Hindalco Industries said that CARE has revised long term rating of the company's non convertible debentures (NCDs) from AA+ to CARE AA. Hindalco Industries made the clarification after market hours yesterday, 8 October 2015 with respect to reports titled "CARE cuts rating for Hindalco debentures."
Sun Pharmaceutical Industries announced before trading hours today, 9 October 2015, that it has withdrawn its appeal in the lawsuit filed by erstwhile Ranbaxy Laboratories (Ranbaxy) in November 2014 in a US District Court against US Food and Drug Administration (FDA). This lawsuit challenged FDA's revocation of Ranbaxy's tentative approvals for its generic versions of Nexium and Valcyte in the US. The company said it does not believe that the withdrawal of said lawsuit will have any materially adverse financial impact on the company.
Power Grid Corporation of India said that the company has incorporated a wholly owned subsidiary company named Grid Conductors to manufacture aluminium and aluminium alloy electricity conductors at an estimated cost of Rs 127.35 crore on 15 September 2015. The announcement was made after market hours yesterday, 8 October 2015.
Accelya yesterday, 8 October 2015 announced that LATAM Airlines Group, the largest airline group in Latin America, has selected the company's REVERAPRA to standardize the passenger revenue accounting processes across the airlines that are part of LATAM Airlines Group. Accelya has also been LATAM Airlines Group's partner for Interline Billing, Audit and Revenue Recovery, Card Management and airline Market Share Analysis.
8K Miles Software Services' consolidated net profit rose 21.05% to Rs 8.74 crore on 20.65% rise in total income to Rs 61.09 crore in Q2 September 2015 over Q2 September 2014. 8K Miles Software Services said that the board of directors of the company at its meeting held yesterday, 8 October 2015, has allotted 1.50 lakh shares of the company to R. S. Ramani (promoter group) out of conversion of warrants. With this allotment, the total promoter holding in the company has increased from 61.96% to 62.48%. The announcement was made after market hours yesterday, 8 October 2015.
Virinchi Technologies said that the company's wholly owned subsidiary Virinchi Health Care successfully raised further loan of Rs 38.75 crore under a consortium loan arrangement with Central Bank of India, Oriental Bank of Commerce and Lakshmi Vilas Bank in addition to the term loan of Rs 30 crore already raised from Canara Bank acting as the lead lender, for the hospital project at Banjara Hills, Hyderabad.
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