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Capsule sized Insights on Indian Share market & Business

White Organic Agro receives continual award of supply order worth INR 55.7 Crores for Mizoram Govt

White Organic Agro has announced the award of continual Supply Order of INR 55.7 Crores of Heal

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 receives U.S. FDA approval for its generic version of ProAir® HFA

Lupin today announced that it has received approval from the United States Food and Drug Administrat

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).

Sun Pharmaceuticals wholly owned subsidiary DUSA, Resolves Investigation Related to Promotion of Actinic Keratosis Drug

DUSA Pharmaceuticals, Inc., (DUSA), a wholly owned subsidiary of Sun Pharmaceutical Industries, Inc.

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.

Vodafone Idea - Rating downgrade by CARE Ratings

Care Ratings Limited(CARE) has downgraded its rating on Long Term Bank Facilities and Non-Convertibl

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

Investor Turnover update for 24th August 2020

MCX launches futures trading on India’s first real-time Bullion Index, MCX BULLDEX

Multi-Commodity Exchange of India Ltd (MCX), India’s largest exchange in the commodity derivat

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.

Parag Milk - Rating downgrade by ICRA

ICRA Limited has revised the credit rating for Rs. 603.00 Crore (enhanced from Rs.390.04 Crore) Line

ICRA Limited has revised the credit rating for Rs. 603.00 Crore (enhanced from Rs.390.04 Crore) Line of Credit (LOC) availed by the Company.

  • Instrument type: Long-term
  • Existing rating: [ICRA] A+; Outlook:stable
  • Revised rating: [ICRA] A
  • Instrument type: Short-term
  • Existing rating: [ICRA] A1
  • Revised rating: [ICRA] A2+

Vikas Ecotech - Board to explore on opportunities available for the company in Pharmaceutical, API & chemical industry

The Board of Directors of the company is scheduled to be held on Tuesday, August 25 for the fol

The Board of Directors of the company is scheduled to be held on Tuesday, August 25 for the following:

1) To consider and approve the 'Report on opportunities available for the company in Pharmaceutical, API & chemical industry' prepared by the Expert committee constituted by the Board of Directors of the company for business expansion to evaluate identified business proposals and their integration with the company,s capabilities and long term objectives,

2) To consider and approve the investment proposal, mode and amount of investment to be made in new business(s) as per the Expert Committee Report,

3) To fix AGM date & schedule

Generic Engineering bags work orders worth Rs. 101.95 crore

Generic Engineering Construction and Projects Limited has been awarded with new work orders worth Rs

Generic Engineering Construction and Projects Limited has been awarded with new work orders worth Rs. 101.95 crore (excluding GST) for various institutional projects from various clients, which inter alia includes a project of Rs. 30 crore (excluding GST) for construction of school from Aditya Birla Group.

With receipt of above, the total current outstanding order book stands at Rs. 1,067.54 crore.

Steel Strips Wheels receives new orders for 3,200 wheels from Europe & US

Steel Strips Wheels has bagged firm export orders for over 3,200 wheels for EU Truck and US Mobile H

Steel Strips Wheels has bagged firm export orders for over 3,200 wheels for EU Truck and US Mobile Home Market to be executed in September from its Chennai plant. Total value is around 57K USD.

Export growth is posed to exceed 30% YoY in 2020-21.

Blue Star strengthens its Intellectual Property position with three more patents to its credit

The Air conditioning and commercial refrigeration major, Blue Star Limited, today announced that the

The Air conditioning and commercial refrigeration major, Blue Star Limited, today announced that the Company has been awarded three more patents by the Office of the Controller General of Patents, Designs & Trade Marks, Ministry of Commerce and Industry, Government of India.

Details of New patents awarded

  1. A patent for ‘System and Method for Maintaining Optimum Condensing Temperature at Low Load in Heating Mode in VRF systems'
  2. Another patent is for, ‘Refrigerant Recovery in Multi-Air Conditioner System’
  3. The third patent is for, ‘Method and System for Maintaining Uninterrupted Cooling Operation by VRF Systems at High Pressure’

Blue Star has been investing significantly in research and development of new technologies and products for several years now and these patents are a result of the Company’s endeavour in this arena. The Company’s R&D has over 135 employees, `best-in-class infrastructure including performance test labs, reliability testing facilities, electronics lab, design studio, and high end workstations for CAD and analysis, amongst others. In fact, the Company has applied for more than 40 patents for innovation across its various product categories and is optimistic of being granted several more patents in the near future.

Full read: Blue Star receives patents from MOCI India.pdf (349.73 kb)

 

Granules Pharmaceuticals receives USFDA approval for Ramelteon Tablets

The US Food & Drug Administration (US FDA) has approved the Abbreviated New Drug Application (AN

The US Food & Drug Administration (US FDA) has approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc (GPI)., a wholly owned foreign subsidiary of Granules India Limited for Ramelteon Tablets, 8 mg. It is bioequivalent to the reference listed drug product (RLD), Rozerem Tablets, 8 mg, of Takeda Pharmaceuticals U.S.A., Inc. Ramelteon Tablets are used for the treatment of insomnia characterized by difficulty with sleep onset.

Granules now has a total of 29 ANDA approvals from US FDA (27 Final approvals and 2 tentative approvals).

Ramelteon Tablets had U.S. sales of approximately $33 million MAT for the most recent twelve months ending in June 2020 according to IQVIA Health.

Lakshmi Vilas Bank - Board to consider raising of funds

A meeting of the Board of the Bank will be held on Wednesday, 26 August, 2020, to consider and appro

A meeting of the Board of the Bank will be held on Wednesday, 26 August, 2020, to consider and approve, the following, subject to the necessary approvals, and
recommend the same to the shareholders of the Bank for their approval.

