Dr. Reddy’s acquires Rights to Investigational Anticancer Agent E7777

Eicher Motors March 2016 CV Sales grow a robust 53%

Eicher Motors March 2016 CV Sales grow a robust 53%; above estimates

Eicher Motors CV volumes grew 53% YoY to 6,753 units for the month of March 2016, coming better than our estimates of 6,000 units.Improving commercial vehicle industry volumes coupled with increased sales of “Pro” series led to strong volumes for the company.

HCL Technologies close to acquire Geometric

HCL Technologies has agreed to acquire Mumbai-headquartered engineering solutions company Geometric in a share swap deal that values it at $150-200 million. The deal was expected to be announced in a couple of days.HCL will acquire the 31.09% stake held by Godrej Investments and Godrej & Boyce Manufacturing Company along with the stake of founder and Chief Executive Officer Manu Parpia. The Parpia family owns a 6.73% stake in Geometric.

Dr. Reddy’s acquires Rights to Investigational Anticancer Agent E7777

Dr. Reddy’s Laboratories acquires the Rights to Investigational Anticancer Agent E7777 for U.S, Europe and Certain Emerging Markets from Eisai – Long term Positive for Dr Reddy.

SRF commissions first phases of two manufacturing facilities

SRF Ltd has commissioned first phases of its chemical projects at Dahej and Bhiwadi, with a total investment of Rs34 crore. Earlier company's board had given approval to establish manufacturing facility for R-134a (Pharma Grade chemical) at Dahej in Gujarat (capex of Rs25 crore) and HFC 134a and HFC 32 at Bhiwadi, used as refrigerant (total capex of Rs12crore).

IDBI Bank gains after selling stake in NSE

Shares of IDBI Bank rose by 3%, touching to Rs71.5, after the state-run bank announces selling 9 lakh shares or 2% stake in National Stock Exchange of India to Life Insurance Corporation of India (LIC).The stock hit a high of Rs71.50 and a low of Rs70 so far during the day.

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Reliance Jio to enter 4G market with competitive pricing

Reliance Jio to enter 4G market with competitive pricing

Reliance Industries - Media reports reveals that Reliance Jio is likely to enter market with very competitive pricing for its 4G services, way ahead of its peers offerings.

This is to intensify competition and RIL JIO could gain market share. As per media reports, the SIM cards will be available at a cost of Rs200 and JIO will offer humongous 75GB of  4G data and 4500 minutes of call timeas well as some freebies.This is sentimentally positive for Reliance Industries.

RBI eases ECB norms for Infra firms

RBI eases ECB norms for Infra firms – positive for REC, PFC, L&T Finance Holding, SREI and infra firms,RBI allowed all companies engaged in the infrastructure sector to raise external commercial borrowings with a minimum maturity of five years, including those non-banking finance companies (NBFC) regulated by the RBI.

Coal India receives green nod from environment ministry

Coal India has received a green nod from environment ministry panel with some riders to Coal India's Ashok open cast mining project in Jharkhand.The estimated production from the mine is in the range of 10 to 14 MTPA – Positive read thru for Coal India.

Apollo Tyres appoints Steven Smidlein as Senior VP

Apollo Tyres appointed Steven Smidlein as a Senior VP to boost sales in North America. Steven Smidlein would be responsible for building the brand and sales in North America for both, Apollo and Vredestein brands.Steven comes with a 30+ years of experience in the sales Management and has served as a Director, OE Sales for a leading tyre maker in North America and as a Corporate Director for Daimler Chrysler.

Aurobindo receives USFDA approval for Pantoprazole Sodium

Aurobindo Pharma receives USFDA approval for Pantoprazole Sodium for Injection – Positive for Aurobindo.Aurobindo has received final approval from USFDA to manufacture and market Pantoprazole Sodium i.e. gProtonix. This product is expected to be launched in Q1 FY16-17. Pantoprazole Sodium for Injection is a gastrointestinal drug.

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TOP CORPORATE NEWS- 30 Mar 2016

PSU banks to get Rs2,375-cr capital infusion

As many as three public sector lenders including Bank of India and Central Bank of India received the approval from government for capital infusion of up to Rs2,375 crore. The government of India has conveyed their approval to infuse capital funds to the tune of Rs1, 150 crore in the banks by way of preferential allotment of equity shares in favour of government of India.

This is part of the government's plans to infuse Rs5, 050 crore in the public sector banks. Besides, Allahabad Bank will get Rs690 crore while another public sector lender Central Bank of India will get fund infusion of Rs535 crore by way of preferential allotment of equity in favour of the government of India.

ZEEL to reorganize channel distribution, advertisement sales functions

Zee Entertainment Enterprise Ltd (ZEEL) will reorganize its channel distribution and advertisement sales functions.

The board of the company has in-principle approved the proposal of reorganization of channel distribution function, which is presently handled by its wholly-owned subsidiary Taj Television.

Tata Steel puts entire UK biz for sale; stk gains

Shares of Tata Steel rose nearly 7%, touching to Rs325, after the company said it was exploring options to restructure its portfolio, including the potential divestment of Tata Steel UK, in whole or in parts.

The company said it had incurred heavy losses on the UK business in the past 12 months and the recent transformation plan prepared by the European subsidiary, Strip Products UK, was unaffordable as it demanded 'material funding' support in the next two years.

Cadila Healthcare gets USFDA nod for dextroamphetamine sulfate

Cadila Healthcare’s US subsidiary Nesher Pharma gets USFDA nod for dextroamphetamine sulfate used to treat hyperactivity disorders and narcolepsy – Positive for Cadila.

TVS Motor gains on launching new product in 4 states

TVS Motor surged over 3%, touching to Rs326.1, after company had launched its new four strokes TVS XL 100 in Madhya Pradesh, Andhra Pradesh, Telangana and Maharashtra during the current month.

On March 16, the company announced that it has made an arrangement with e-commerce major Snap deal to sell its two-wheelers online.

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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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