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Monday, 15 July 2019

CORPORATE NEWS CapitalStars 15/July/2019

Corporate news

Indigo board likely to question co-promoter Rakesh Gangwal on Jul 19
Board members of InterGlobe Aviation Ltd (IGAL) are likely to question co-promoter Rakesh Gangwal regarding his allegations against the independent directors, according to Business Standard and ET reports.
The company's board meeting has been scheduled for 19 July to take into account the June quarter results.
Shares of Indigo were trading up by ~2%.
Some IndiGo board members may also question Gangwal next week on the nature of the "exclusive parleys" with engine maker Pratt & Whitney (PW) ahead of the airline's latest engine order.

BHEL, CONCOR set up rail-based logistics terminal at Haridwar
Aimed at leveraging Bharat Heavy Electricals Limited (BHEL)'s strategic location and Container Corporation of India Limited (CONCOR)'s expertise in logistics, the two companies have signed an agreement to form a Joint Working Group (JWG) named BHELCON, for jointly setting up a Rail-based Logistics Terminal at Haridwar.
Significantly, with this, BHEL is making a strategic entry into a new growth area. This terminal will further be developed into a multi-modal-logistics-facility.
In addition to meeting BHEL's own requirements, the terminal will also cater to the large number of industries located in the neighboring SIIDCUL as well as other industrial clusters in the vicinity of the terminal.

DHFL clarifies that it is working with creditors for resolution without haircut
Shares of DHFL extended its losses in today trade and touched the lower circuit at Rs51.35 on the BSE. The company said in a press note that the entire set of management notes are basis its intent to be prudent and conservative inadequately providing-for in results.
Some of the media have used select portions of our statement and created panic/ confusion especially regarding the statement on the going concern.

Sun Pharma launches Ezallor Sprinkle (Rosuvastatin) in US
Sun Pharmaceutical Industries announced the US launch of Ezallor Sprinkle (rosuvastatin) capsules for the treatment of three types of elevated lipid disorders in people who have difficulty swallowing, a problem that is estimated to affect ~30- 35% of long-term care residents.
With the introduction of Ezallor Sprinkle, Sun Pharma continues our commitment of providing a portfolio of alternative formulation products to address the needs of people who have difficulty swallowing, which is especially prevalent among residents in long-term care facilities, said Abhay Gandhi, CEO, North America, Sun Pharma.

Indoco Remedies Goa plant-1 gets USFDA warning letter
Shares of Indoco Remedies fell 7% in late morning trade on Monday as the company has received a Warning Letter from the United States Food and Drug Administration (USFDA) for its Oral Dosages Plant, situated at L -14, Verna Industrial Road, Goa (Plant I), as a result of the inspection carried out in January 2019.
The facility had received 6 observations in Form 483s and was classified as (Official Action Indicated in March 2019. The company responded to these observations with a detailed remediation plan, the implementation of which is still on-goin.

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