TOP CORPORATE NEWS
Sun Pharma to seek USFDA
approval for 2-3 innovative products
Sun Pharma, like most
Indian companies, have been selling generic drugs (copies of innovative
products of MNC pharma companies going off patent) in US. However, Sun Pharma
is hinted that it is close to fling approvals for three New Chemical Entities
(NCE) or innovative products developed by its subsidiary SPARC and are in final
stages of clinical trials. This
confirms progress made by SPARC and its benefits to Sun Pharma as its parent
and manufacturing and marketing arm of the group.
M&M rallies on plans to
launch ‘TUV3OO’ in September
Shares of Mahindra
& Mahindra (M&M) gained over 3% to Rs1364 on NSE on back of plans to
launch its compact SUV ‘ TUV3OO’ in September; positive for the company
Utility Vehicle
segment market leader M&M unveiled its plans to launch a compact sports
utility vehicle (SUV) later in the year. M&M has named its new SUV as
TUV3OO. The TUV3OO will be powered by a new mHawk80 engine and will be less
than 4m in length so as to avail the excise benefits. The launch will take
place in mid September.
Crompton gains on winning
contract in Portugal
Shares of Crompton Greaves rose 2% to Rs186.40 on NSE as the company has won
a contract to supply ZIV single phase smart metres to Energias de Portugal
(EDP), one of the major European operators in the energy sector. Crompton
Greaves deployment of over 3 million ZIV units worldwide. The company offers
ZIV meters, data concentrator units (DCUs), distribution automation solutions
(DAS) and Substation Automation Systems (SAS).
Petronet LNG aims to lease out
63% of Dahej LNG's capacity
Petronet LNG aims
to lease out about two-thirds of the capacity at its Dahej import terminal in
Gujarat state over the next four years to boost revenue and prevent the
facility falling into disuse.
Petronet handles
large volumes of liquefied natural gas (LNG) imported from Qatar for Indian
companies to lease space to other firms as domestic demand for its costly
Qatari cargoes recedes.
Government plans to infuse Rs
70,000 crore capital in 4 Years
Government will
infuse Rs70,000 crore into PSU Banks (Rs25000 crore each in FY16, FY17 and 1000
crore each in FY18, FY19) with 40% of the allocations going to top 6 banks
(SBI, BOB, PNB, BOI, Canara Bank, IDBI Bank). The government also expects banks
to raise another Rs1.1 lakh crore from market. Given some clarity emerging on
capital infusion front it is sentimentally positive for PSU banks.
Government notifies composite
cap for foreign investment
Government
notifies composite cap for foreign investment – Positive for insurance (Bajaj
Finserv, Max India), select retail and pharma stocks .The government has
notified changes in the FDI policy under which there will be a composite cap on
overseas investment in various sectors, except in the banking and defence
segments. Sectors like insurance, pension, retail and pharmaceuticals will
benefit from introduction of composite cap in the FDI or foreign direct
investment policy. In all these sectors, foreign portfolio investors (FPIs) can
park up to 49% under automatic route.
Kotak Mahindra falls as Q1
asset quality worsens
Kotak Mahindra
Bank's Q1FY16 consolidated PAT declined 26% to Rs516.6 crore though it was the
first quarter of the bank, which included ING Vysya earnings post merger
effective from April 2015. Sharp spike in provisions and lower other income
dented profitability of Bank. Given weak results and rise in NPAs there could
be some correction in near term and it can be accumulated on dips for medium to
long term perspective (we do not have rating on the stock).
LIC cuts stake in Maruti Suzuki
by 2.03%
Life Insurance
Corporation ( LIC) has cut stake in Maruti Suzuki by 2.03%. LIC now holds
6.217% stake in Maruti.
Rcomm gains as Farallon,
Blackstone to bid for tower stake
Shares
of Reliance Communication surged 4% to Rs 71 on NSE on reports that
Farallon, Blackstone are set to bid for tower stake . As per media news,
US-based asset management firm Farallon Capital Management, private equity firm
Blackstone and Tilman Financial are among eight bidders looking to buy a 50%
stake in Reliance Infratel, cell tower arm of Reliance Communications (RCom).
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