Top Headlines Of The Day :- 29 Jan 2018
Avenue Supermarts Ltd (DMart), up 5% after announcing Q3FY18 results, PAT up 65.8% yoy
Cipla, Aurobindo and Strides Shasun receive final approval for gViread
Havells to set up a manufacturing unit in Rajasthan for an investment of Rs360cr
DLF is looking to launch QIP of shares by April, 2018
Idea Cellular seeks government approval for raising FDI limit to 100%
Cipla, Aurobindo and Strides Shasun receive final approval for gViread
Havells to set up a manufacturing unit in Rajasthan for an investment of Rs360cr
DLF is looking to launch QIP of shares by April, 2018
Idea Cellular seeks government approval for raising FDI limit to 100%
DMart rallies 5% after announcing Q3FY18 results. In Q3FY18, its revenue grew by 22.6% yoy to Rs4, 095cr. EBITDA came in at Rs422cr, up 46.3% yoy . EBITDA margin expanded by 167bps yoy to 12.3% due to an improvement in sales mix and efficiency of centralized procurement. Adjusted PAT increased by 65.8% yoy to Rs252cr.
Board has also approved acquisition of 50.8% paid-up share capital of Avenue E-Commerce Limited for Rs49.2cr. Post-acquisition it will become wholly owned subsidiary. Heavy discounts to attract price sensitive customers and losses of the e-commerce entity will offset the margin gains.
Cipla, Aurobindo and Strides Shasun receive final approval for gViread
Cipla, Aurobindo and Strides Shasun have received final approval for their Abbreviated New Drug Application (ANDA) for Tenofovir Disoproxil Fumarate Tablets, 300mg, from the USFDA. This is a generic version of Gilead Sciences' Viread Tablets, 300mg which is indicated in combination with other antiretroviral (ARV) agents for the treatment of HIV-1 infection in adults. The final approval means that product is available for immediate commercialization in the US.
Viread 300mg tablets had annual US sales of approximately $725-750mn as per IMS Health. An orange book search on USFDA website indicates that Aurobindo, Cipla, Teva, Macleods Pharmaceuticals and Strides Shasun, all have received approval for this drug on January 26, 2018. Approval for five different filers on the same day is likely to see competition for the Viread 300mg tablets.
Havells to set up a manufacturing unit in Rajasthan for an investment of Rs360cr
Havells is setting-up a new facility at Ghiloth, Neemrana, Rajasthan to manufacture consumer durables, as per the BSE filing. The total estimated cost for the project is Rs360cr (ex-land cost, as the company already owns the land), spread over a period of 3 years. The total investment will be funded through a mix of internal accruals and borrowings. Company expects to start the production from Q3FY19E.
For this investment, the company will be entitled to investment subsidy under the M-SIPS (Modified Special Incentive Package Scheme) introduced by MEITY and also for various tax/ levies and other benefits from the State Government of Rajasthan.
DLF is looking to launch QIP of shares by April, 2018
DLF is looking to launch its qualified institutional placement (QIP) of shares by April 2018, according to a media report.
DLF has already received approval from shareholders to sell 173-million equity shares, which will be determined by the formula laid down by the market regulator Securities and Exchange Board of India. The company may raise Rs4500-5000cr from the QIP.
Idea Cellular seeks government approval for raising FDI limit to 100%
Telecom operator Idea Cellular has made an application to the DIPP (Department of Industrial Policy and Promotion) for raising the FDI limit in Idea to 100%. Foreign investors holdings in Idea Cellular stood at ~27% stake as on December 2017. While 100% FDI is allowed in telecom companies, investments under the automatic route are allowed up to 49%.
At present, Idea Cellular is in the process of merging its telecom business with the Indian unit of Vodafone. As per latest industry data from Trai, Idea and Vodafone jointly have 40.5cr mobile subscribers. This would potentially give the joint entity the largest subscriber base in the Indian telecom segment. Vodafone is expected to hold around 47.5% stake in the merged entity and rest will be owned by Idea and its promoter Aditya Birla Group.
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