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TOP CORPORATE NEWS – 01 NOV 2019

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CORPORATE NEWS

Lupin gets USFDA nod for Levothyroxine Sodium tablets; stock gains 3%.

Pharma major Lupin Limited has received approval for its ANDA for Levothyroxine Sodium Tablets USP from the United States Food and Drug Administration (U.S. FDA), to market a generic equivalent of LEVOXYL 25 meg, 50 meg, 75 meg, 88 meg, 100 meg, 112 meg, 125 meg, 137 meg, 150 meg, 175 meg, 200 meg, and 300 meg, manufactured by King Pharmaceuticals Research and Development LLC. Lupin’s Levothyroxine Sodium Tablets USP, 2S meg, SO meg, 7S meg, 88 meg, 100 meg, 112 meg, 125 meg, 137 meg, 150 meg, 175 meg, 200 meg, and 300 meg was originally approved on January 18, 2019 as generic equivalent of SYNTHROID manufactured by ABBVIE Inc.

NCC gains 3% on receiving 3 orders aggregating to Rs973cr in Oct.

NCC has received three new orders totaling Rs973.22cr (exclusive of GST) in the month of October 2019. Out of this, one order of Rs641.57crpertains to the Water & Environment Division and two orders totaling Rs331.65cr pertain to the Electrical Division. These orders are received from State Government agencies and do not include any internal order.

Bank of India reports PAT of Rs266cr as provisions decline.

Bank of India’s Q2FY20 net profit stood at Rs266.4cr owing to a decline in provisions for bad loans. The bank reported a loss of Rs1, 156cr in the year-ago period. Tax expenses came in at Rs141.2cr against credit of Rs540cr yoy. The bank’s gross NPA stood at 16.31% vs. 16.5% qoq, while net NPA stood at 5.87% vs. 5.79% qoq. The bank’s NII in the quarter was Rs3, 860.5cr.

M&M’s Passenger Vehicles segment sales decline 23%.

Mahindra & Mahindra Ltd. (M&M Ltd.), a part of the USD 20.7 billion Mahindra Group, announced its auto sales performance for October 2019. In the Passenger Vehicles segment (which includes UVs, Cars and Vans), Mahindra sold 18,460 vehicles in October 2019, compared to 24,066 vehicles in October 2018, decline by 23%. In the Commercial Vehicles segment, the company sold 23,582 vehicles in October 2019, as against 24,353 vehicles in October 2018.

Indoco Remedies gets USDFA approval for Glycopyrrolate ANDA.

The company informed the exchanges that its Abbreviated New Drug Application (ANDA) for Glycopyrrolate Injection 0.2 mg/ml filed from Indoco Goa Plant II on behalf of its partner in the US, has been approved by the United States Food & Drug Administration (USFDA). Glycopyrrolate is indicated for use as a preoperative antimuscarinic to reduce salivary, tracheobronchial, and pharyngeal secretions; to reduce the volume and free acidity of gastric secretions. The market size of this product in the US is $120mn.

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