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TOP CORPORATE NEWS- 14 May 2019

corporate news (2)

Siemens PAT up 27.6% yoy at Rs280cr in Q2FY19
Siemens recorded a Profit after Tax (PAT) for the second quarter of Financial Year 2019 at Rs280cr, which is increased by 27.6% over the same period last year. Revenue stood at Rs3, 461cr, a 9.4% increase over the corresponding quarter of the previous year, the company said in the filing to the exchanges on Tuesday. The company new orders for the quarter stood at Rs3, 635cr, a 24.3% increase over the second quarter of Financial Year 2018. Order backlog recorded a six-year high.

Lupin receives EIR for Pharmacovigilance inspection
Lupin in its filing to the exchanges on Tuesday informed that the company has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (US FDA) for the Post-Marketing Adverse Drug Experience (PADE) inspection, indicating successful closure of the inspection.The inspection was conducted at Lupin’s global pharmacovigilance group DSRM (Drug Safety & Risk Management) based out of Mumbai between January 14, 2019, and January 18, 2019, the company said in a press note today.

Jet Airways plummets 11% after CEO, CFO resigns
Shares of Jet Airways plunged 11% on Tuesday after Deputy Chief Executive Officer and Chief Financial Officer of the debt-ridden company resigned. “Amit Agarwal, Deputy Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of the company has resigned from the services of the company due to personal reasons, with effect from May 13, 2019,” the airline said in a press note after markets hours to the exchanges on Tuesday.

Glenmark gets USFDA nod for Esomeprazole Magnesium DR capsules
Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Esomeprazole Magnesium Delayed-Release Capsules USP, 20 mg and 40 mg, a generic version of Nexium Delayed-Release Capsules, 20 mg and 40 mg, of AstraZeneca Pharmaceuticals LP. According to IQVIA sales data for the 12-month period ending March 2019, the Nexium Delayed-Release Capsules, 20 mg and 40 mg market2 achieved annual sales of approximately $395.1 million.Glenmark current portfolio consists of 153 products authorized for distribution in the U.S. marketplace and 58 ANDA pending approval with the USFDA.

Karnataka Bank Q4FY19 PAT at Rs477.24cr
Karnataka Bank posted an all-time high annual net profit of Rs477.24cr for the FY19, with a growth rate of 46.57%. The previous highest net profit of Rs452.26cr was posted during the year 2016-17.The Non-Performing Assets (NPA) also moderated. The GNPA [Gross Non-Performing Assets] of the Bank declined to 4.41% as of March 31, 2019, from 4.92% as on March 31, 2018. Similarly, the NNPA (Net Non-Performing Assets) also moderated to 2.95% from 2.96% as on March 31, 2018.

OBC board approves raising Rs3,000cr via equity
Oriental Bank of Commerce (OBC), in its filing to the exchanges, informed that the bank board approved the plan for raising capital for an amount up to Rs3,000cr. Accordingly, the bank can raise capital by way of issue of equity shares in the form of Qualified Institutional Placement (QIP) / Employee Share Purchase Scheme (ESPS) / Follow on Public Offer (FPO) / Rights Issue / or such other mode as may be decided by the Board at an appropriate time, subject to the necessary approvals, the bank said in a press note released after markets hours to the exchanges on Monday.

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