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TOP CORPORATE NEWS- 10 APR 2019

corporate news (2)

Tata Motors Group global wholesales down 5% in March 2019
Tata Motors Group global wholesales in March 2019, including Jaguar Land Rover, were at 1.45 lakh units, lower by 5%, as compared to March 2018, the company said in the regulatory filing. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in March 2019 were at 57,163 units, marginally higher by 1%, over March 2018. Global wholesales of all passenger vehicles in March 2019 were at 88,314 units, lower by 9%, compared to March 2018, the company said. Global wholesales for Jaguar Land Rover were 70,171 vehicles (JLR number for March 2019 includes CJLR volumes of 4,812 units).

Lupin launches Fluoxetine Tablets USP
Pharma major Lupin Limited (Lupin) announced the launch of Fluoxetine Tablets USP, 60mg, having received an approval from the United States Food and Drug Administration (FDA) earlier.Lupin Fluoxetine Tablets USP, 60mg, is the generic version of Alvogen Group Holdings 3 LLC Fluoxetine Tablets, 60mg. It is indicated in the treatment of: Major Depressive Disorder (MDD).
Adults: Efficacy was established in one 5-week trial, three 6-week trials, and one maintenance study.
Pediatrics: Efficacy was established in two 8- to 9-week trials of patients 8 to 18 years of age.
Obsessive Compulsive Disorder (OCD).
Adults: Efficacy was established in two 13-week trials.
Pediatrics: Efficacy was established in one 13-week trial in pediatric patients 7 to 17 years of age.
Bulimia Nervosa
Adults: Efficacy was established in two 8-week trials and one 16-week trial.
Panic disorder, with or without agoraphobia
Adults: Efficacy was established in two 12-week trials.
Fluoxetine Tablets, 60mg, had annual sales of approximately $41mn in the US (IQVIA MAT February 2019).

Wipro gains 2% on reports of Sebi approval for buyback plan
Shares of Wipro gained 2% on Wednesday after media reports suggested that the company has received approval from the Securities and Exchanges Board of India for its buyback proposal. As per media reports, the price set for the buyback is Rs320 a piece, which is 33% higher than the six-month average share price of Rs240. Further, this is the company third buyback, as it had bought back shares worth Rs2, 500cr in 2016 and Rs11, 000cr worth in November-December 2017. A company can buy back shares only once in 12 months, reports added.

Mahindra CIE spurts 2% after completing acquisition of Aurangabad Electricals
Shares of Mahindra CIE rose 2% on Wednesday session on the BSE after the company has completed the acquisition of Aurangabad Electricals. The Board of Directors of the company approved the acquisition of 100% of the issued and outstanding share capital of Aurangabad Electricals Limited (AEL) and authorized the signing of the share purchase agreement, the company said in a BSE filing on Tuesday after market hours. Further, the company has completed the acquisition of 100% issued and outstanding share capital of AEL from the respective shareholders and AEL has become a wholly owned subsidiary of the company.

Tata Sponge completes acquisition of Usha Martin
Shares of Tata Sponge and Usha Martin gained 3% each on the BSE after the board of directors of the company acquired the steel business undertaking of Usha Martin (UML) through a slump sale on a going concern basis Tata Sponge Iron has completed the acquisition of steel business undertaking including captive power plants on April 09, 2019, pursuant to a cash consideration (after adjustment for negative working capital and debt like items) payable to UML of Rs4, 094cr, which is subject to further hold backs of Rs640cr, pending transfer of some of the assets including mines and certain land parcels, as per BSE filing.

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