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Yes Bank gains 3% ahead of CEO-search committee meet

Shares of Yes Bank gained ~3% in the afternoon session Thursday ahead the first meeting of its CEO-search committee scheduled later today to select the successor of current MD and CEO Rana Kapoor.

On Friday, India’s fourth-largest private sector lender Yes Bank had appointed a search committee to decide Rana Kapoor’s successor. The bank’s aim was to shortlist three names to succeed the current managing director and chief executive officer of the bank. This will then be submitted to the country’s top bank RBI for its approval by Nov-end or the first week of December.

OMC stocks gain on lower global crude oil prices

Shares of oil marketing companies (OMCs) were trading up in the afternoon session on Thursday as Brent crude slipped below key levels of $83 per barrel.

Shares of Hindustan Petroleum Corporation surged 11.50%, while those of Bharat Petroleum Corporation and Indian Oil Corporation were trading ~5% up, each.

Aurobindo gets USFDA approval for Azithromycin Oral Suspension

Aurobindo Pharma received an approval from the US Food and Drug Administration (USFDA) for manufacturing and marketing  Azithromycin Oral Suspension 100mg /5 mL and 200 mg/5 mL, the company said in a statement to the exchanges on Thursday.

Azithromycin oral suspension is a generic version of Pfizer Inc’s Zithromax oral suspension. The company will launch this suspension in November 2018, the pharma major added.

This oral suspension is used to treat patients with mild to moderate infections. The product has an estimated market size of $71mn for the twelve months ending August 2018, according to IQVIA.

ONGC to buy 27 rigs for up to Rs3,500cr

Maharatna PSU ONGC is planning to purchase 27 drilling rigs to replace about half of its ageing oil rigs in a deal that would cost Rs3,000-3,500cr. The state-run explorer has floated a tender to seek bids from interested suppliers by November 14.

Thus, ONGC was earlier planning to buy over 50 rigs; however, they cut down their target to 27. What’s more, these new purchases will allow it to partly replace its long-standing fleet, currently operating at its onshore fields. The CPSE always owns onshore rigs and does not believe in hiring them, mainly due to their scarcity. Conversely, offshore rigs are always hired due to their adequate availability.

PTC India signs deals for power supply to Bangladesh

PTC India has inked fresh agreements for supplying 200MW power to Bangladesh for 15 years. Despite this, the company’s shares dropped 2% during the morning session on Thursday.

The short-term power deal of 200MW is from a power pool of West Bengal State Electricity Distribution Company Ltd (WBSEDCL) and the long-term deal involves power to be supplied through imported coal from Meenakshi Energy Limited’s imported coal-based project, the company said in a press note on Wednesday after market hours.

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