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TOP CORPORATE NEWS – 09 October 2019

Corporate-News

Cabinet hikes dearness allowance by 5%, brings cheer to employees, pensioners.

With the Union Cabinet clearing a proposal to hike the dearness allowance (DA) by 5% and the hiked rate will be applicable retrospectively from July this year. The move raises dearness allowance to 17% from 12% and is likely to benefit 50 lakh government employees and 62 lakh pensioners, Information and Broadcasting Minister Prakash Javadekar said while briefing media after a Union Cabinet meeting today.

Dr Reddys receives EIR from USFDA for Bollaram facility.

Dr Reddys Laboratories informed the exchanges regarding the audit of its API manufacturing plant 2 at Bollaram, Hyderabad. The company said that it has received the Establishment Inspection Report (EIR) from USFDA, for the above-referred facility, indicating closure of the audit and the inspection classification of this facility is determined as Voluntary Action Initiated (VAI).

Zydus gets USFDA final approval for Colesevelam Hydrochloride Tablets.

Zydus Cadila has received the final approval from the USFDA to market Colesevelam Hydrochloride Tablets, (US RLD – Welchol), 625 mg. This medication is used along with a proper diet and exercise, to lower cholesterol in people with high levels of cholesterol in the blood. Lowering cholesterol decreases the risk of heart disease and helps prevent strokes and heart attacks. It will be manufactured at the group’s formulations manufacturing facility at SEZ, Ahmedabad. The group now has 273 approvals and has so far filed over 360 ANDAs since the commencement of the filing process in FY 2003-04.

Lupin clarifies on USFDA warning letter; gets GMP certificate from PMDA Japan for Mandideep facility.

The pharma manufacturer clarified to the exchanges that a warning letter was issued in respect of the inspection carried out in December 2018, which in March 2019 was classified as OAL. The warning letter was specific to Mandideep facility only, the company added. The company issued the clarification after an economictimes.com article captioned “USFDA red flags Lupin for significant violations at MP unit” was posted and the exchanges demanded a verification. Lupin said that it had promptly intimated exchanges with regard to the warning Letter and CA’s.

BHEL down 6% even as co. announces order for Turbine Generator in UP.

Bharat Heavy Electricals Limited (BHEL), amidst stiff international competitive bidding (ICB), has bagged a significant order for the Turbine Generator (TG) and associated packages for the Greenfield 2x660MW Khurja Super Thermal Power Project in Bulandshahr district of Uttar Pradesh. Shares of the company are down by over 6%. Valued at around Rs1, 600cr, the order has been placed on BHEL by THDC India Ltd., a Joint Venture of the Govt. of India and the Govt. of Uttar Pradesh. BHEL’s scope of work in the contract includes design, engineering, manufacture, supply, and erection, testing and commissioning of the TG and associated packages for the 2x660MW Khurja supercritical power project.

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