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TOP CORPORATE NEWS-10 Aug 2015

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Lupin opens R&D to develop inhalation products in US
Drug major Lupin said that it has opened a research and development centre for inhalation products in Florida, the US. The facility at Coral Springs, Florida, will focus on the research and development of inhalation products for the treatment of asthma, allergic rhinitis, chronic obstructive pulmonary diseases and other lung diseases, the company said.
                                                                                   
Tata Motors drops post Q1 nos as JLR margins slide
Shares of Tata Motors dropped 1% to Rs389 on NSE in otherwise positive markets post Q1FY16 results despite improvement in standalone business as JLR margins slide due to lower contribution from China; results in-line with our expectation. Tata Motors continued to post an improved performance in its domestic business on the back of higher volumes for MHCVs and some recovery in the passenger vehicle division.
                                                                                                                                                                                                                                                     
Pramerica Asset managers to acquire Deutche Bank’s AMC business
Pramerica Asset managers to acquire Deutche Bank’s AMC business—positive read thru for DHFL .Pramerica Asset Managers has agreed to buy Deutsche Bank’s India asset management business.
Separately, Dewan Housing Finance said that it has decided to acquire 50% of the equity share capital of Pramerica Asset Managers. However, the financial details of the transaction were however not disclosed.

Banks Board Bureau to be set up soon
As per finance ministry, the government will soon set up a body, Banks Board Bureau (BBB), to recommend appointment of directors in public sector banks and advise on ways for raising funds and mergers and acquisitions to the lenders. The Bureau is likely to be a six-member board comprising former CMDs of banks and financial services sector experts. The proposal was announced in Union budget and its implementation will improve the governance in PSU Banks and hence sentimentally positive for PSU Banks.
                                                   
Thomas Cook acquires Kuoni Group’s travel operations
Thomas Cook India (TCIL) has entered into agreement with Kuoni Group to acquire Kouni’s travel business in India and Hong Kong for consideration of Rs535crore. At the combine revenues of Rs1410.5crore (India operations Rs897crore + Hong Kong operations Rs514crore), the deal is valued price to sales of 0.38x..

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