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CAPITALSTARS – TOP CORPORATE NEWS – 12 DEC 2017

Market-Updates

Alembic Pharma gains on USFDA approval for Darifenacin

Alembic Pharmaceuticals Limited today announced that the company has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Darifenacin Extended- Release Tablets, 7.5 mg and 15 mg.

Alembic Pharmaceuticals, a leading pharmaceutical company, is a market leader in the macrolides segment of anti-infective drugs. Its manufacturing units are located in Vadodara and Baddi. The company derives ~39% of revenues from International Formulations, out of which US accounts for ~74%.

The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Enablex Extended-Release Tablets, 7.5 mg and 15 mg, of Allergan Pharmaceuticals. Darifenacin Extended-Release, Tablets are indicated for the treatment of overactive bladder with symptoms of urge urinary incontinence, urgency and frequency. Darifenacin Extended-Release Tablets, 7.5 mg and 15 mg, have an estimated market size of US$ 64 million for twelve months ending Dec 2016 according to IMS.

Alembic now has a total of 70 ANDA approvals (62 final and 8 tentative approvals) from USFDA.

Telecom sector can get rid of Rs80,000-90,000cr debt: ICRA

The telecom tower industry is expected to undergo structural changes in medium term. Currently the industry, with around 4 lakhs towers and around 8 lakhs tenancies, is a sizeable one in the world. It has 10 organised players (apart from many small tower owners) wherein 74% of the portfolio is held either by tower companies promoted by telecom operators, or by telecom operators themselves. Over the next 1-2 years, there is likely to be a material change in the industry structure with number of players expected to reduce to 4-5.

The key development for the industry would be the likely change in ownership from telecom operators to independent players, as reflected by the consolidation transactions under way and by the interest from such players and investors. The industry is also likely to witness strong growth in the coming years driven largely by the network expansions by telecom operators; and upside in rentals due to improved negotiation power which would follow from consolidation as well as from greater independent ownership. At the same time, the consolidation transactions could entail migration of some debt to the tower industry from the telecom industry, where elevated debt levels remain an area of concern.

GAIL India to import 5 MT of LNG from the US next fiscal

GAIL (India) will import about 5 million tonnes (MT) of LNG from the US next fiscal, replacing the volumes the state-owned utility buys from the spot market. The company has contracted 5.8 MT per annum of liquefied natural gas (LNG) from the US, some of which it has swapped – either by exchanging the gas with someone having it nearer to India or by time-swapping it.

This will improve GAIL India’s margins from next fiscal onwards due to savings from switching from high cost spot LNG to lower cost LNG.

The lower gas prices improve the outlook for all of GAIL’s business divisions: 1) Gas Transmission 2) Gas trading 3) Petchem.

Dr. Reddy’s gains 4% post receipt of USFDA EIR

On April 28, 2017, Dr Reddy’s Laboratories (DRL) was issued form 483 with 11 observations at its plant-3 at Bachupally, Hyderabad relating to deviations from good manufacturing practices. The company had then clarified that most of these observations were procedural in nature. These observations reflected the need to improve people capabilities and strengthen documentation and laboratory systems.

DRL is India’s second largest pharmaceutical company in terms of revenue. DRL deals in pharmaceutical services and active ingredients, global generics and proprietary products. It derived 66% of FY17 revenues from export formulations, followed by domestic formulations (16%), APIs (15%) and others (3%). The company’s key markets include India, USA, Russia and Germany.

PNB to raise up to Rs5,000cr through QIP

Punjab National Bank (PNB) has initiated the process of raising up to Rs5,000cr through Qualified Institutional Placement (QIP). The committee of directors for capital mop-up at a meeting approved opening of the QIP.

The bank has approved the floor price of Rs176.35 per share of face value Rs2. This fundraising would act positively for the bank as it would aid it in improve its capital adequacy ratio, which in turn would partly fund its future loan growth besides help it to provide for its bad loans.

The bank’s Q2FY18 loan mix consists of large corporate (~28.7%), MSME (~18.5), agriculture (~15.5), overseas (~9.7%), retail (16.1%) and others (~11.4%). Also, its GNPA and NNPA for the quarter stood at 13.6% and 8.67%, respectively for Q2FY18.

L&T Infotech completes acquisition of Syncordis

L&T Infotech (LTI) announced yesterday that they had completed their acquisition of Syncordis SA, a leading core banking implementation services provider. LTI had announced the acquisition in November 2017 for a sum of 15 million euros. The company expects that the strengths of Syncordis in Temenos, a new-age and digital core banking solution, would help them to expand their presence in European banking services.

This acquisition is part of LTI’s strategy to expand capabilities in in five key areas – Analytics, Digital, IoT, Automation and Cloud.

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