ITC hikes prices of select cigarette brands
ITC has taken a price hike of 7% to 14% in select brands, namely, Bristol, Flake Excel and Capstan, as per the media sources. These brands together contribute 10-13% to the total sales of ITC.
The price hike will aid the improvement in the EBIT margin of Cigarette segment. The stock price of ITC corrected post the Q3FY19 results because the company reported lower EBIT growth for the cigarette division at 8.8% instead of street estimate of double digit growth (11-12%).
RCom seeks DoT NoC for spectrum deal with Jio
Reliance Communication has written a letter to the Department of Telecommunications (DoT) secretary Aruna Sundararajan to issue a no objection certificate (NoC) to its pending spectrum trading deal with Reliance Jio Infocomm, media reports stated.
As per reports, the letter cited the recent order by the Telecom Dispute Settlement & Appellate Tribunal (TDSAT), which stated that liabilities of the past lies with the seller, not with the new buyer. In this deal, RCom is selling its spectrum to Reliance Jio.
Natco, partner Lupin receives approval for lmatinib Mesylate Tablets
Natco Pharma in its filing to the exchanges on Wednesday informed that the company with its alliance Lupin received final approval of Abbreviated New Drug Application (ANDA) from the US Food and Drug Administration (FDA) for lmatinib Mesylate Tablets, 100 mg (base) and 400 mg (base).
These tablets will be marketed in the USA by Natco�s marketing partner Lupin, as generic versions of Novartis Pharmaceuticals Corporation's (Novartis) Gleevec Tablets, 100mg, and 400mg, the company said in a press note to the exchanges on Wednesday.
Grasim gains 1% on acquiring stake in Soktas India
Shares of Grasim Industries gained 1% on Wednesday after the company signed a definitive agreement to acquire 100% equity shareholding of Soktas India Private Limited, from its current promoters, for an enterprise value of Rs165cr.
The acquisition is subject to net debt and working capital adjustments, as of the closing date, the company said in a press note after markets hours to the exchanges on Tuesday.
Larsen & Toubro bags large contract for metro rail project
Heavy Civil Infrastructure Business of L&T Construction has secured orders from Bangalore Metro Rail Corporation Limited for the design and construction of Phase - 2 work.
The project is to be completed in 42 months, the company said in a BSE filing.
The scope for Package No. 2 includes underground structures (tunnels & stations) ~2.76km long from Vellara Junction station to Shivajinagar station and three UG Metro Stations at Vellara Junction, M. G. Road, and Shivajinagar on the Reach-6 line.
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