The Board of Directors of the company at their meeting held today has approved:
1) Report on opportunities available for the company in Pharmaceutical, API & chemical industry
2) Investment of INR 75 crores over next 2 years in the new businesses identified, form JVs or strategic partnerships if required and find ways of organic and inorganic growth
- To treat mild to moderate cases
FDC Limited, today announced its foray in the fight against COVID-19 by launching two variants of the COVID-19 drug, Favipiravir – PiFLU and Favenza – which will be used to treat mild to moderate cases of COVID-19 in India.
Earlier this year, the Drug Controller General of India (DCGI) approved the use of Favipiravir, an off patent, oral anti-viral drug that has been shown to quicken clinical recovery in COVID-19 patients with mild to moderate symptoms. It is a broad spectrum anti-viral agent, and selectively inhibits RNA polymerase of influenza and SARCOV-2 virus and prevents viral replication.
FDC’s PiFLU and Favenza is currently available across the country.
Va Tech Wabag has announced that its Board of Directors has considered the Letters of Consent received from the following marquee, high networth investors and approved the infusion of equity capital into the Company.
- Rekha Rakesh Jhunjhunwala
Shares: 50,00,000
Value: INR 80 Crores
- Basera Home Finance Private Limited
Shares: 15,00,000
Value: INR 24 Crores
- Sushma Anand Jain &
Anand Jaikumar Jain
Shares: 10,00,000
Value: INR 16 Crores
The above issue of Equity Shares on Preferential basis to aforesaid Proposed Investors, are subject to the approval of the Members of the Company at the ensuing Annual General Meeting scheduled to be held on Wednesday, September 23, 2020.
Can Fin Homes - Q1 update
JMC Projects (India) Limited (JMC), a leading Civil Engineering and EPC Company has secured new orders of Rs. 554 Crores.
- Building Project in South India totalling Rs.315 Crores
- Factory Project in Maharashtra of Rs.239 Crores
Phillips Carbon Black - Q1 (Cons) update
Full read: Phillips Carbon Black Q1FY21.pdf (1.01 mb)
The Company is considering various options for raising funds through borrowings including by the way of issuance of various debt securities in onshore / offshore securities market by Public Issue, Private Placement Basis and Commercial Papers. Based on the prevailing market conditions, Financial Resources and Management Committee / Debenture Committee of the Board of Directors of the Company may consider and approve issuances of Debt Securities during the month of September, 2020, subject to such terms and conditions including the issue price of debt securities, as the respective committee may deem fit
Ramco Systems has signed up a multi-million Dollar agreement with a leading utilities and infrastructure Group with diversified businesses in Malaysia for delivering Group-wide Digital Transformation spanning across its ports and logistics operations. With this win, Ramco’s enterprise platform will support in managing more than 50% of all port operations in Malaysia.
Alembic Pharmaceuticals Limited (Alembic) today announced that its joint venture Aleor Dermaceuticals Limited (Aleor) has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Desonide Lotion, 0.05%. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), DesOwen® Lotion, 0.05% of Galderma Laboratories LP. Desonide Lotion is low to medium potency corticosteroids indicated for the relief of the Inflammatory and pruritic manifestations of corticosteroid responsive dermatoses.
Desonide Lotion, 0.05% has an estimated market size of US$ 7 million for twelve months ending June 2020 according to IQVIA.
Alembic has a cumulative total of 129 ANDA approvals (113 final approvals and 16 tentative approvals) from USFDA.
CARE Ratings has upgraded Dish TV's credit rating for the following instrument(s):
- Instrument: Short-term
- Rated amount: INR 600 crores
- New rating: CARE A4
- Existing rating: CARE D
- NIPPON INDIA MUTUAL FUND (NIMF) GARNERS RS 720 CRS
- COUNTRY WIDE PARTICIPATION FROM 80,000+ INVESTORS SPREAD ACROSS 370 LOCATIONS
- 25,000 APPLICATIONS THROUGH SIP SIGNIFYING LONG TERM COMMITMENT TO THE PRODUCT
Nippon Life India Asset Management Limited (NAM India), Asset manager of Nippon India Mutual Fund, successfully completed the NFO of Nippon India Multi Asset Fund. The Fund has collected Rs. 720 crores, making it one of the largest digital NFO.
This is one of the biggest amounts raised through an NFO during the pandemic.