1) the increase in the authorized share capital of the Bank, and the corresponding amendment to the memorandum of association of the Bank

2) raising of funds by way of issue of equity shares or any other instruments or any combination

3) raising of funds by way of issuance of bonds, NCDs or debt securities

Dixon Technologies - Board approves raising of funds

The Board at its meeting today has considered and approved raising of funds for an aggregate amount

The Board at its meeting today has considered and approved raising of funds for an aggregate amount not exceeding INR 200 Crores by way of issue of equity shares, convertible debentures, NCDs, FCCBs, Warrants, any instruments or by any combination to eligible investors.

Investor Turnover update for 21st August 2020

BHEL wins maiden order for Battery Energy Storage Systems

Amidst stiff competitive bidding, Bharat Heavy Electricals Limited (BHEL) has won its first commerci

Amidst stiff competitive bidding, Bharat Heavy Electricals Limited (BHEL) has won its first commercial order for state-of-the-art Battery Energy Storage Systems from The Energy and Resource Institute (TERI).

The company has signed a contract agreement with TERI for setting up of a cumulative 410 kWh Battery Energy Storage Systems (BESS) in the National Capital Territory (NCT) of Delhi.

The tender was issued by TERI on turnkey basis under UI-ASSIST (US-India Collaborative for Smart Distribution System with Storage) initiative with BSES Rajdhani Power Limited (BRPL).

BHEL’s scope of work in the contract includes design, supply, testing, installation & commissioning alongwith a comprehensive five-year AMC of the systems at three different locations. The project will be executed by BHEL’s Electronics Division, Bengaluru.

Yes Bank to exit Mutual Fund business, signs Definitive Agreement with subsidiary of White Oak Investment Management

Yes Bank has executed a definitive agreement today for the sale of 100% of the equity sharehold

Yes Bank has executed a definitive agreement today for the sale of 100% of the equity shareholding of YES Asset Management (India) Limited (YESAMC) and YES Trustee Limited (YTL), both wholly owned subsidiaries of YES Bank to GPL Finance and Investments Limited (Purchaser).

White Oak Investment Management Private Limited owns 99% of the Purchaser. The ultimate beneficial holder of the Purchaser is Mr. Prashant Khemka who owns 99.99% of White Oak Investment Management Private Limited.

The transaction is subject to requisite regulatory approvals from the Regulatory Authorities.

YESAMC is the asset management company of YES Mutual Fund and YTL is the trustee of YES Mutual Fund.

Upon completion of the transaction, YESAMC and YTL will cease to be subsidiaries of the Bank and the Bank will exit its mutual fund business.

Strides receives USFDA approval for Ursodiol Tablets

Strides Pharma Science Limited (Strides) today announced that its step-down wholly owned subsidiary,

Strides Pharma Science Limited (Strides) today announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Ursodiol Tablets USP, 250 mg and 500 mg from the United States Food & Drug Administration (USFDA). The product is a generic version of Urso 250® Tablets, 250 mg and Urso Forte Tablets®, 500 mg, of Allergan Sales, LLC.

According to IQVIA MAT June 2020 data, the US market for Ursodiol Tablets USP, 250 mg and 500 mg is approximately US$ 35 million. The product will be manufactured at the company’s flagship facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market.

The company has 126 cumulative ANDA filings with USFDA of which 88 ANDAs have been approved and 38 are pending approval.

Indian Bank - CRISIL revises & downgrades Tier 2 & 1 Bonds

CRISIL has reviewed and revised the Rating of Bank's outstanding AT 1 and Tier 2 Bonds. Instrument:

CRISIL has reviewed and revised the Rating of Bank's outstanding AT 1 and Tier 2 Bonds.

Instrument: Tier 2 Bonds (under Basel III)
Issue size: INR 1,245 Cr
Existing ratings: AAA/ Rating watch with Developing Implications
Revised ratings: AAA/ Negative
Action: Outlook revised to Negative

Instrument: Tier 1 Bonds (under Basel III)
Issue size: INR 1,245 Cr
Existing ratings: AA+/ Rating watch with Developing Implications
Revised ratings: AA/ Negative
Action: Rating Downgraded & Outlook revised to Negative

Full read: Indian Bank CRISIL ratings.pdf (94.43 kb)

Hindalco to supply 1.2 mn MT of red mud to UltraTech

Two flagship Aditya Birla Group companies join hands to promote a circular economy' Hindalco becomes

Two flagship Aditya Birla Group companies join hands to promote a circular economy'

Hindalco becomes the world’s 1st company to achieve 100% red mud utilisation A major step in reducing cement industry’s dependence on mined material; replaces 3% of the clinker raw mix

Hindalco Industries Ltd. has entered into a Memorandum of Understanding (MoU) with UltraTech Cement to deliver 1.2 million metric tonnes of red mud (also known as bauxite residue) annually to UltraTech’s 14 plants located across 7 states.

Hindalco is the world’s first company to achieve 100% red mud utilisation across three of its refineries.

Red mud generated in the alumina manufacturing process is rich in iron oxides, along with alumina, silica and alkali. The cement industry has developed the capability to process red mud as a replacement for mined minerals such as laterite and lithomarge in its process.

Hindalco is supplying red mud to UltraTech Cement plants where it has been proved to be an effective substitute for mined materials, successfully replacing up to 3% of clinker raw mix volume. Use of red mud reduces the cement industry’s dependence on natural resources and promotes a circular economy.

Hindalco’s alumina refineries are currently supplying 250,000 metric tonnes of bauxite residue to cement companies every month, making Hindalco the world’s first company to have enabled such large scale commercial application of bauxite residue.

In the current year, Hindalco aims to achieve 2.5 million metric tonnes of bauxite residue utilisation, which will be another global milestone.