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CAPITALSTARS – TOP CORPORATE NEWS – 10 JAN 2018

Market-Updates

The Union Cabinet has approved 100% FDI in single brand retail via automatic route

The Union Cabinet headed by Prime Minister Narendra Modi, in today’s meeting has approved 100% Foreign Direct Investment (FDI) in single brand retail via automatic route. Earlier, FDI up to 49% was permitted under the automatic route. The automatic route stands for more liberalized regulation. On the other hand, in the case of approval route, government agencies regulate and scrutinize foreign investments while approving it.

The relaxation of FDI policy is aiming at providing an investor friendly climate to foreign players and in turn attract FDIs to boost economic growth and create jobs. FDI during H1FY18 grew by ~17% to $25.35bn. This step will also facilitate the ease of doing business in India.

Lupin gets USFDA approval for generic Tamiflu capsules

Pharma major Lupin announced that it has received final approval for its Oseltamivir Phosphate Capsules USP, 30 mg (base), 45 mg (base), and 75 mg (base) from the USFDA to market a generic version of Hoffman-La Roche, Inc.’s Tamiflu Capsules, 30 mg, 45 mg, and 75 mg.

Oseltamivir Phosphate Capsules USP, 30 mg, 45 mg, and 75 mg had annual sales of approximately $ 467.8 million in the US. (IMS MAT October 2017).

Oil exploration cos up as crude oil prices at 3-year high

Shares of Oil & Natural Gas Corp, Oil India, Selan Exploration Technology gained 1-7% following reports that crude oil prices rose to their highest since December 2014 in the international market.

Organization of the Petroleum Exporting Countries (OPEC)-led production cuts and expectation of a drop in US crude oil inventories aided the rise in prices.

A rise in crude oil prices also aided companies that provide drilling services and equipment to the oil and gas sector on hopes of increased demand.

Telecom stocks gain as TRAI raises spectrum holding limit

Shares of telecom companies were up today as the Telecom Commission on Tuesday agreed with the Telecom Regulatory Authority of India’s recommendation of raising spectrum holding limit of mobile operators.

The commission also extended the tenure for the payment of auctioned airwaves to 16 years from 12 years, and lowered penalties on outstanding dues of the companies to 12% from 14%.

The decision of raising spectrum holding limit is seen facilitating the merger of Vodafone with Idea Cellular and the acquisition of Reliance Communication’s mobile business by Reliance Jio Infocomm.

Motherson Sumi subsidiary enters into JV with Ossia for patented wireless technology

Motherson Innovations Company Limited (MICL), step-down subsidiary of Motherson Sumi Systems Limited (MSSL) through subsidiary Samvardhana Motherson Automotive Systems Group B.V. (SMRPBV), announced the formation of a Joint Venture (JV) with Ossia Inc. (Ossia). The JV will help MSSL introduce Ossia’s patented Cota power systems into interiors of MSSL’s customer vehicles by CY2021.

MICL will hold majority stake in the JV, which will be based in the USA. Globally, the JV will focus on integration of Cota technology into a wide range of non-military passenger, commercial and public transportation vehicles. The JV aims to have its systems deployed in both private and public vehicles by 2021 to not only deliver continuous wireless power to occupants’ personal devices, but also power various sensors in and on the vehicles themselves, including brake sensors, tyre pressure gauges and key fobs. In addition, the JV will be the distributor of all Cota wireless power products across multiple verticals such as IoT and consumer devices in India.

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