TOP CORPORATE NEWS

·        Sun Pharma at record high, arm buys US-based Pharmalucence

Shares of Sun Pharmaceutical Industries  touched an all-time high of Rs 753 on the up 1.93 percent after its subsidiary acquired US-based Pharmalucence Inc.

·        Kotak Mahindra Bank Q1 net up 11%, asset quality improves

Kotak Mahindra Bank reported stable earnings with the consolidated net profit rising 11.3 percent on yearly basis to Rs 698.3 crore during April-June quarter on account of lower provisions and higher other income but higher operating expenses limited profitability of the bank.

·        Federal Bank Q1 profit up 108% on fall in provisions

Federal Bank reported strong earnings with the first quarter (April-June) net profit surging 108 percent to Rs 220.2 crore compared to Rs 105.7 crore in same quarter last year, aided by sharp fall in provisions and improvement in asset quality performance despite fall in other income.

·         DLF plans to raise Rs35bn

DLF Ltd is planning to raise up to Rs 3,500 crore through issue of securities backed by IT-SEZ. The company has office assets of 26-27 million sq ft, of which 12 million sq ft is IT-SEZs.

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