( API) and formulations units of Mandideep manufacturing facility in Madhya Pradesh have reportedly received two observations each after the facility was inspected by United States Food & Drug Administration ( USFDA) between February 08, to February 19, 2016.

Ashok Leyland sells 0.55% stake in Indusind Bank

Ashok Leyland has sold 0.55% stake in Indusind Bank for Rs300 crore. The proceeds are likely to be utilized to reduce debt.

The stock opened at Rs105.40 marking days low at Rs105.05 with an intraday high of Rs106.50 and is currently trading at Rs105.45 up by 0.67% on NSE so far.

LIC ups stake in IDBI Bank to 14.3%

IDBI Bank has allotted 15.8 crore equity shares, equivalent to 7.16% stake for Rs850 crore, on preferential basis to Life Insurance Corporation of India (LIC), which now holds over 14.3% stake in IDBI Bank.

The allotment of shares is part of IDBI Bank's plan to offload government shareholding as part of its privatization move.

Cadila receives USFDA nod to market Acyclovir tablets

Cadila receives nod from USFDA to market Acyclovir tablets (manufacturing at Ahmedabad SEZ), used in treatment of AIDS – Sentimentally positive.

Torrent Power signs contract with WTG group

Torrent Power has entered into a contract with a leading WTG manufacturing group for development of the 197.40 MW Wind Power Project across three sites in Kutch and Bhavnagar, Gujarat.

This Project is expected to be commissioned progressively by March 2017 and shall have off take arrangements for fulfilment of Renewable Power Purchase Obligations (RPO).

                           

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