TOP CORPORATE NEWS - 22 SEP 2016

Godrej Properties gains on new residential project in Bangalore

Shares of Godrej Properties gained 1.5% to Rs341.50 on NSE on reports that the company has added a new residential project in Bangalore. Godrej Properties has acquired a land parcel measuring ~12 acres off solapur road in South Bangalore. The company plans to develop a residential housing project of ~92,900 square metres (~1 million sq ft). The development is positive for the stock.

Coal India is looking at acquiring assets abroad

According to Sutirtha Bhattacharya, Chairman, Coal India, the company is exploring options in Indonesia, South Africa and Australia.

While it is in talks with the Indonesian government; it has already signed an MoU with the South African government for acquisition of mines.

However, there is not much progress yet. Coal India has already surrendered licences in Mozambique and has requested the government there to give “alternative area”.

GNFC forms JV to set up Rs 50-cr wet lime project

GNFC has entered into a joint venture to set up a wet lime project in Bharuch at a cost of Rs50 crore.

The company along with Santosh Agrochem LLP will set up 'about 345 MTPD purified wet lime project in a phased manner at Bharuch to be implemented through a JV Company in the name of 'Calciwell Chemtech Pvt Ltd' at an estimated cost of Rs50 crore.

Government permits NHAI, PFC others to raise Rs31,300 crore

Infrastructure sector: Government permits NHAI, PFC others to raise Rs31,300 crore via bonds in FY2017

Union cabinet approved a proposal to raise Rs31,300 crore  by NHAI, Power Finance Corporation (PFC), REC, Indian Renewable Energy Development Agency (IREDA), Inland Waterways Authority of India (IWAI), and National Bank for Agriculture and Rural Development (NABARD) through issuance of bonds during FY2017 and to service the principal and interest against Extra Budgetary Resources (EBR) of Rs16,300 crore by Government of India to augment infrastructure spending.The development is positive read thru for Infrastructure sector.

Aurobindo surges on tentative approval for Dolutegravir

Shares of Aurobindo Pharma surged over 5% to Rs849.80 on NSE on reports that the company has got tentative approval from USFDA for Dolutegravir for the treatment of HIV – Positive for Aurobindo; stock is up 4.5%; read thru.

For Aurobindo it is an important milestone as it marks the first FDA approval of a generic version of Dolutegravir (DTG), as it will be recommended for use in treatment  of HIV-1 infection in combination with other antiretroviral agents.

Through an innovative collaboration with ViiV and the Clinton Health Access Initiative, Inc. (CHAI), the product is expected to be launched in sub-Saharan Africa in late 2016.

ViiV Healthcare and Aurobindo Pharma signed a licensing agreement in 2014 that allows Aurobindo Pharma to supply Dolutegravir 50mg in 92 licensed countries, following completion of required local regulatory approval processes.

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