20 April 2015 TOP CORPORATE NEWS

TOP CORPORATE NEWS

 Lupin launches branded product-Zaxine in Canada

Lupin has launched its first Brand product Zaxine under a strategic licensing agreement with the US based Salix Pharmaceuticals Inc. The  agreement grants Lupin exclusive rights to promote, distribute and market Zaxine in the Canada. Zaxine 550mg (rifaximin) is a long term antibiotic treatment for liver disease (cirrhosis).  Lupin is in the process of establishing its Canadian presence and the launch opens up growth opportunities for the future.

 ONGC gas well near Surat catches fire, 12 injured

ONGC’s gas well near Surat catches fire, 12 injured – sentimentally negative for ONGC. Twelve persons were injured on 18th april when an ONGC’s gas well near Olpad-31 about 80 km from its Ankleeshwar caught fire during a repair operation.ONGC has hired US-based oil and gas blow out control experts Boots & Coots to contain the crisis..All non essential persons have been moved away from the site.

 Natco Pharma gets USFDA approvals for Alprazolam

Natco Pharma has got USFDA’s approvals to market generic Alprazolam. Alprazolam is used to treat anxiety and panic disorders. The drug is already in generic space with near 20 players in fray. The market size of the drug is not immediately known.

 Reliance to Restart all fuel pump outlets by March 2016

Reliance Industries Ltd has restarted 320 fuel outlets and been plans to restart its entire 1,400 retail fuel pump outlets in fiscal year ending March 2016, after the deregulation diesel. The stations were closed in 2008 due to high crude prices and the government's subsidy to state fuel retailers knocked privately-owned retailers out of the market. Reliance took a significant share away from the state companies in 2006.          

 NMDC dips after decline in iron ore price

Shares of NMDC fell over 4%, touching to Rs127.7, after the company reduced the prices of lump iron ore and fines with effect from 18 April 2015. NMDC said that the price of lump iron ore was reduced to Rs3,050 per wet metric tonne (WMT) from Rs3,250/WMT in March 2015. The price of fines was slashed to Rs1,960/WMT from Rs2,460/WMT in March 2015.

LIC Housing Finance Q4 asset quality improves

LIC Housing reported 2.2% YoY growth in profits mainly due to higher tax rates (34.2% Vs 29.6% in Q4FY14 due to deferred tax liability).However, the operating performance was strong as net interest income grew by 22% YoY contributed by 19% YoY% growth in loans and expansion of net interest margins  which improved on sequential basis to 2.47% from 2.2%. The operating expenses grew by 19.4% YoY ( higher than expected) which had some impact on profit growth. Asset quality continued improving trend as gross NPAs declined to 0.46% from 0.57% in Q4FY15.

Sugar prices to remain under stress because of supply glut

Sugar prices to remain under stress because of supply glut. Domestic output expected to increase 4.5% YoY during SY15 to 25.5mt - Sentimentally negative for Sugar stocks

SEBI takes DLF to Supreme Court

SEBI has moved the Supreme Court, challenging a tribunal order in the matter of disclosure norm violations by real estate major DLF. The regulator filed its appeal last week and has sought an early hearing.

KNR Constructions gains on winning new order

KNR Constructions  rose nearly 7% touching to Rs468.7, after the company said it has received orders worth of Rs937.08 crore.

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