Daily Bulletin (24th June, 2019)

There are no current notifications of our companies on this date

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190624-43

1. Scrip code : 532454
Name : Bharti Airtel Ltd.
Subject : Update On Scheme Of Arrangement Between Tata Teleservices (Maharashtra) Limited And Bharti Airtel Limited And Their Respective Shareholders And Creditors Under Sections 230 To 232 Of The Companies Act, 2013 (‘Scheme’)
Further to our intimation dated February 04, 2019 and pursuant to Regulation 30(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have been informed by Tata Teleservices (Maharashtra) Limited that Hon’ble National Company Law Tribunal, Mumbai Bench, vide its Order dated June 12, 2019 received on June 20, 2019, has approved fixing of the Appointed Date of the Scheme as July 1, 2019. Kindly take the same on record.

2. Scrip code : 501430
Name : Bombay Cycle & Motor Agency Ltd.
Subject : Corporate Action-Board recommends Bonus Issue
This is to inform you that Board of Directors of the company at their meeting held on Saturday 22 June, 2019 has decided and recommended issue of fully paid bonus share in the ratio of 1:1.

3. Scrip code : 532605
Name : JBM Auto Limited
Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement
This is to inform you that the Hon’ble National Company Law Tribunal, New Delhi Bench (‘NCLT- Delhi’), has approved the scheme of amalgamation of JBM Auto System Private Limited (Transferor Company No. 1) with the JBM Auto Limited (‘Transferee Company’) vide its order dated 14th June, 2019 which is made available on the website of the NCLT – Delhi on 21st June, 2019. However, pursuant to the scheme of Amalgamation, the merger shall be effective after receipt of the final order from the Hon’ble National Company Law Tribunal, Mumbai Bench (‘NCLT – Mumbai’) in the matter of Amalgamation of JBM MA Automotive Private Limited (Transferor Company No. 2) with the JBM Auto Limited (‘Transferee Company’). The Company has applied for and awaiting certified copy of the order with the scheme from NCLT – Delhi and a copy of the NCLT – Delhi order as downloaded from the website of NCLT – Delhi is enclosed herewith for your perusal and record please.

4. Scrip code : 954040
Name : NTPC Limited
Subject : Announcement under Regulation 30 (LODR)-Joint Venture
NTPC Limited (NTPC) hereby gives Corporate Disclosure with respect to signing of a Joint Venture Agreement with Power Grid Corporation of India Limited (POWERGRID) to incorporate a Joint Venture Company (JVC) between NTPC and POWERGRID with equity participation of 50:50 respectively with an objective to undertake the business for distribution of electricity in distribution circles in various States and Union Territories of India and other related activities. The aforesaid JVC shall be incorporated only after obtaining necessary approvals of the Government. Details required to be disclosed as per the Securities and Exchange Board of India circular no. CIR/CFD/CMD/4/2015 dated September 9, 2015 are enclosed as Annexure-I.

5. Scrip code : 531169
Name : SKP Securities Ltd.
Subject : In Compliance With Regulation 5(V) Of The Securities And Exchange Board Of India (Buyback Of Securities) Regulations, 2018, As Amended, Enclosed Herewith A Copy Of Special Resolution Through Postal Ballot Passed By The Shareholders Of The Company. Certified true copy of the Special Resolution through Postal Ballot passed by the Shareholders of SKP Securities Limited for the buyback of 9,95,000 fully paid-up equity shares of face value of Rs. 10/- each through Tender offer process at a price of Rs. 70/- per share

6. Scrip code : 505285
Name : Tulive Developers Limited
Subject : Corporate Action-Updates on Buy back
The Company bought back 4,80,000 equity shares of face value Rs.10 each at a price of Rs. 350 per share on 14th June 2019. The aforementioned shares were extinguished by CDSL on 19th June 2019. Details of the shares extinguished in accordance with regulation 11(iv) of SEBI Buyback regulations are uploaded.

L&T bags power project worth over Rs 7,000-cr in Bihar

The engineering and construction company, did not provide the exact value of the contract, but specified that as per its classification, the mega project is over Rs 7,000 crore.

Infrastructure major Larsen & Tourbo (L&T) on Monday said its power business has won a mega order from SJVN Thermal Pvt Ltd to set up an ultra-supercritical power plant in Buxar district, Bihar.

The engineering and construction company, did not provide the exact value of the contract, but specified that as per its classification, the mega project is over Rs 7,000 crore.

“The scope of work for L&T includes design, engineering, manufacture, procurement, supply, construction, erection, testing and commissioning of Buxar Thermal Power Project (2×660 MW).

SJVN Thermal Pvt Ltd is a wholly-owned subsidiary of SJVN Ltd, a joint venture of the Government of India and the Government of Himachal Pradesh and a Mini Ratna public sector undertaking.

Prime Minister Narendra Modi laid the foundation stone of the plant in March this year.

Shares of the company were trading at Rs 1,545.40 apiece, up 0.35 per cent from their previous close, on BSE.

https://www.moneycontrol.com/news/business/lt-bags-power-project-worth-over-rs-7000-cr-in-bihar-4129521.html

IndiaMart’s Rs 475 crore-IPO opens today; check price band, date, offer details

IndiaMart InterMesh, operator of the online listing platform- Indiamart.com online, is opening its IPO for a subscription today. The issue would close on June 26.

IndiaMart InterMesh, operator of the online listing platform- Indiamart.com online, is opening its IPO for a subscription today. The issue would close on June 26. The price band has been fixed at Rs 970–973 per share for the IPO, which is completely an offer for sale. The company will offload up to 48,87,862 equity shares and is expected to raise around Rs 475 crores. IndiaMart will not receive any proceeds from the issue. Promoters Dinesh Chandra Agarwal and Brijesh Kumar Agrawal will offload 14,30,109 shares via this issue. The company’s promoters holding will reduce to 53 per cent from 58 per cent after this IPO. Other major investors Intel Capital (Mauritius), Amadeus IV DPF and Accion Frontier Inclusion Mauritius will also sell some of their stakes via this issue.

