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TOP CORPORATE NEWS- 04 DEC 2018

Corporate-News

Alembic Pharma subsidiary gets USFDA nod for Glycopyrrolate tablets
Alembic Pharmaceuticals Ltd (Alembic), in a release to the exchanges on Tuesday, announced that its wholly-owned subsidiary Orit Laboratories LLC has received approval from the USFDA for its ANDA Glycopyrrolate tablets USP, 1 mg and 2 mg.
According to IQVIA, Glycopyrrolate Tablets USP, 1 mg and 2 mg, had an estimated market size of $15mn to the twelve months ending December 2017.
Alembic has a cumulative total of 81 ANDA approvals (68 final approvals and 13 tentative approvals) from the USFDA.

Govt not to participate in LIC’s open offer
The government will not participate in Life Insurance Corporation’s (LIC) open offer to acquire a 51% controlling stake in IDBI Bank, the bank said in a press note the exchange on Tuesday.
“IDBI Bank is in a receipt of letter dated December 03, 2018, from the Government of India confirming that it will not participate in the open offer made by LIC,” said the lender in a press note.

Domestic flat steel prices likely to face temporary pressures from cheaper imports
Expectations of lenient production curbs in China during the winter months, and rising steel output amidst a seasonal moderation in demand have led to a steep correction in Chinese steel prices in November 2018. According to a recent ICRA research report, the threat of cheaper flat steel imports to India in the near term has increased and, as a result, domestic flat steel producers may have to brace for a downward revision in prices, especially in Q4FY19.

NCC receives orders worth Rs220.2cr
NCC has received two orders worth Rs220.2cr in its various business segments, the company said in a press note to the exchanges on Monday after market hours.
Of the total, an order worth Rs174.2cr received by Electrical Division, while another order of Rs46cr pertains to Water Division. These orders are received from state government agencies and do not include any internal orders, the company said in a press note. NCC share price is currently at Rs88.55, up by Rs1.25 or 1.43% from its previous closing of Rs87.30 on the BSE.

GAIL to challenge CESTAT Delhi’s order
GAIL, the natural gas processing and distribution company, is all set to challenge Customs Excise and Service Tax Appellate Tribunal (CESTAT) Delhi bench’s order of demand notice worth Rs2,822cr at higher forum.
“The company is of the view that the order passed by the CESTAT Delhi is not sustainable considering the merit of the case and well-reasoned order passed by the commissioner, while adjudicating the Special Centre for Nanoscience (SCNS). The company is going to challenge the order at higher forum and is confident of favorable outcome in this matter,” said the company in a press note to the exchanges on Monday after market hours.

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