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TOP CORPORATE NEWS- 16 APR 2018

Corporate News

Alok Industries hits lower circuit as lenders reject RIL’s revised offer

Shares of Alok Industries hit lower circuit on Monday after lenders to the company reject a revised offer by Reliance Industries-JM Financial Asset Reconstruction Company to acquire the bankrupt company.

According to IBC, if no resolution plan is approved within the given time period then the assets of the company go into the liquidation. Now as the company is moving to liquidation, banks have to provide for the 100% of the amount of the outstanding dues.

March WPI inflation hits eight-month low to 2.47%

The annual rate of inflation, based on monthly WPI, stood at 2.47% (provisional) for the month of March 2018 (over March 2017) as compared to 2.48% (provisional) for the previous month and 5.11% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.47% compared to a build-up rate of 5.11% in the corresponding period of the previous year.

The rate of inflation based on WPI Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group decreased from 0.07%in February 2018 to (-) 0.07% in March 2018.

Glenmark’s Baddi plant clearance was much anticipated

Glenmark Pharma Glenmark Pharma’s Baddi facility has received a VAI status (Voluntary Action Initiated) from the USFDA. This facility had received seven form 483 observations from the USFDA during the inspection held between 6-10 November 2017.

Glenmark received a final approval for psoriasis spray, Clobetasol Propionate in March 2018. This product is to be manufactured from the Glenmark’s Baddi plant. The product approval by USFDA from this site already indicated that this plant is not going to see any escalation.

Aurobindo gets USFDA approval for Loratadine 10mg tablet

Aurobindo Pharma has received final approval from USFDA for Loratadine orally disintegrating tablet (10 mg). The drug is already gone off patent and has several generic companies marketing this drug in the US market. Sun Pharma is also marketing this drug under the brand Loratadine Redidose.

Loratadine is an antihistamine drug, which is used in treating allergies such as itching, runny nose, watery eyes, etc. This is a drug with annual sales of ~$60mn in 2017. With several companies already in the market, we expect the drug to generate ~$1mn in annual sales for Aurobindo.

Gruh Finance gains 5% after board announces bonus shares

Gruh Finance gained 5% in early trade on Monday. The gains are on the back of announcement made by the company on Saturday that the board has recommended issue of bonus shares in the ratio of 1:1 to shareholders of the company, subject to the approval of the shareholders.

The board also recommended a dividend of Rs3.30 per equity share of face value of Rs2 each for the financial year ended March 31, 2018.

Gruh Finance’s NII for Q4FY18 improved by 24.6% yoy to Rs231cr against Rs185cr. The housing finance company’s net profit was in-line with estimates, which improved by 18.2% yoy to Rs130.5cr against Rs110.5cr. Its GNPA as of Q4FY18 end stood at 0.45%.

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