SRF to sell engineering plastics commercial enterprise to DSM for Rs 320 crore
Chemicals firm SRF Ltd on May eleven stated it’ll promote engineering plastics commercial enterprise to DSM for Rs 320 crore as a part of a strategy to awareness on a center operation. The Gurugram-based SRF is a chemical-based totally multi-enterprise entity engaged in the production of business and specialty intermediates.
In an all-cash transaction, the organization has entered a definitive agreement to sell its engineering plastics enterprise to DSM, the lifestyles sciences and substances sciences enterprise, amounting to Rs 320 crore.
SRF’s engineering plastics business manufactures more than one grade of engineering plastic compounds, catering to the automobile and electrical industries.
““Today marks a widespread milestone for our business enterprise, as we take every other step along our strategic route of that specialize in our core agencies,” stated Ashish Bharat Ram, Managing Director, SRF.
Sell Gujarat State Petronet; target of Rs 172: Dolat Capital.
Gujarat State Petronet (GSPL) volumes had been below our estimates. Revenue and profitability have been underestimated due to a decrease than anticipated volumes and better than expected other prices. However, this was offset to a degree with the aid of an increase in transmission tariffs. Transmission tariffs improved by using 32.6% YoY to ` 1.48/SCM. With lower financial sports, spot quantity share ought to be softer and impacted taxation and revenue. Considering that RIL extent off-take will lessen in FY20, volumes are anticipated to reduce on a sequential foundation every year. Transmission tariff orders are carried out, and there may be no near-term cause on this front. With each volume and tariff outlook looking muted, we count on a confined sales boom in conjunction with profitability.
Investments in Gujarat Gas and Sabarmati Gas will acquire restrained fruits. Investments in a consortium for transnational pipelines are a concern in the medium term. Considering those elements, we downgrade the inventory to sell with a target price of ` 172.
Sun Pharma shares dive 21% simply days after US lawsuit over-inflated expenses
Shares of Sun Pharmaceuticals dived 21 percentage intra-day, simply days after greater than forty states in the US filed a lawsuit alleging drug manufacturers of artificially inflating fees.
At near, the inventory charge became down 9.06 percent to Rs 398.10 per percentage at the National Stock Exchange, even as in assessment, Nifty50 slipped 1.16 rate to 11,148.20.
The US lawsuit alleges companies manipulating and growing charges of widespread drugs artificially to boom earnings.
“We consider the allegations made in those court cases are without advantage and we can keep to vigorously shield towards them,” a Sun Pharma spokesperson informed CNBC-TV18.