Globus Spirits has informed the exchanges that the High Court of Patna has set aside the Bihar State Excise Notification for non-renewal of Distillery License for producing ENA from FY 2017-18. Earlier in January, the Prohibition, Excise & Registration Department, Bihar, did not renew the licence. The Court also directed the Bihar government to consider the company’s renewal application in accordance with the requirements of law. Shares of Globus Spirits fell 1.39 per cent at ₹67.5 on the NSE.
Global ratings agency S&P on Thursday withdrew its investment grade, long-term corporate credit rating of BBB— on Mahindra & Mahindra , following a request by the company. In October 2015, rating agencies S&P and Moody’s had assigned investment grade, long-term corporate credit ratings on M&M giving it options to borrow through international bonds with tenures of 10-30 years at much lower rates. Earlier, the company’s options were limited to domestic borrowings and ECBs of tenures of up to five years. S&P had affirmed ‘BBB—’ on M&M before it withdrew the ratings. S&P, however, did not disclose the reasons for the company seeking withdrawal of the ratings. Shares of Mahindra & Mahindra slipped 1 per cent at ₹1,334.90 on the NSE.
Varun Beverages has informed the exchanges that it has set up a new unit for manufacturing Pepsi range of products at Hardoi, Uttar Pradesh. The unit kicked off commercial production and operations on May 3. Shares of Varun Beverages closed at ₹471.50, down 2.32 per cent on the NSE.