MphasiS announced that its board approved a proposal for buyback of equity shares from all the existing shareholders of the company on a proportionate basis through the tender offer method at a maximum price of Rs 1350 per equity share, aggregating to an amount not exceeding Rs 988.27 crore. The resultant shares to be bought back with the maximum price is 73,20,555 equity shares of Rs 10 each (representing 3.79% of the total paid up equity share capital of the company). The buyback offer size of Rs 988.27 crore, is 25% of the total paid-up equity capital and free reserves of the company as per the audited financials as at 30 June 2018. The board also recorded the intentions of the promoter to participate in the proposed buyback. The announcement was made after market hours yesterday, 7 August 2018.

Separately, MphasiS announced after market hours yesterday, 7 August 2018, that its consolidated net profit rose 8.68% to Rs 258.31 crore on 4.34% increase in net sales to Rs 1820.22 crore in Q1 June 2018 over Q4 March 2018.

GAIL (India) will be watched. The company announced that Sales Tax Department raised a demand of Rs 3449.18 crore and interest thereon Rs 1513.04 crore in respect of Hazira unit in Gujarat, treating the transfer of natural gas from the State of Gujarat to other states, as inter-state sales, during the period from April 1994 to March 2001. Based on the direction of Supreme Court of India in the special writ petition filed by GAIL, the Gujarat Sales Tax Tribunal passed the order in GAIL's favour and gave instructions for reassessment, considering inter-state transfer as branch transfer. The Sales Tax Department had filed rectification application under section 72 of the Gujarat Sales Tax Act, 1969 with the Gujarat Sales Tax Tribunal which was dismissed by the Tribunal. Thereafter, the Sales Tax Department had filed petitions before the High Court of Gujarat against the order of the Tribunal and the same was pending as on 31 March 2018. The High Court of Gujarat vide Order dated 31 July 2018 has dismissed the petitions filed by the Gujarat Sales Tax Department. The announcement was made after market hours yesterday, 7 August 2018.

Glenmark Pharmaceuticals said its partner Elite Pharmaceuticals, Inc., a US specialty pharmaceutical company, has received approval from the US Food and Drug Administration (USFDA) for the abbreviated new drug application (ANDA) for methadone hydrochloride 5 mg and 10 mg tablets. The announcement was made after market hours yesterday, 7 August 2018.

Methadone is indicated for the management of pain severe enough to require daily, around-the-clock long-term opioid treatment and for which alternative treatment options are inadequate. Methadone can also be used for maintenance treatment of opioid addiction (heroin or other morphine-like drugs) in conjunction with appropriate social and medical services.

Glenmark Pharmaceuticals, Inc., Elite's marketing alliance partner, will sell and distribute methadone for Elite for which Elite will receive manufacturing and license fees. Based on QuintilesIMS Health data, the annual retail sales for the brand and generic products were approximately $30 million.

Patel Engineering announced that it bagged two hydro projects worth Rs 1793.50 crore and a tunnel project worth Rs 618.21 crore. The announcement was made after market hours yesterday, 7 August 2018.

GOCL Corporation said it received an order from Singareni Collieries Company, a PSU of Telangana State, worth Rs 203.09 crore for supply of explosives and accessories over a period of 2 years. The announcement was made after market hours yesterday, 7 August 2018.