TOP CORPORATE NEWS - 20 OCT 2015

·Cipla gets form 483 for Indore plant; stk down

The US Food and Drug Administration ( USFDA) has issued 'Form 483' to Cipla's Indore facility. It could be potential negative for the company as the plant contributes ~ 10-12% to the overall sales.

Cipla fell over 4% touching to Rs659.30. We await further clarity from the management. The stock has already corrected 3-4%.

·OBC to raise Tier II Capital aggregating Rs1000 crore

Oriental Bank of Commerce ( OBC) announced that Bank intends to raise Tier II Capital through Private Placement of Basel III Compliant Tier 2 Bonds of Rs10,00,000 each at par aggregating to Rs1000 crore.

The Bonds have been rated CARE AA+ & ICRA AA+ (Hyb.) by CARE & ICRA, respectively.   

·PC Jeweller opens new showroom in Bhilai

PC Jeweller has inaugurated its 55th showroom and first one in Bhilai. The showroom is spread over a total area of 5100 sq. ft.    

·PNB Housing Finance plans for an IPO

PNB Housing Finance, the housing finance subsidiary of Punjab National Bank has initiated discussions with investment banks for an initial public offering (IPO) that could see the company raise approximately Rs.2,500 crore ($385 million) from the primary market. Punjab National Bank holds 51% stake in PNB housing Finance. 

·Ramco Systems launches HCM solution for US market

Ramco Systems announced the launch of its HCM (Human Capital Management) offering for the US market, at the HR Tech Show 2015, in Las Vegas. 

· Jubilant Life gets USFDA nod for migraine treatment drug

Drug maker Jubilant Life Sciences said that it has received Abbreviated New Drug Application (ANDA) final approval from the US health regulator, US Food and Drug Administration ( USFDA), for Rizatriptan Benzoate Orally Disintegrating tablets, 5 mg and 10 mg.

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