Piramal Enterprises gains 2% as SC exempts Saridon from banned list
Shares of Piramal Enterprises (PEL) gained 2% on Thursday after the company, in a filing to the exchanges, informed that the Supreme Court (SC) of India has exempted Saridon and its formulation from the list of banned FDCs (fixed-dose combinations).
In September 2018, PEL had been awarded a stay order from the SC on the ban, which allowed it to continue with the manufacturing, distribution, and sale of the FDC, the company said.
Moody's affirms Yes Bank's issuer rating of Ba1
Moody's Investors Service ("Moody's") has affirmed Yes Bank's foreign currency issuer rating of Ba1 and changed the outlook to 'stable' from 'negative'. The credit rating agency clarified the same via an exchange filing on Thursday.Despite the news, shares of the company were trading down on Friday afternoon.
Moody's has also affirmed the bank's foreign and local currency bank deposit ratings of Ba1/NP, foreign currency senior unsecured MTN program rating of (P)Ba1, and baseline credit assessment (BCA) and adjusted BCA of ba2.
Grasim industries rises 2% after acquisition of KPR's Chlor-Alkali Business
Shares of Grasim Industries were in the green during trading hours on Thursday. Shares rose 2% intraday Thursday after the company acquired the chlor alkali business of KPR Industries.
Grasim Industries signed a definitive agreement to acquire the Chlor-Alkali Business (CAB) of KPR Industries (India) Ltd (KPR) by way of a slump sale, for a cash consideration of Rs253cr. The transaction will be funded through internal accruals.
Grasim Industries is global leader in viscose staple fibre (VSF) and has planned to expand its VSF capacity from 0.5mtpa (present) to 0.79mtpa by FY21E at capex of Rs4, 600cr. The company holds ~60% stake in UltraTech Cement. Grasim�s merger with Aditya Birla Nuvo (ABNL) provides it access to high-growth businesses.
Reliance Capital gains 9% as co invites Nippon Life to acquire stake in Reliance Nippon Life
Shares of Reliance Capital gained 9% on Thursday after the company invited Nippon Life to acquire a stake in Reliance Nippon Life.
The company has invited its partner, Nippon Life Insurance Co. to make an offer to acquire up to 42.88% stake held by Reliance Capital in Reliance Nippon Life Asset Management (RNAM), the company said in a press note to the exchanges on Thursday.
Zydus receives USFDA�s approval for Phytonadione, Colchicine tablets
Zydus Cadila in its filing to the exchanges on Thursday informed that it has received the final approval from the USFDA to market Phytonadione Tablets USP (US RLD- Mephyton), 5mg.
Phytonadione is Vitamin Kl and is used to treat & prevent low levels of blood clotting factors that the body naturally produces. These substances help in thickening of the blood and stop the bleeding normally (e.g. after an accidental cut or injury), the company said in a press note.
BHEL commissions 250 MW Thermal Power Plant in Bihar
Bharat Heavy Electricals Limited (BHEL) has achieved yet another milestone by successfully commissioning a 250 MW coal-based thermal power plant (TPP) in Bihar.
The unit has been commissioned at the Greenfield 4x250 MW Nabinagar Thermal Power Project, being set up by Bharatiya Rail Bijlee Company Limited (BRBCL), a joint venture of NTPC Limited and the Indian Railways.
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