TOP CORPORATE NEWS - 24 JUN 2016

ONGC in talks to sell 25% stake in OPaL

As per median news, ONGC Petro additions Ltd ( OPaL) is in talks with local and overseas petrochemical companies to sell as much as 25% in the company.

The company is jointly owned by ONGC, GAIL (India) Ltd and Gujarat State Petroleum Corp. Ltd.

JSW Energy reopens talks to buy Jaypee power assets

As per media news, JSW Energy Ltd has reopened talks with the Jaypee Group to acquire three power assets.

The companies are in talks for a deal involving two power generation units and a stake in transmission joint venture.

Gujarat HC approves Amalgamation of Advanta and UPL

UPL, Advanta Limited - High Court of Gujarat has approved the Scheme of Amalgamation of Advanta and UPL and their respective Shareholders and Creditors on June 23, 2016.

UPL opened at Rs525 marking days low at Rs490.00 with an intraday high of Rs543 and is currently trading at 540 down by 1.85% on NSE.

Tata Motors, Tata Steel fall on reports of vote in favour of Brexit

According to reports suggested that the United Kingdom (UK) has voted to leave the European Union (EU) by a 52%-48% margin popularly referred to as Brexit.

Tata Motors derives majority of its revenue from its British luxury car unit Jaguar Land Rover (JLR). JLR is the largest automotive manufacturer in Britain. It is one of the UK's largest exporters and generates over 80% of its revenue from exports.

Tata Motors is a market leader in commercial vehicles in India. The company's British unit JLR sells premium luxury cars.

Sun Pharma board approves buyback of shares

Sun Pharmaceutical Industries has announced that the Board of Directors of the Company at its meeting held on June 23, 2016, has approved the buyback by the Company of its fully paid up Equity Shares of face value of Re1 each not exceeding 75,00,000 Equity Shares at a price of Rs900 per Equity Share payable in cash for an aggregate amount of up to Rs675,00,00,000 excluding transaction costs viz. brokerage, securities transaction tax, service tax, stamp duty, etc., which is approximately 3.79% of the fully paid-up Equity Share capital and free reserves as per the latest audited standalone balance sheet of the Company for the financial year ended March 31, 2016 on a proportionate basis through the 'Tender Offer' route using stock exchange mechanism as prescribed under Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 and the Companies Act, 2013 and rules made thereunder from the Equity shareholders of the Company who hold Equity Shares as on the record date.

                                            

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