Lupin drops as Mandideep unit receives USFDA observations

Lupin drops as Mandideep unit receives USFDA observations

Lupin slipped over 13% to Rs1294.05, after reports suggested that it has received a Form 483 (observation letter) from US drug regulator, USFDA for its Mandideep manufacturing facility.

Lupin's active pharmaceutical ingredient ( API) and formulations units of Mandideep manufacturing facility in Madhya Pradesh have reportedly received two observations each after the facility was inspected by United States Food & Drug Administration ( USFDA) between February 08, to February 19, 2016.

Ashok Leyland sells 0.55% stake in Indusind Bank

Ashok Leyland has sold 0.55% stake in Indusind Bank for Rs300 crore. The proceeds are likely to be utilized to reduce debt.

The stock opened at Rs105.40 marking days low at Rs105.05 with an intraday high of Rs106.50 and is currently trading at Rs105.45 up by 0.67% on NSE so far.

LIC ups stake in IDBI Bank to 14.3%

IDBI Bank has allotted 15.8 crore equity shares, equivalent to 7.16% stake for Rs850 crore, on preferential basis to Life Insurance Corporation of India (LIC), which now holds over 14.3% stake in IDBI Bank.

The allotment of shares is part of IDBI Bank's plan to offload government shareholding as part of its privatization move.

Cadila receives USFDA nod to market Acyclovir tablets

Cadila receives nod from USFDA to market Acyclovir tablets (manufacturing at Ahmedabad SEZ), used in treatment of AIDS – Sentimentally positive.

Torrent Power signs contract with WTG group

Torrent Power has entered into a contract with a leading WTG manufacturing group for development of the 197.40 MW Wind Power Project across three sites in Kutch and Bhavnagar, Gujarat.

This Project is expected to be commissioned progressively by March 2017 and shall have off take arrangements for fulfilment of Renewable Power Purchase Obligations (RPO).

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TOP CORPORATE NEWS- 23 Mar 2016

Kotak Bank gets RBI approval to raise FII limit

Reserve Bank of India has allowed the Bank to raise foreign institutional investment (FII) limit to 55%.

The Reserve Bank of India, vide its letter dated March 22, 2016 has intimated that pursuant to the approval from the Foreign Investment Promotion Board, they are taking the foreign investment limit in Kotak Mahindra Bank to 55 per cent on their record, the Bank said in a filing to the Bombay Stock Exchange.

Indiabulls Housing to raise Rs250 crore via NCDs

Indiabulls Housing Finance said that it will raise Rs250 crore through private placement of non-convertible debentures (NCDs).

The issue of secured non-convertible redeemable debentures will open on March 29, which has also been fixed as the allotment date.The NCDs would be of four-year tenor and would have an annual coupon rate of 9.25%.

M&M to launch compact sports vehicle NuvoSport on April 4

Mahindra & Mahindra to launch compact sports vehicle NuvoSport on April 4,M&M plans to broaden its compact utility vehicle portfolio with the launch of the “ NuvoSport” that will come as a replacement to the Quanto. The company revealed the new vehicle’s pictures and confirmed to roll it out on April 4, 2016.

Siemens gets shareholders’ approval for sale of Healthcare arm

Siemens India has sought an approval of its shareholders through postal ballots to sale its Healthcare arm to parent Siemens AG, Germany.The transaction will fetch Siemens India a lump-sum consideration of Rs3,050 crore and will be in effect from 1st July 2016. The results of postal ballot will be out on 29th April 2016.

Glenmark Pharma gets USFDA approval for gEvista

Glenmark Pharma gets USFDA approval for gEvista – Positive for Glenmark.Glenmark receives final approval from USFDA for gEvista i.e. Raloxifene Hydrochloride tables used to treat osteoporosis in women after menopause.

Glenmark currently consists of 109 product approvals for US market and 60 ANDA’s pending approval with the USFDA.