On Friday, IndiaMart InterMesh garnered about Rs 214 crores by allotting 2,195,038 equity shares at Rs 973 per share to 15 anchor investors, including ICICI Mutual Fund, HDFC Mutual Fund, SBI Mutual Fund, Birla Mutual Fund, SAIF Partners and Malabar India.IndiaMart InterMesh earns revenues from the sale of subscription packages, from the sale of request for quote or “RFQ” credits, advertising from IndiaMART desktop, mobile optimised platforms and revenue from payment facilitation services. The company has 129,589 paying subscription customers in its three different packages as on FY19. It had 82.7 million registered buyers and 5.5 million supplier storefronts in India as on FY19. Indian supplier storefronts had listed total 60.7million products. The company reported an aggregate of 723.5 million visits in FY19 out of which mobile traffic constituted 76 per cent of total traffic, Reliance Securities said in a report.

General demand slowdown for the types of products and services listed by the suppliers on IndiaMART online marketplace and higher competitive intensity are the key risks as stated by reliance Securities in its report.IndiaMart reported consistent growth in its revenue over the past three financial years. In FY17, the company’s revenue was Rs 317.8 crore, whereas in FY18 and FY19 it rose to Rs 410.51 crore and Rs 507.42 crore, respectively. It registered a loss of Rs 64 crore in FY17. In FY18, its adjusted profit after tax (PAT) stood at Rs 55 crore, while in FY19, it was Rs 20 crore.

https://www.financialexpress.com/market/indiamarts-rs-475-crore-ipo-opens-today-check-price-band-date-offer-details/1616885/

Oil prices rise as Middle East tensions simmer

U.S. President Donald Trump said last week that he called off a military strike to retaliate for Iran’s downing of an unmanned U.S. drone, and he said on Sunday that he was not seeking war with Iran.

Oil prices climbed on Monday as tensions remain high between Iran and the United States, with U.S. Secretary of State Mike Pompeo saying “significant” sanctions on Tehran would be announced. Brent futures were up 37 cents, or 0.6%, at $65.57 a barrel by 0044 GMT. West Texas Intermediate crude was up 43 cents, or 0.8%, at $57.86 a barrel.

U.S. President Donald Trump said last week that he called off a military strike to retaliate for Iran’s downing of an unmanned U.S. drone, and he said on Sunday that he was not seeking war with Iran. But Pompeo also said “significant” sanctions on Iran would be announced on Monday aimed at further choking off resources that Tehran uses to fund its activities in the region.

“The Middle East clashes should support oil prices at the start of the week as crude markets will wait to see Iran’s response to the threat of additional sanctions,” said Edward Moya, senior market analyst at OANDA in New York. Oil prices surged last week after Iran shot down a drone that the United States claimed was in international airspace and Tehran said was over its territory.

Amid the escalating tensions Brent racked up a gain of about 5% last week, its first weekly gain in five weeks, and WTI jumped about 10%, its biggest weekly percentage gain since December 2016. Trump said he had aborted a military strike on Iran because such a response to Tehran’s downing of the unmanned U.S. surveillance drone would have caused a disproportionate loss of life.

ranian officials told Reuters that Tehran had received a message from Trump through Oman overnight warning that a U.S. attack on Iran was imminent.

“We’re prepared to negotiate with no preconditions,” Pompeo told reporters on Sunday. “They know precisely how to find us. I am confident that at the very moment they’re ready to truly engage with us we’ll be able to begin these conversations. I’m looking forward to that day.”

https://www.financialexpress.com/market/commodities/oil-prices-rise-as-middle-east-tensions-simmer/1616706/

Glenmark Pharma down over 6%, hits 52-weeks low as FDA issues CRL for Ryaltris

Glenmark said it will continue to pursue regulatory approval for Ryaltris and work closely with the FDA to determine the appropriate next steps

Glenmark Pharmaceuticals plunged over 6 percent intraday on June 24, after the pharma player said the US Food and Drug Administration has issued a Complete Response Letter (CRL) regarding the new drug application for Ryaltris.

The CRL cites deficiencies in the Drug Master File pertaining to one of the active pharmaceutical ingredients and in manufacturing facilities, the company said in a regulatory filing.

At 1000 am, Glenmark was trading 6 percent down at Rs 469. The stock hit a fresh 52-week low at Rs 467.70 on the BSE.

“We would like to inform you that the US Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) regarding the New Drug Application for Ryaltris (olopatadine hydrochloride [665 mcg] and mometasone furoate [25 mcg]), Nasal Spray,” Glenmark Pharmaceuticals said.

“The CRL does not specify any deficiencies with the clinical data supporting the New Drug Application for Ryaltris. We feel confident that we should be able to resolve these issues within the next six to nine months,” it added.

The company said it will continue to pursue regulatory approval for Ryaltris and work closely with the FDA to determine the appropriate next steps.

In a separate report, Glenmark said that it plans to partner with Novartis to promote, commercialize and distribute three respiratory products in Brazil. Novartis will be responsible for manufacturing the products and Glenmark will exclusively commercialise them in Brazil.

“A delay in Ryaltris approval (due to CRL issued by USFDA) will weigh on the stock until clarity emerges. The exclusive partnership arrangement will strengthen Glenmark’s respiratory franchise in Brazil,” said a Sharekhan note.

https://www.moneycontrol.com/news/business/markets/glenmark-pharma-usfda-crl-ryaltris-4129231.html