JSW Steel announced that it has obtained all the required clearances and obtained final commencement letter from the Government of Karnataka, Department of Mines & Geology on 10 February 2018 for starting of operations in respect of one of the 5 mines of which the auctions were conducted by the Karnataka state government in October 2016. Based on the latest commencement letter, mining operations were started on 11 February 2018 in Tunga mines which is of capacity 0.3 million tons per annum (MTPA). The announcement was made after market hours on Monday, 12 February 2018.
Bank of Baroda said it is exiting from its operations in South Africa, in line with the bank's strategic plan for rationalization of overseas branches. The business of the bank in South Africa is not very significant and the exit will not have any major impact on the financials of the bank. The bank will ensure an orderly exit in consultation with the local regulators. The announcement was made after market hours on Monday, 12 February 2018.
Indoco Remedies said that US Food and Drug Administration (USFDA) inspected the company's solid dosage plant in Goa (plant I). The company has received 8 observations (483s). All the observations are correctable and the company is in the process of preparing its response for the same. Exports from the solid dosage plant constitute less than 10% of the company's total export sales. The announcement was made after market hours on Monday, 12 February 2018.
Piramal Enterprises announced that the duly empowered administrative committee of directors has approved a proposal to initiate a transfer of certain assets and liabilities forming part of the company's financial services business, to its wholly-owned subsidiary Piramal Finance, for a net consideration not exceeding Rs 1910 crore. Relevant agreements to give effect to this are being executed. The announcement was made after market hours on Monday, 12 February 2018.
On a consolidated basis, CG Power & Industrial Solutions reported net loss of Rs 28.23 crore in Q3 December 2017 as against net loss of Rs 25.11 crore in Q3 December 2016. Net sales rose 14.97% to Rs 1516.08 crore in Q3 December 2017 over Q3 December 2016. The results were announced after market hours on Monday, 12 February 2018.
In a separate announcement after market hours on Monday, 12 February 2018, CG Power & Industrial Solutions said that it executed business transfer agreement and share sale and purchase agreement for its overseas step-down subsidiary - CG Electric Systems Hungary Zrt. The company had entered into a deal (excluding the switchgear business) for an enterprise value of Euro 38 million with Ganz Villamossagi Zrt and Alester Holdings. The closing of the sale is expected to be on or before 31 March 2018. The company has stated that the sale is part of its plan to reduce debt and to focus on core operations in India.
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