TOP CORPORATE NEWS
·
Kotak Mahindra
Bank revises base rate
Kotak
Mahindra Bank has reduced its base rate to 9.85% per annum from current level
of 10% per annum with effect from April 16, 2015.
All
categories of loan (other than the exceptions permitted by the Reserve Bank of
India) will be priced with reference to the revised base rate.
·
Torrent Pharma
gets USFDA’s tentative approvals for Crestor
Torrent
Pharma has got USFDA’s tentative approvals for rosuvastatin calcium
(generic version of Crestor), which is used to control cholesterol. Crestor
generates an annual sales of US$ US$5bn and it is going to lose patent
protection in February 2021. Most of the top generic players (including
Torrent Pharma) are under litigation with the innovator AstraZeneca, while
challenging patent of Crestor. Torrent Pharma may be able to launch this
product either on patent expiry or on court invalidating the patent.
·
Strides Arcolab
gets USFDA’s approvals for laxative drugs
Strides
Arcolab has got USFDA’s approval for Polyethylene Glycol 3350, Sodium
Bicarbonate and Potassium Chloride for oral solutions. The drug is used for
bowl cleansing prior to colonoscopy. The market size of the drug is US$20mn.
·
IMF, World Bank
expects India’s GDP growth rate to surpass China
According
to IMF and World Bank, India's economic growth clip in 2015 and 2016 will be
better than previously assumed and may overtake China to become the world's
fastest growing major economy.
The
lead in terms of growth will increase further in 2016. This is positive for
Indian economy and markets as higher growth expectations could attract higher
investments from overseas investors.
·
March CPI
Inflation drops to 5.17%
The
CPI Inflation for March 2015 declined to 5.17% Vs 5.37% MoM which was
lower than market expectations. This was largely driven by drop in foods
inflation to 6.14% from 6.79% MoM, despite the unseasonal rains. The recent numbers
suggests the disinflation in the economy continues which will add to RBIs
comfort from monetary policy perspective.
·
Bajaj launches
two new Pulsar variants
Bajaj
Auto has launched two new models of Pulsar under the new adventure series i.e.
AS150 and AS200. Both the models have fairing. The AS200 has been priced
at Rs91,500 (ex-showroom Delhi) while the smaller sibling AS150 has been priced
at Rs79,000.
·
Havells gears up
for smart city projects- Positive
Havells
India plans to capitalise on government's smart city projects by developing new
technology-driven lighting products and home appliances. Its CMD Anil Rai Gupta
said that the company was working on partnerships to procure software and
network support from global firms for smart city projects.
·
KNR Constructions
up on bagging new orders
KNR
Constructions' rose nearly 8%, touching to Rs474, after the company said it has
bagged three state highway road upgradation contracts in Tamil Nadu together
worth Rs729.05 crore.
KNR
Constructions said that the Project Director of Tamil Nadu Road Sector, Project
II, Chennai has awarded these three contracts.
·
TV 18 Broadcast
Q4 Improves operational performance
Consolidated
revenues were up by 11.8% yoy to Rs629.7 crore, led by media operations (TV
channels ), up by 14.3% yoy, while film production and distribution revenues
were down by 67% yoy to Rs4.8 crore.
Operating
margins improved by 66bps yoy to 13.1%, led by lower marketing and distribution
expenses down by 870bps yoy.
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