Tuesday, 30 June 2015


Shares of  Marksans Pharma  climbed 9.6 percent intraday Tuesday on buying out US-based pharmaceutical company by its subsidiary. "Marksans Pharma Inc, the wholly owned subsidiary, acquired 100 percent of the outstanding shares of Time-Cap Laboratories Inc, a New York corporation," said the company in its filing. Time-Cap manufactures over 50 unique products from its facility in Farmingdale, New York, including tablets, caplets, capsules and pellets. Its average annual revenue over the last four years is in excess of USD 30 million per annum and it presently has no debt, Glenmark added.

Glenmark said the transaction will be EPS (earning per share) accretive. "This strategic acquisition helps Marksans to expand its manufacturing capabilities along with product portfolio and penetration into the US," said Mark Saldanha, MD and CEO. At 10:20 hours IST, the scrip of Marksans Pharma was quoting at Rs 63.90, up Rs 5.15, or 8.77 percent on the BSE.

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Shares of Glenmark Pharma climbed 2.8 percent intraday Tuesday on receiving approval from US Food & Drug Administration (USFDA) for its cholesterol lowering drug Ezetimibe. Merck is the innovator of the drug with product name Zetia. Glenmark has sole exclusivity for 180 days but it can not launch the drug in US market immediately as it has out of court settlement with Merck.

It had settled patent litigation case with Merck for its cholesterol lowering drug Ezetimibe in May 2010. As per settlement agreement, the Mumbai-based pharma company can launch the drug in December 2016 for 134 days sole exclusivity, ahead of the 25 April, 2017 expiration of Merck’s patent exclusivity for Zetia. The market size for this drug is USD 2 billion. USD 240 million in revenue for Glenmark in 134 days of exclusivity.

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Salora International Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 02, 2015, inter alia, to consider the following :

1. To take note on resignation of Chief Financial Officer.

2. To appoint new Chief Financial Officer of the Company.

3. To approve the rectification of some non-material errors in financials of the company for F.Y. ending on March 31, 2015.

4. To approve change in the authorised signatories of the company.

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The share price of Deep Industries rose 18 percent intraday Tuesday on the back of signing of contact with ONGC. The company has signed the contract with Oil and Natural Gas Corporation (ONGC) for hiring of Gas Dehydration System for 5 production installations at their Rajahmundry Assets for a period of 3 years. The value of the contract is of Rs 278.19 crore. At 09:19 hrs Deep Industries was quoting at Rs 90.25, up Rs 12.95, or 16.75 percent on the BSE. 

The share touched its 52-week high Rs 94.80 and 52-week low Rs 48.15 on 25 May, 2015 and 27 March, 2015, respectively. The company's trailing 12-month (TTM) EPS was at Rs 6.62 per share. (Mar, 2015). The stock's price-to-earnings (P/E) ratio was 13.63. The latest book value of the company is Rs 59.23 per share. At current value, the price-to-book value of the company was 1.52. The dividend yield of the company was 1.11 percent.

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Indian ADRs ended lower on Monday. In the IT space, Infosys shed 0.31 percent at USD 15.86 and Wipro was down 0.17 percent at USD 12.09. In the banking space, ICICI Bank was down 0.22 percent at USD 10.19 and HDFC Bank fell 0.92 percent at USD 60.33. 

In the other sectors, Tata Motors declined 0.89 percent at USD 34.01 and Dr Reddy's Laboratories fell 1 percent at USD 53.89.  

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Monday, 29 June 2015


United Bank of India has topped the list of public sector lenders with maximum bad loans including restructured assets as a percentage of total advances. According to the data provided by the RBI to the Finance Ministry, United Bank of India's 21.5 per cent assets are either bad or have been restructured to save them from turning non-performing assets (NPAs). The other banks that have significant amount of gross NPAs and restructured loans include, Central Bank of India (21.30 per cent), Indian Overseas Bank (19.40 per cent), Punjab & Sind Bank (18.74 per cent) and Punjab National Bank with 17.94 per cent as on March 2015. State Bank of Patiala, Allahabad Bank, Oriental Bank of Commerce, UCO Bank and Dena Bank all have bad and restructured loans in excess of 15 per cent. The rising bad loans have been a major concern for the Reserve Bank as well as the government and steps are being taken to deal with it. 

Most of the restructured loans are from the corporate sector. The top-30 defaulters are sitting on bad loans of Rs 93,769 crore, which is more than one-third of the gross non-performing assets of PSU banks at Rs 2,55,180 crore as on March 2015. There are four kinds of restructuring.

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Engineering and construction major Larsen & Toubro (L&T) on Monday said it has received orders worth Rs 2,035 crore across various business verticals. "The construction arm of L&T won orders worth Rs 2,035 crore across various business segments in June 2015," the construction major said in a statement. Its building and factor business segment has secured new orders for construction of office spaces, including add-ons. Besides, the transportation infrastructure business has won a major EPC order for construction of 109.54 km of a four-lane dual carriage way of the Solapur-Maharashtra-Bijapur-Karnataka road. 

Under the project, the company has to construct 46.23 km of service road, six flyovers, two railway over bridges, three major bridges, 49 minor bridges and 27 underpasses, L&T said. L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 15 billion revenue. The stock was trading at Rs 1,742 at 1040 hrs on BSE, down 2.13 percent.

