Top Headlines Of The Day:- 25 Jan 2018

Capitalstars Updates: Top Corporate News

Dr. Reddy's slumps 3% on unimpressive Oct-Dec earnings

Biocon slumps as Oct-Dec consol PAT below estimate

NCC’s Board to meet on January 30 to approve QIP issue price

Glenmark reports encouraging clinical trial data on GBR 1302

Dr. Reddy’s Bachupally plant completes successful re-inspection by German regulator

Dr. Reddy's slumps 3% on unimpressive Oct-Dec earnings
Shares of Dr. Reddy's Laboratories slumped nearly 3% as investors were unimpressed by the company's earnings for the December quarter.
The drug maker reported a consolidated net profit of Rs290cr, sharply below analysts' estimate of Rs350cr. Continued rise in pricing pressure and lack of new product launches in the US during the quarter weighed on the company's operating margin, which contracted 250bps on year to 21.2%.

Biocon slumps as Oct-Dec consol PAT below estimate
Shares of Biocon slumped over 4% after the company reported a 46.4% on-year fall in consolidated net profit for the December quarter at Rs91.9cr, below analysts' estimate.
Revenue from operations for the quarter was at Rs1058cr, against Rs1044cr a year ago. Sales in Oct-Dec were in line with estimates.

NCC’s Board to meet on January 30 to approve QIP issue price
NCC stock is up 3.3% on the back of news that the Board of Directors of NCC will meet on January 30, 2018, to consider and approve the issue price, including a discount for the equity shares to be allotted to the qualified institutional buyers in the issue.
NCC Ltd is one of the largest Indian construction companies in terms of revenue. The company’s order book was worth Rs28,109cr as of October 2017. The revenues of the company were impacted by GST implementation. We expect the company to report revenue CAGR of 3% over FY17-19E. We estimate the company’s margin to rise by 70bps on the back of cost optimization and timely execution of projects. We expect the company to report PAT CAGR of 3% over FY17-19E.

Glenmark reports encouraging clinical trial data on GBR 1302
Glenmark Pharma has reported positive clinical trial data on its phase 1 molecule GBR 1302. GBR 1302 is a potential drug candidate for Breast Cancer and Gastric Cancer.
The company has indicated that the preliminary data for GBR 1302 tells about the spikes in peripheral blood cytokines and a drop in T cell levels suggesting the potential for T cell activation.
The company has said that it is encouraged by these initial findings and look forward to continuing the studies. GBR 1302 is Glenmark’s lead immuno-oncology agent based on the proprietary BEAT® bispecific antibody engineering platform.

Dr. Reddy’s Bachupally plant completes successful re-inspection by German regulator
Dr. Reddy’s has announced that the German drug regulator has carried out re-inspection of its Bachupally formulations plant (unit 2). The company has successfully completed this re-inspection as its subsidiary Betapharm has received a communication from the regulator that it can now start dispatching products to Europe from this plant.
The status of the EU GMP non-compliance is also to be removed from its plant by the Government of Upper Bavaria.