TOP CORPORATE NEWS - 05 OCT 2016

RInfra to sell power transmission biz to Adani for Rs 2,000 cr

Anil Ambani-led Reliance Infrastructure   today signed an agreement to sell its power transmission assets to Adani Group for over Rs 2,000 crore. Reliance Infra owns two electricity transmission lines spanning Maharashtra, Gujarat, Madhya Pradesh and Karnataka and has a 74 percent stake in another in Himachal Pradesh and Punjab.

Ashok Leyland eyes over Rs 2,000 cr from defence biz in 5 years

Hinduja group flagship Ashok Leyland   expects its defence business to log four-fold jump in revenues at over Rs 2,000 crore in next five years as it gears up to provide an entire range of mobility solutions, including missile carrying vehicles, to the armed forces.

Aurobindo to raise $500 mn to fund new acquisitions

Aurobindo Pharma to raise $500 mn (Rs3300 crore) to fund new acquisitions; it is one of the bidder for Teva’s assets in UK & Ireland. If successful in closing the deal, it will help Aurobindo consolidate its position in Europe.

The company has approximately 200 products under development for EU alone and expects the region to drive growth over the next three to four years – Long term positive for Aurobindo.

Alembic Pharma Panelav Unit gets EIR from USFDA

Drug maker, Alembic Pharmaceuticals said that it has received the Establishment Inspection Report from the US health regulator for its formulation facility located at Panelav in Gujarat.

The company's formulation facility located at Panelav has received the Establishment Inspection Report (EIR) from US Food and Drug Administration (FDA) for the inspection carried out by them in March 2016.

Bharat Forge US truck orders slips by 27%

Bharat Forge will also be closely watched after reports suggested that its class 8 truck orders in U.S. fell by 27% to 13,800 units in September 2016.

This is the worst September since 2009 for Bharat Forge and approximately 20% of operating profit or EBITDA for the company comes from this segment.

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