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Anik Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 06, 2015, inter alia, to consider the sale and transfer of dairy business of the Company. Further, as per Insider Trading Regulation & Code of Conduct adopted by the Company, the trading window will remain closed from June 28, 2015 to July 08, 2015 (both days inclusive) for all directors & designated employees of the Company.

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The share price of Shriram EPC rose as much as 9 percent intraday Monday on the back of allotment of equity shares to CDR Lenders and promoters. The company, at its meeting held on June 26, 2015, has approved the allotment of 2,29,26,016 equity shares to CDR Lenders on conversion of Funded Interest Term Loan (FITL), on preferential basis pursuant to corporate debt restructuring scheme. 

 It has also approved the allotment of 2,29,83,770 equity shares to CDR Lenders on conversion of funded interest term loan (FITL) and 1,05,07,836 equity shares to the promoter - M/s. Shriram Industrial Holdings Limited on preferential basis, as per BSE release. 

The company had posted Q4 net loss at Rs 90.7 crore versus loss of Rs 385.4 crore, while its total income was up 14.5 percent at Rs 155 crore versus Rs 135.4 crore, Y-o-Y. Earlier, in the month of April, the company had approved conversion of funded interest term loan to the tune of Rs 313 crore of the corporate debt restructuring (CDR) lenders into equity shares of the company.

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India's smaller generic drugmakers, struggling to cope with a bruised reputation and tougher regulation in the United States, are under pressure to consider branching out to new, less-profitable markets or sell out to larger rivals. Two years after its most high-profile regulatory setback to date in the United States - Ranbaxy 's USD 500 million US fine for drug safety violations - India's USD 15 billion a year generic drug industry is still rebuilding its image in its biggest market. Many of its top firms are facing sanctions at some of their factories, as the US Food and Drug Administration (FDA) tightens checks and its approvals process.

 Combined with government-mandated price controls on drugs at home, that is piling pressure on smaller players. "If they want to have a presence globally, they have to make investments. If they can't, then they'll have to focus on other markets or scale back their ambition outside of India, and that's probably what will happen," said Subhanu Saxena, CEO of Cipla, India's fourth-largest drugmaker by revenue.

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Friday, 26 June 2015


Hinduja Group's flagship company Ashok Leyland on Friday said its light commercial vehicle (LCV) 'Dost' has crossed one lakh sales mark. In less than three years since Ashok Leyland and Nissan formed a joint venture to manufacture LCVs, the company has rolled out the 1,00,000th unit of Dost, Chennai-based Ashok Leyland said in a statement. "It (Dost) is today the largest volume brand in the Ashok Leyland portfolio, with customers, not just in India, but across countries like Sri Lanka, Nepal, Bangladesh, Myanmar, South Africa, Kenya, Tanzania, Mozambique, Malawi, Male and the UAE," it added. 

Ashok Leyland, Managing Director Vinod K Dasari said Dost fills an important gap in the company's portfolio, and 1,00,000 Dost vehicles on road, across 11 countries, is a proof of a good product design, solid engineering, and strong market acceptance. "A Dost is sold every six working minutes, and it is already the number two player in its segment. We are very confident about its future."

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Shares of National Buildings Construction Corporation (NBCC) climbed 5.9 percent intraday Friday on order for project development from Delhi Development Authority (DDA). "DDA has entrusted NBCC the project for Development of Lake View Complex, based on Transit Oriented Development (TOD) norms on 25 acres DDA land at Trilokpuri, Delhi," said the company in its filing to the exchange. 

The estimated cost of construction will be approximately Rs 1,500 crore and NBCC will be doing project management consultancy, marketing & sales of the project, it added. Additionally, on June 18, the construction company procured 7612.86 square metre plot in Jaipur for real estate project.

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Investors are lapping up technology stocks on optimism riding high on Accenture’s guidance for quarters ahead. The BSE IT index was up around 1.5 percent on Friday from previous close. Infosys,  TCS and HCL Tech were up 1-3 percent intraday. Accenture has raised its full-year revenue forecast for the third time, reflecting continued strong demand for the company's consulting and outsourcing services. 

Accenture raised its full-year revenue growth forecast to 9-10 percent on a local currency basis. In March, the company said it had expected revenue to grow 8-10 percent in the year ending August. Accenture raised its revenue growth forecast to 5-8 percent in December from 4-7 percent. 

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Shares of Alembic Pharmaceuticals climbed 2.8 percent in early trade Friday on getting tentative approval from US Food and Drug Administration (USFDA) for its anti-inflammatory drug. The pharma company today has received tentative approval from USFDA for Celecoxib oral capsules, 50 mg, 100mg, 200 mg, 400 mg. GD Searle LLC division of Pfizer Inc is the innovator of this drug. Companies like Teva, Mylan, Watson, Lupin and Apotex have been selling Celecoxib drug, which is one of Pfizer's billion dollar drugs and has a USD 2 billion size.

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Shares of GAIL fell 2 percent in early trade on Friday. Credit Suisse has maintained underperform rating on the stock with no change in target price. It sees addition of 40 percent to LNG supply from Australia, the US by 2020.

According to Credit Suisse if LT LNG stays expensive compared to spot LNG for a few years, here are few challenges the company may face, “There is a risk of default from customers, notwithstanding take-or-pay, petchem profitability may continue to be weak and trading segment may be impacted, as GAIL tries to pass on some benefits of lower spot to customers.”

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