FINWIRES · TerminalLIVE
FINWIRES

Welspun Completes Intra-Group Transfer of Saudi Unit; Shares Slide 4%

By

Welspun Corp (NSE:WELCORP, BOM:532144) completed the transfer of its Saudi Arabia-based subsidiary Welspun Pipes Co. to Welspun Global Holdings Ltd. from Welspun Mauritius Holdings Ltd., according to a Thursday filing on Indian bourses.

Shares of the pipes manufacturer fell nearly 4% in Friday's trade.

Following the transaction, Welspun Pipes has become a wholly owned subsidiary of Welspun Global Holdings. Both entities involved in the transfer are wholly owned subsidiaries of Welspun, the filing said.

The company said the intra-group restructuring does not change ultimate ownership and is not expected to materially impact its operations or financials.

Related Articles

Asia

Avantel Receives Additional Order Worth INR19 Million for Supply of Power Amplifiers

Avantel (BOM:532406) has secured an order worth 19.2 million Indian rupees from Bharat Electronics (NSE:BEL, BOM:500049), according to a BSE filing on Friday.The contract for the supply of power amplifiers is an addition to Bharat Electronics' existing order value of 110.4 million rupees.The project is expected to be completed by September.The company's shares were up over 2% in recent trade.

$BOM:500049$BOM:532406$NSE:BEL
Asia

Godrej Properties Awards INR11 Billion Contract to Tata Projects for Gurgaon Luxury Trio

Real estate developer Godrej Properties (NSE:GODREJPROP, BOM:533150) has partnered with engineering and construction company Tata Projects for three of its luxury developments in Gurgaon, India, according to a Friday filing to the Indian stock exchanges.Under the pact, Tata Projects has awarded a contract worth 11 billion Indian rupees. The order is for setting up the core and shell construction works across Godrej Properties' three upcoming projects, Godrej Sora, Godrej Astra, and Godrej Samaris in Gurgaon.The company said this is its largest single construction contract award to date.Godrej Properties' shares were up nearly 1% in recent trade.

$BOM:533150$NSE:GODREJPROP
Asia

Shengnuo Biotec's Unit Completes Drug Master File Registration for Terlipressin Acetate With US FDA

Chengdu Shengnuo Biotec's (SHA:688117) unit, Chengdu Shengnuo Biopharmaceutical, completed the drug master file registration with the U.S. Food and Drug Administration for the active pharmaceutical ingredient, terlipressin acetate, according to a Shanghai bourse filing on Friday.The drug is used for treating bleeding in the gastrointestinal and genitourinary systems.The peptide drugmaker's shares rose by less than 3% at the close.

$SHA:688117