TOP CORPORATE NEWS - 02 NOV 2015

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Sun Pharma may discontinue some non-strategic businesses – Long Term Positive

Sun Pharma may decide to discontinue some non-strategic businesses as part of its integration process with Ranbaxy. The management indicated that the company expects to incur certain integration charges in order to generate long-term synergies from the merger (with Ranbaxy).

·        Dr Reddy’s Ltd (DRL) launches Nise D Spray in India - Strengthens OTC portfolio – Positive

Nise D Spray offers quick and targeted pain killing. Through this product DRL expands its offerings in the pain management therapy area.

In India, market for pain relief product is Rs1700 crore. Pain relief sprays are growing 20 times faster than creams and gels.

·        IOC expresses interest in taking 5-10 per cent stake in Rosneft

Indian Oil Corp (IOC) has expressed interest in taking 5-10 per cent stake in the Rosneft-operated field.

ONGC Videsh Ltd had agreed to buy 15 per cent stake in Russia's second biggest oil field of Vankor from Rosneft for $1.268 billion.

The OVL deal is yet to be closed, but IOC has expressed its interest in take in stake in Vankor field. Positive read thru for IOC

·        Indian Bank Q2 net profit at Rs369 cr (YoY)

Indian Bank has announced the following Un-Audited Standalone results for the quarter ended September 30, 2015 :

The Bank has posted a net profit of Rs369.32 crore Vs Rs314.33 crore (YoY)

Total Income has increased to Rs4578.65 crore Vs Rs4340.33 crore (YoY)

·        Maruti Oct 2015 volumes up 29.1% (YoY)

Maruti Suzuki reported an impressive 29.1% YoY growth in dispatches for the month of October at 134,209 units.

Domestic volumes grew by 24.7% YoY to 121,063 units aided by new launches.

The entry level i.e. Mini segment (Alto, WagonR) volumes for the month were up 5.2% YoY to 37,595 units.

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