Full read: Nippon LIfe India Asset Management completes NFO.pdf (359.55 kb)
White Organic Agro has announced the award of continual Supply Order of INR 55.7 Crores of Health Care products to be supplied to Mizoram state health department. This is an additional business opportunity that has arisen in this Pandemic situation.
The Total value of the health care supply orders is 111.4 crores INR, which would help the company gain a multi-fold rise in business, reflecting in Q3 FY21.
Full read: White Organics receives continual order.pdf (989.78 kb)
Lupin today announced that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its Albuterol Sulfate Inhalation Aerosol, 90 mcg (base)/actuation, a generic version of ProAir® HFA. Lupin’s generic Albuterol Sulphate MDI will be manufactured at its Indore (Unit III) facility in India.
ProAir® HFA (Albuterol Sulfate Inhalation Aerosol) is the registered trademark of Teva Branded Pharmaceutical Products R&D, Inc. (Teva) and is indicated for the treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms.
The total Albuterol Sulfate Inhalation Aerosol market had U.S. sales of approximately US$2.9 billion, of which the ProAir® HFA market accounted for US$1.3 billion (IQVIA MAT June 2020).
DUSA Pharmaceuticals, Inc., (DUSA), a wholly owned subsidiary of Sun Pharmaceutical Industries, Inc. today announced that it has reached a resolution with the United States Department of Justice (DOJ) concerning the promotion of LEVULAN® KERASTICK® (aminolevulinic acid HCL) and BLU-U®.
DUSA fully cooperated with DOJ in its investigation of a complaint filed by a former employee in September 2016.
Under the civil settlement agreements signed with the DOJ, DUSA will pay US$20.75 million to resolve allegations related to the promotion of LEVULAN® KERASTICK® and BLU-U ®. DUSA had already made a provision towards this in its Q4 financials for the year ended March 31, 2020. The settlement does not constitute any admission by DUSA of any liability or wrongdoing.
As part of the resolution, DUSA and SPII have entered into a corporate integrity agreement with the Office of Inspector General of the U.S. Department of Health and Human Services. This agreement supplements SPII’s existing compliance program, which is based upon established best practices and industry standards as well as the company’s global code of conduct, which can be found here. Under the settlement agreement, the DOJ has agreed not to bring any action seeking to exclude DUSA or SPII from participating in Federal health care programs.
In a separate agreement, DUSA also fully resolved all allegations made by the former employee.
Care Ratings Limited(CARE) has downgraded Vodafone Idea's rating on Long Term Bank Facilities and Non-Convertible Debentures (NCDs).
The downgrade is on account of recent developments including operational and financial performance of the company for FY20 (Abridged) & Q1FY21 (unaudited).
- Instrument: Long-term Bank facilities
- Existing Rating: CARE BB-; Outlook: Credit watch with Negative Implications
- Revised Rating: CARE B+; Outlook: Credit Watch with Negative Implications
- Instrument: Non-Convertible Debentures (NCDs)
- Existing Rating: CARE BB-; Outlook: Credit watch with Negative Implications
- Revised Rating: CARE B+; Outlook: Credit Watch with Negative Implications
LIC Housing Finance - Q1 (Cons) update
IRB Infrastructure Developers - Q1 (Cons) update
Full read: IRB Infrastructure Developers Q1FY21.pdf (3.99 mb)
Multi-Commodity Exchange of India Ltd (MCX), India’s largest exchange in the commodity derivatives segment, today launched futures trading on the country’s first tradeable real-time bullion index, MCX iCOMDEX Bullion.
The MCX iCOMDEX Bullion Index future contracts expiring in the months of September, October and November 2020 are made available for trading from today. The contract has a lot size equal to 50 times of underlying MCX iCOMDEX Bullion Index. The tick size (minimum price movement) for the contract is Re. 1. The contracts would be finally settled in cash at the expiry of each of the contract.
The final settlement price will be the underlying index price arrived at based on Volume Weighted Average Price (VWAP) of the constituents of the underlying index between 4.00 p.m. and 5.00 p.m. on the expiry day of the index futures contract.
The sectoral index tracks the real-time performance of the Gold (1kg) and Silver (30kg) futures contracts, the flagship future products on the Exchange. At present, it carries around 70.52% weight for gold and 29.48% for silver. The weights are rebalanced annually, every January.
The Exchange has waived the transaction fee for a period of first three months.