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Thursday, 15 February 2018

L&T Construction bags orders worth Rs1, 585cr - 15 Feb 2018

The construction arm of Larsen & Toubro Ltd has won orders worth Rs1, 585cr across the following business segments:Transportation Infrastructure business has won an order worth Rs513cr. The business has bagged a new order from the National Highways Authority of India (NHAI) for the four laning of the highway in the Aurangabad to Karodi section of NH-211 (New NH No 52) in Maharashtra on engineering, procurement and construction (EPC) mode.Power Transmission and Distribution Business has won orders worth Rs500cr. The business has secured an order for constructing 220kV & 110kV Transmission Lines in Kochi, Kerala.

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Wednesday, 14 February 2018

PNB slips more than 9% on account of reported fraudulent transactions- 14 Feb 2018

Punjab National Bank extended its losses and tanked more than 9% as investors fear the bank may have to take a one-time write-off for the $1,771.69mn (~Rs11,378.68cr) fraud in Q4FY18.The market capitalization of the bank as on February 12, 2018, was Rs39, 209.62cr. The fraud transaction is close to one-third of the market cap of the bank.The banking secretary commented that the government may order a forensic audit of PNB's accounts, as per the media reports. Also, the bank’s ten employees have been suspended and that CBI has started its investigation in the case.

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Monday, 12 February 2018

Lupin launches gTamiflu in US- 12 Feb 2018

Lupin has launched generic of Tamiflu Capsules, 30 mg, 45 mg, and 75 mg in the US market. The drug was approved on January 9, 2018, and the company has immediately launched it in the US market.Tamiflu (Oseltamivir Phosphate) is a Hoffman-La Roche, Inc’s drug which had annual sales of approximately USD 467.8 million in the US as per IMS data in October 2017.Oseltamivir Phosphate Capsules USP, 30 mg, 45 mg, and 75 mg had annual sales of approximately USD 467.8 million in the US. (IMS MAT October 2017).While this news is positive for Lupin, it is also negative for Natco Pharma and Cadila Healthcare who already have their gTamiflu version in the US market.

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Friday, 9 February 2018

M&M offloads 22% stake in JV to partner Sanyo Special Steel for Rs146cr - 9 Feb 2018

India’s largest tractor manufacturer, Mahindra and Mahindra Limited (M&M), sold 22% stake in Joint Venture (JV) Mahindra Sanyo Special Steel Private Limited (MSSSPL) to JV partner Sanyo Special Steel Company Limited (Sanyo) for Rs146.32cr. This was announced by M&M to stock exchanges on February 9, 2018.As per its FY17 Annual Report, M&M owns 51% stake in MSSSPL, while Sanyo, Japan and Mitsui and Company Limited, Japan, own 29% and 20% respectively. MSSSPL is a manufacturer of Carbon, Alloy & Tool Die Steels.

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Thursday, 8 February 2018

Dr Reddy's may face delays in launch of gSuboxone as Indivior throws new patent challenge- 8 Feb 2018

In a move that may potentially delay the launch of Dr Reddy’s much anticipated generic Suboxone film, US drug maker Indivior has asserted a new patent to protect the drug going off-patent.Reuters reported on Thursday that the US unit of Indivior has filed patent lawsuits against generic filers such as Dr Reddy’s, Actavis, Par, Alvogen and Teva for infringement of United States patent number 9,855,221.Generic version of Suboxone film, a combination of Buprenorphine and Naloxone used in treatment opioid dependence, is a billion dollar drug for Indivior, a company spun out of British drug major Reckitt Benckiser in 2014.

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Wednesday, 7 February 2018

Canara Bank gains; Approves raising Rs4,900cr from govt- 7 Feb 2018

Shares of Canara Bank rose 3% today in the morning trade after the company's board approved raising Rs4865cr through the issuance of shares on a preferential basis to the government. However, the stock erased morning gains and moved to the red zone.The bank is yet to seek shareholders' approval.The fundraising is part of the government's recapitalization program of Rs2.11trn through capital infusion in state-owned banks.

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Tuesday, 6 February 2018

The textile and footwear stocks witnessed huge sell-offs- 6 Feb 2018

The textile stocks witnessed huge sell-offs in today’s session on account of negative cues across the global markets. Today, the Indian markets opened up with a huge gap down of more than 3%. The negative cues are on account of rising inflation levels and anticipation of interest rate hike by the Federal Reserve.The margins of textile companies are already under pressure on account of rising key material cost i.e. cotton. The management of the Indian textile companies expects that the cotton prices would normalise over next two quarters from current levels. However, we expect cotton prices to go up slightly, given lower domestic production following bollworm infestation. The Union Budget has also announced to increase MSP prices of Kharif crops to 1.5x of cost of production. This would increase cotton MSP by ~22% to ~Rs5, 250.

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