CORPORATE NEWS 19-Sep-2018

Titan stock drops after foreign brokerage downgrades

Shares of Titan is trading lower on the NSE after the foreign brokerage firm CLSA downgraded the stock to sell.

CLSA downgraded the stock to sell and cut the target price to Rs720 from Rs1, 050 amid growth concerns after the company missed Q1 guidance, as per media reports.

The company has better fundamentals but uncertainty will weigh on the stock, CLSA said. The brokerage house downgraded the rating from Outperform to Sell.

Strides Pharma stock slips after USFDA observations for Bangalore plant

Strides Pharma Science stock is trading lower on the BSE in the afternoon trade. The pharma company has received Form 483 for its Bangalore plant with three observations from the United States Food and Drug Administration (USFDA), the company said in a press note on Tuesday.

The US authority has issued a Form 483 after completion of pre-approval product inspection on August 25, the company said.

"The company believes that the observations are not material in nature and we have already responded to the USFDA," Strides said in the note.

TVS Motor inks pact with Torino for Mexican market foray

TVS Motor Company has inked a pact with Torino Motors, a subsidiary of Groupo Autofin, for marketing its products in the Mexican region, the company said in a press note to the exchanges on Wednesday.

"As per the agreement, Torino Motors will work with TVS Motor Company to open 40 exclusive stores for the distribution of two-wheelers in Mexico," the company added.

ICICI Bank clarifies on reports of filing consent settlement application with Sebi

Denying the statement of Indian markets watchdog Securities and Exchange Board of India (Sebi) that ICICI Bank has sought settlement through consent on the Kochhar issue, ICICI bank clarified that the bank has not filed any such application for settlement.

"We have submitted our response to the show cause notice issued by Sebi. We would like to clarify that we have not filed any application for settlement," the company said in a press note to the exchanges after market hours on Tuesday.

Nestle, Unilever, Coca-Cola make bids for Rs400cr+ GSK India sale

Swiss transnational food and drink company Nestle, British-Dutch transnational consumer goods company Unilever, and beverages company Coca-Cola are all in the race to buy GSK India’s Horlicks nutrition business, as per a Reuters report. This deal is expected to fetch a sum of over Rs400cr.

In the preliminary bids, which were due on Monday, the three consumer goods companies were seen as favorites.

Though Indian consumers are weighed down by currency devaluation and GST, the country’s growing population and purchasing power make it attractive for companies that are trying to nullify the weak growth in the western markets.

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