TOP CORPORATE NEWS - 23 JUN 2016

Jain Irrigation surges as Morgan Stanley upgrades to overweight

Morgan Stanley has upgraded Jain Irrigation to overweight from equal-weight and raised target price to Rs92 from Rs72 as it expects 70% earnings CAGR (compound annual growth rate) over FY17-19.

The brokerage reportedly stated that leverage has been a key concern for investors, but the company has now recapitalised its balance sheet with lower interest costs which is expected to boost its earnings. The foreign brokerage also cited other favorable factors for the company such as expectation of a better monsoon and an increasing central & state government thrust on micro irrigation systems (MIS) after two consecutive years of drought.

Lupin gets FDA Approval for Generic Activella® Tablets

Lupin has received final approval from the US health regulator to market generic Voriconazole tablets as well as oral suspension for treatment of fungal infections in the American market.

Company's US subsidiary Gavis Pharmaceuticals LLC has received final approvals to market 'its Voriconazole tablets, 50 mg & 200 mg and Voriconazole Oral Suspension, 40 mg/mL from the United States Food and Drug Administration (FDA),' Lupin said.

Bank of India raises Rs1,000 cr via bonds

Country’s third biggest state-run lender by assets Bank of India (BoI) on Thursday said it has raised funds of Rs1,000 crore through issue of Basel-III compliant additional tier I bonds (Series-II).

The Bank has raised Rs1000 crore by issue of Basel-III Compliant Additional Tier I Bonds (Series-II).

The lender further said that these bonds have been rated ‘AA (-)’ by Brickwork and ‘A+’ by CRISIL.

Moreover, these bonds bear coupon rate of 11.50% p.a, it added.

Mahanagar Gas IPO oversubscribed 3.92 times on Day 2

Mahanagar Gas witnessed strong investor response with its issue getting oversubscribed 3.92 times on the second day of the three-day offering, as per reports.

The Rs1, 040 crore- IPO received bids for 6, 80, 27,645 shares against the total issue size of 1, 73, 46,150 shares, data available with the stock exchanges showed.

The category set aside for qualified institutional buyers (QIBs) was oversubscribed 6.44 times, while that of non-institutional investors 2.39 times.

Retail investors segment received 3.23 times subscription.

The company's IPO was fully covered on the first day itself.

KEC Intl wins order worth Rs1,036 cr; stk gains

KEC International surged over 7%, touching to Rs143.95, after the company announced that it has secured new orders worth of Rs1, 036 crore.

The orders include Rs582 crore worth of order from Abu Dhabi Transmission and Dispatch Company for supply and construction of 400 KV transmission line from Barakah Switchyard to Madinat Zayed Grid Substation in Abhu Dhabi.

                                    

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