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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