Indiabulls real estate board to consider restructuring of
commercial and residential business
Indiabulls Real Estate (IBR) share price is up 8.8% ahead of its
board meeting to consider restructuring of its residential and commercial &
leasing businesses. The commercial & leasing business has a total 9.1mn
sq.ft of leasable area. Out of which 5.2mn sq.ft is completed and 3.9mn sq.ft
is under construction & planning/approval phase. The expected annuity
income for FY18 is Rs720cr. The projected annuity income for FY20-21 is
Rs1,513cr.
The commercial and leasing business is held under Indiabulls
Commercial Assets Ltd, a wholly owned subsidiary of IBR.
Fortis healthcare issues clarification, stock gains
Shares of Fortis Healthcare in solid gains after the company
issued a clarification to the stock exchange.
Shares of Fortis Healthcare had rallied 23% in the morning trades
on the news of resignation by the Singh brothers, however, erased most gains
after the news of possible corporate governance issues surfaced.
Company has said that:
Company has deployed funds (Rs473cr) in secured short term
investments in promoter group companies with entities and the same has been
recorded as related party transactions.
It has denied that Deloitte has refused to certify Fortis
Healthcare’s Q2 results. The clarification states that the results are due for
the board approval and the limited review of the results is in progress. The
results will be submitted to the board on February 13, 2018.
Jubilant gets ANDA for Amantadine Hydrochloride Tablets
Jubilant Life Sciences Ltd, an integrated global Pharmaceutical
and Life Sciences Company, has announced that Jubilant Pharma Limited, a
material wholly owned subsidiary of the Company, through one of its wholly
owned subsidiaries, has received ANDA final approval for Amantadine
Hydrochloride Tablets, 100 mg, the generic version of Symmetrel of Endo. The
tablet is indicated for the prophylaxis and treatment of signs and symptoms of
infection caused by various strains of influenza A virus.
It is also indicated in the treatment of Parkinsonism and
drug-induced extrapyramidal reactions.
This is the ninth approval that we have received from the USFDA
during the current financial year. As on December 31, 2017, Jubilant had a
total of 86 ANDAs for Oral Solids filed in the US, of which 56 had been
approved and 12 Injectable filings, of which 10 had been approved.
M&M offloads 22% stake in JV to partner Sanyo Special Steel
for Rs146cr
India’s largest tractor manufacturer, Mahindra and Mahindra
Limited (M&M), sold 22% stake in Joint Venture (JV) Mahindra Sanyo Special
Steel Private Limited (MSSSPL) to JV partner Sanyo Special Steel Company
Limited (Sanyo) for Rs146.32cr. This was announced by M&M to stock
exchanges on February 9, 2018.
As per its FY17 Annual Report, M&M owns 51% stake in MSSSPL,
while Sanyo, Japan and Mitsui and Company Limited, Japan, own 29% and 20%
respectively. MSSSPL is a manufacturer of Carbon, Alloy & Tool Die Steels.
Indraprastha Gas to develop gas distribution network in Haryana
Indraprastha Gas Limited (IGL) has received grant of authorization
from Petroleum and Natural Gas Regulatory Board (PNGRB) for development of city
gas distribution network in the geographical area of Karnal District, Haryana.
IGL is a leading natural gas marketing company and has operations
across Delhi, Noida, Greater Noida and Ghaziabad. CNG contributed 69% and PNG
31% to sales volume, as of 3QFY18.
IGL’s FY18-20E volumes are set to grow at 10% per annum on the
back of sustained private car conversion from liquid fuels to CNG, addition of
new buses and LCVs, pick up in industrial sales and foray in new areas such as
Rewari and Gurugram. In 3QFY18, the overall volumes grew 14% yoy to 5.3mm scmd.
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