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TOP CORPORATE NEWS – 11 September 2019


Dr Reddys launches Fosaprepitant for injection in the US

Dr. Reddy’s Laboratories Ltd. on Wednesday announced the launch of Fosaprepitant for Injection, the therapeutic generic equivalent of EMEND® (fosaprepitant) for injection, approved by the U.S. Food and Drug Administration (USFDA). “We are pleased to be among the first generics to launch this product,” explains Marc Kikuchi, Chief Executive Officer, North America Generics, Dr. Reddy’s Laboratories. “This is a great addition to our injectable portfolio in the U.S. market as we continue to augment our product offering and drive growth for the hospital segment.”

Power Mech Projects shoots up ~11% on bagging orders worth Rs275cr

Power Mech Projects announced today that it has bagged orders of Rs275cr. The company’s shares soared over 10% in afternoon trade. Construction of C.O.P’s, Pit lines, Service building, and balance work of between Charlapalli-Ghatkesar station for construction of Parcel shed, Pit wheel lathe shed, F.O.Bs, Station Building, Approach Road, Electrical Sub Station, Bio Toilets shed, Escalator, Lifts, other connected Miscellaneous works etc.., in connection with Proposed Development of New Coaching Terminal Facilities at Charlapalli station for total contract value of Rs77ce crores to be completed within 18 months awarded by South Central Railway.

Reliance Capital to sell up to 3.15% stake in Reliance Nippon via OFS

Shares of Reliance Nippon Life Asset Management Ltd is trading lower by 1% on the BSE in morning trade. According to the company’s BSE filing, Reliance Capital has proposed to sell up to 1.93cr shares (through the offer-for-sale mechanism) of Reliance Nippon Life Asset Management on September 11 (for non-retail investors only) and on September 12 (for retail investors and non-retail investors who choose to carry forward their unallotted bids).

Strides Pharma acquires stake in Fairmed Healthcare AG in Europe

Strides Pharma Science Limited (Strides) announced that its step down subsidiary Strides Pharma Global Pte Ltd(SPG) has acquired a majority stake in Fairmed Healthcare AG(Fairmed), a Switzerland based company with a portfolio of high quality generic products encompassing prescription and over the counter drugs across several therapeutic segments. Under the terms of the agreement, SPG will hold 70% of the issued capital of Fairmed. Strides have infused CHF 2.2 mn into the entity in lieu of the equity stake.

Yes Bank scales over 13.5% on reports of Rana Kapoor considering stake sale to tech firm

Shares of Yes Bank shot up by over 13.5% in morning trade after reports that co-founder Rana Kapoor is planning to sell part of his stake in the bank to a fintech firm. Reports suggested that the two parties are in advanced talks regarding the transaction, the fintech firm being One97 Communications, parent company of Paytm, citing Rana Kapoor’s interview with Reuters. However, Yes Bank has called these reports as speculative in nature.

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