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TOP CORPORATE NEWS – 12 September 2019


Granules India gets EIR from USFDA for Bonthapally facility; stock climbs 5%

Shares of Granules India jumped 5% after the pharma company received an Establishment Inspection Report (EIR) from USFDA for Bonthapally unit. The USFDA has issued EIR for the Bonthapally facility located at Hyderabad, Telangana, India, the company said in a press note. This facility was inspected by USFDA in July 2019 and there was one observation during the inspection. The Bonthapally facility is one of the world largest single-site Paracetamol API manufacturing plant by volume. Along with Paracetamol APIs, the company has established Metformin and Guaifenesin API manufacturing plants in the same facility, the company added. Granules India Ltd is currently trading at Rs104.55, up by Rs5.55 or 5.61% from its previous closing of Rs99 on the BSE.

Apollo Hospitals promoter group sells 3.6% stake via block deal; stock down 2%

Shares of Apollo Hospitals are trading lower by 2% on the BSE. The company said in a press note that the Promoter Group which held a 34.40% equity stake has divested 50 lakh equity shares constituting a 3.6% holding in the company through a bulk deal transaction on the stock exchanges. Post this divestment, the Promoter Group’s stake in the Company would constitute 30.8% of the paid-up equity capital. In line with our commitment to bring down debt and associated pledges, the promoter family of Apollo Hospitals, represented by Ms. Suneeta Reddy, today divested 3.6% holding in Apollo Hospitals Enterprise Limited (AHEL), through a bulk deal. Promoter holding in AHEL now stands at 30.8%, the company said in a BSE filing. Once these proceeds are applied along with the net proceeds from the Apollo Munich transaction (expected by end October), the pledge position will come down from the current 76% to around 20%.

Dishman Carbogen gets nod for TB drug Bedaquiline Fumarate; stock up 6%

Shares of Dishman Carbogen rose 6% after the company said that the Drug Controller General of India has approved MDR Tuberculosis (TB) Medicine Bedaquiline Fumarate (BULK) for production in India. Innovator company of this drug, M/S Janssen Pharmaceutica, Europe had applied for a license for export as well as domestic (India) supply with all required data and clinical trial records required by the office of Drug Controller General of India, the company stated. The pharma company intends to assure the world that it has an adequate production facility to produce the required quantity of this life-saving medicine. Dishman Carbogen Amcis Ltd is currently trading at Rs190.50, up by Rs10.9 or 6.07% from its previous closing of Rs179.60 on the BSE. The scrip opened at Rs181.10 and has touched a high and low of Rs197.40 and Rs178.35 respectively.

L&T Construction bags EPC orders from two states

An EPC order has been bagged for the Gunjawani project piped distribution network including the Narayanpur Lift Irrigation Scheme from Maharashtra Krishna Valley Development Corporation-WRD, Pune. The Water and Effluent Treatment Business of L&T Construction has secured orders from prestigious clients from two states in India.

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