Ø Tata Motors revenues increased by 9% YoY to INR 670.5bn in 1QFY17 and net profit plunged by 57% to INR 22.3bn in 1QFY17 even as it reported exceptional gains of INR 4.7bn on account of recoveries pertaining to Tianjin port incident.
Ø Welspun India appointed consultancy major EY to review its supply-chain systems and process. The move follows US-based retailer Target Corporation's decision earlier this week to sever all ties with the company after a supply dispute.
Ø Adani Enterprises promoters - Gautam Adani and Rajesh Adani, have pledged an additional 16.5mn shares or 1.50% stake to STCI Finance Ltd.
Ø Lupin received tentative approval for its generic version of anti-depressant Paroxetine extended-release tablets from the US health regulator. The drug is indicated for the treatment of major depressive disorders, panic disorders, social anxiety disorders and premenstrual dysphoric disorders.
Ø Rural Electrification Corporation (REC) will seek shareholder's nod on September 21st 2016 for raising INR 500bn through issue of non- convertible debentures.
Ø Tata Steel has given up the plan to set up 5.5 million tonne per annum (MTPA) green-field integrated steel plant in Chhattisgarh's Bastar district. Tata Steel recently lost an iron-ore mine that it was allotted in Dantewada district---about 150 km from the proposed steel plant site.
Ø IOCL In a bid to achieve 100% Bharat Stage-IV (BS-IV) fuel production, will invest around INR 13.3bn in two phases, to complete the conversion from BS-III to a cleaner fuel by the end of this year.
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