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TOP CORPORATE NEWS – 16 AUGUST 2019

Corporate-News

Lupin receives USFDA approval for Hydrocortisone Valerate cream
Pharma major Lupin announced that it has received approval for its Hydrocortisone Valerate Cream USP, 0.2% from the United States Food and Drug Administration (USFDA). Lupin Hydrocortisone Valerate Cream USP, 0.2%, is the generic version of Westcort Cream, 0.2%, of Sun Pharmaceutical Industries, Inc. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses in adult patients. Hydrocortisone Valerate Cream USP, 0.2%, (RLD: Westcort) had annual sales of ~$15mn in the US, as per IQVIA MAT March 2019.

Glenmark Pharma falls 5% as brokerages slash price targets
Glenmark Pharma is currently down 5% after closing ~8% lower on Wedneday. Global brokerage house CLSA has maintained “sell” rating on Glenmark and cut the target price to Rs350/share from Rs500/share, according to media reports. CLSA stated that the consensus was underestimating the margin pressure from subdued revenue growth and high R&D spend. CLSA expects weak revenue growth along with a high R&D spend phase to keep margins muted. It has cut the FY20-FY21 EPS estimate by 15-18%.

Indraprastha Gas rises 3% on reporting 31% yoy jump in Q1FY20 PAT
Shares of Indraprastha Gas Ltd. (IGL) are currently up 3% after soaring 4% in early trade today.
On a consolidated basis, Indraprastha Gas reported a 31.14% yoy rise in net profit to Rs245.04cr. The total income rose 22.84% yoy to Rs1, 779.47cr in Q1FY20. Higher sales volume and better gross margin boosted performance in the quarter. Productwise, CNG saw sales of Rs1, 340cr, a growth of 25% yoy, while PNG saw sales of Rs398cr, a rise of 16% yoy. Indraprastha Gas is a city gas distribution company (CGD) incorporated in 1998.

Hero MotoCorp manufacturing plants to remain shut for 4 days until August 18
The company stated in a filing to the exchanges on Friday that its manufacturing plants have been shut for four days till August 18 as part of annual routine as well as to adjust production with current market demand.Hero MotoCorp said its manufacturing facilities were closed from August 15 to 18, 2019.”While this has been part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weekend, it also partly reflects the prevailing market demand scenario. This helps us to plan our production well in advance, thereby enabling us to stay flexible both in terms of volumes and production schedules,” the company said.

Moody’s downgrades Indiabulls Housing Finance ratings; outlook changed to negative
Moody’s Investors Service (“Moody’s”) has today downgraded Indiabulls Housing Finance Limited’s (IBH) long term corporate family rating to Ba2 from Ba1.Moody’s has also downgraded the company’s foreign-currency senior secured rating to Ba2 from Ba1, foreign- and local- currency senior secured MTN program ratings to (P)Ba2 from (P)Ba1.Moody’s has changed the outlook to negative from stable.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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