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TOP CORPORATE NEWS- 22 Mar 2016

SBI raises Rs500 cr via tier-ll bonds

State-owned lender State Bank of India (SBI) on Tuesday said it has raised Rs500 crore through issuance of 5,000 Basel III compliant, tier-ll bonds in the nature of debentures on a private placement basis.The Bank has on March 21, 2016 issued 5,000, Basel III compliant, Tier-ll bonds in the nature of debentures, of face value of Rs10,00,000 each at par, with 10 year tenure, bearing 8.45 per cent p.a. coupon payable annually and with call option after 5 years, aggregating to Rs500 crore on private placement basis.

Bharti Airtel to close $179 million telecom tower deal

Bharti Airtel to close $179 million telecom tower deal (1350 towers) for Tanzania operations with American Tower Co by Jun.

Infibeam IPO subscribed 21% on Day 1

Infibeam Incorporation Ltd, the first e-commerce firm to tap the IPO route, saw its Rs450 crore issue getting subscribed 21% on the opening day.

The issue received bids for 26, 44,792 shares as against the total issue size of 1, 25, 00,000 shares, as per NSE's data yesterday.

Government plans 100% FDI for commodity broking

Government plans 100% FDI (automatic route) for commodity broking, IDF and other set of NBFCs—positive read thru for Religare Enterprises, IDFC, Motilal Oswal Financial etcAs per media reports, the Government is expected to propose 100% FDI in 25 more segments of NBFCs including commodity broking and infrastructure debt fund with a view to attract more foreign inflows.

Emami drags Patanjali to court for infringement of trade mark

Emami drags Patanjali to court, claims Patanjali launch of ‘ Kesh Kanti’ as an infringement of its trade mark ‘ Kesh King’ – court directed Patanjali to stop selling product for 10 weeks; sentimentally positive for Emami.

Emami Ltd has gone into confrontational mode, accusing the Baba Ramdev-promoted ayurvedic behemoth of copying design and trade mark of its ' Kesh King' brand of hair tonic.

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TOP CORPORATE NEWS- 21 Mar 2016

Persistent Systems, IBM tie-up to contribute 15-20% to revenue in FY17

Persistent Systems has tied-up with IBM to jointly work on the latter’s Internet of Things (IoT) platform.

The Company’s management stated that the partnership will be revenue accretive and will add about 15-20% to the company’s revenue in FY2017.The deal will also add close to 500 employees which includes experts from IBM. The Company has also set up subsidiaries in Mexico and Israel in collaboration with IBM.

ITC market share in instant noodles segment rises to 30-40%

ITC market share in instant noodles segment rises to 30-40% (from 20% earlier) - positive for ITC’s non-cigarette FMCG business.ITC sales of its instant noodles brand Yippee are recovering and its market share has risen in the range of 30 to 40% (from 20%). pre-Maggi controversy the industry sales were Rs 250-300 crore per month.The industry sales tanked to 5-10 per cent after the controversy broke, but now it is able to recover to nearly 50% of the original industry sales.

BHEL commissions another 270 MW coal-based unit in Punjab

State-run Bharat Heavy Electricals Ltd (BHEL) on Monday said it has commissioned second 270 MW coal-based unit in Punjab.The unit has been commissioned at the 2x270 MW Goindwal Sahib coal-fired thermal power project of GVK Power & Infra Ltd (GVKPIL), located in Goindwal Sahib in Tarn Taran district, near Amritsar, Punjab.

Aurobindo receives USFDA approval for Naproxen Sodium Tablets

Aurobindo receives final approval from USFDA to manufacture and market Naproxen Sodium Tablets (OTC). This product is expected to be launched in Q1 FY16-17. Naproxen Sodium Tablets is used in the treatment and prevention of osteoporosis in postmenopausal women.

Zee Entertainment in talks to acquire Reliance Broadcast

Zee Entertainment in talks to acquire Reliance Broadcast Network (RBNL)

ZEEL is in talks with Reliance Broadcast Network Ltd (RBNL) to acquire 49% stake in the latter's BIG FM radio business as well as a 100% stake in its television channels.

If the deals happen it will be a long term positive for ZEEL, as it will consolidate its positioning in broadcasting business and also foray into the Radio segment will expand its value chain in the Media and Entertainment space, though deal valuation will be crucial to gauge impact in near to medium term.

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