Shares of the drug maker dropped as much as 2.8 percent after the Delhi High Court barred it from manufacturing and selling a generic version of Swiss drugmaker Novartis AG’s respiratory drug Onbrez in India.
In 2014, Cipla launched Indacaterol, the generic name of Onbrez, under its own brand name at one-fifth of the original price. Novartis, which held the patent for the drug, moved the High Court for infringement, saying it had partnered with Cipla’s Indian rival Lupin Ltd. to sell the drug in India.
The volatility in prices of the input material for the company’s business is significant considering the scale of its operations. The resumption of hedging by the company will mitigate the impact of these price fluctuations.Ruchi Soya Release
D-Mart IPO could take Radhakishan Damani’s fortune to $2.7 billion, reports @sajeetkm.https://t.co/EfHCSVS2Fg pic.twitter.com/x7VgVwTUFA
— BloombergQuint (@BloombergQuint) March 9, 2017
#BQSpotted by @OnlyNickey | Oracle Financial extends gains for the fifth-straight day. pic.twitter.com/50oaXVnAYT
— BloombergQuint (@BloombergQuint) March 9, 2017
Cable television distributors, not broadcasters, stand to gain from the regulator’s final tariff order.https://t.co/BOtjM0c52r pic.twitter.com/9JHKjTSWu5
— BloombergQuint (@BloombergQuint) March 9, 2017
Shares of Petronet LNG Ltd. were trading lower by one percent at Rs 382.15 after the company in a stock exchange filing said that GDF International Ltd. plans to sell its entire 10 percent stake in the company.
Petronet LNG also said that it has informed the promoters of a first right of purchase or refusal in relation to this proposed sale.
The stock has outperformed the benchmark indices in the one-year period. While the stock has gained 55 percent, the S&P BSE Sensex index has gained 16.44 percent during the same period.
Drug firm Lupin Ltd. announced the launch of a pain relief drug 'Hydrocodone Bitartrate and Acetaminophen' in the United States.
In a BSE filing, Lupin announced the launch of Hydrocodone Bitartrate and Acetaminophen tablets in the strengths of 5 mg/300 mg, 7.5 mg/300 mg and 10 mg/300 mg having received an approval from the United States Food and Drug Administration (USFDA) earlier.
The company's product is a generic equivalent of Mikart Inc's Hydrocodone Bitartrate and Acetaminophen tablets.
The stock is trading flat at Rs 1,452.25 on the Bombay Stock Exchange.
Bargain hunting by wives turns D-Mart owner Radhakishan Damani a billionaire, reports @sajeetkm.https://t.co/EfHCSW9E3Q pic.twitter.com/XBd61WEFTL
— BloombergQuint (@BloombergQuint) March 9, 2017
#BQSpotted by @soumeet_sarkar | Jubilant Industries snaps its 2-day losing streak. pic.twitter.com/DwEFBy07Pm
— BloombergQuint (@BloombergQuint) March 9, 2017
- Fortis Healthcare has 10 lakh shares change hands in single block deal
- Reliance Communications has 1.66 crore shares change hands in a block deal
- Gokul Agro has 44 lakh shares change hands in two block deals
Shares of the pharmaceutical company fell 3.4 percent to Rs 2,750 after the U.S. drug regulatory made 13 observations for its Duvvada facility in Visakhapatnam. The observations were related to deviation from good manufacturing practices, according to the company's filing to the National Stock Exchange.
Dr Reddy's had received a warning letter from the regulator with regard to this facility in November 2015. After the commitments made by the company as part of its response to the warning letter were completed, a re-audit of the facility was scheduled for the first quarter of 2017, the company said in a presentation made in January 2017.
The company is addressing the observations made by the regulator, the stock exchange filing added.
The debt laden film-making company's shares fell 3.2 percent, the most since March 3, to Rs 215 after it decided not to proceed with the planned issuance of bonds due to expectations of 'wider pricing' by investors.
"We continue to have constructive conversations with investors and will decide a way forward over the course of today and tomorrow," said Group CEO and Managing Director Jyoti Deshpande in an email to Bloomberg, speaking about refinancing of the company's debts.
The rupee today lost 12 paise to 66.83 as the dollar remained in the driver's seat on the growing buzz that the U.S. interest rate is set to go up.
The Fed is meeting next week to take a call on this. A higher U.S. rate means flight of investors from emerging markets in search of higher returns.
Apart from the increased demand for the American currency from importers and banks, its strength against other currencies overseas pulled down the rupee.
A lower opening in the domestic equity market did not help things. Yesterday, the rupee had weakened 4 paise to 66.71 in a relatively muted trade on renewed demand for the greenback.
Shares of the Mukesh Ambani-led firm fluctuated between gains and losses after 12.2 percent of equity change hands in three block deals.
According to Bloomberg data, about 39.61 crore shares or 12.2 percent of equity change hands on the BSE. It was the most traded Indian stock by volume and value. The buyers and sellers were not immediately known.
- Dr. Reddy’s Labs: Gets 13 FDA observations for Duvvada plant
- Kotak Mahindra Bank: Founder Uday Kotak sells 1.5% stake in lender (BSE)
- Eros International: Scraps plans to raise $200 million via dollar bond sale (Bloomberg)
- Shree Renuka Sugar: Allots 16.4 million shares to lenders on part conversion of the loans
- D-Mart’s parent Avenue Supermarts IPO fully subscribed on day 1; offer close March 10
- Music Broadcast IPO gets 39.5 times demand for shares offered on last day
IPO Watch
- Delhi ATF tax cut only for regional connection flights: Official
- RBI objects to terms between Tata, Docomo to settle dispute
- Global funds buy Rs 3,570 crore of local stocks; domestic funds sell Rs 1,740 crore on March 8: Provisional data
- PepsiCo, Coca-Cola face boycott in second Indian state on water
Good Morning!
The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, dropped 0.6 percent to 8,903.
Most Asian stocks declined in early trade, after data showed Chinese producer prices rising at the fastest pace since just after the Beijing Olympics, while consumer prices weaker than expected.
Japanese equities bucked the trend as a weaker yen lent support after better-than-expected U.S. private jobs report spurred gains in the dollar and drove down Treasuries.
Data from the ADP Research Institute showed private payrolls climbed by 298,000 in February, outstripping the 187,000 median projection of analysts surveyed by Bloomberg.
The strong private sector performance triggered forecast revisions for February non-farm payrolls, due on Friday. The median estimate of Bloomberg’s poll of economists increased to 200,000 from 190,000 earlier.
The odds of the hike in Fed's March 14-15 meeting has risen to 100 percent, according to futures rates tracked by Bloomberg.
Oil held losses near $50 a barrel as a record U.S. stockpiles overshadowed production cuts by the Organisation of Petroleum Exporting Countries and other nations.
In events to watch today, ECB President Mario Draghi is expected to keep quantitative easing going until the end of the year with underlying price pressures muted.
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