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TOP CORPORATE NEWS-22 JULY 2019

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Oriental Bank of Commerce post net profit of Rs112.7cr
For Q1FY20, Oriental Bank of Commerce (OBC) posted net profit of Rs112.7cr vs. loss of Rs393.2cr in the corresponding quarter previous year.
The bank’s NII at Rs1,370.6cr was up 2.6% yoy.
The gross NPA for the quarter came in at Rs21,369cr while the net NPA stood at Rs9,343.5cr.
The Provision Coverage Ratio of the Bank as on June 30, 2019 stood at 76.32%.
OBC reports fresh slippages at Rs1,413cr. Net interest margin at 2.41% vs. 2.75% (QoQ).

Laurus Labs launches Pregabalin Capsules in US market with Rising Pharmaceuticals
Laurus Labs Limited, a leading research and development driven pharmaceutical company along with its exclusive distribution partner Rising Pharmaceuticals, a Rising Pharma Holdings Inc. company, announce the launch of the generic version of Lyrica, (pregabalin) Capsules, in all eight commercially available strengths (25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg, 225 mg, & 300 mg) in US market. Rising recently received the final approval from the U.S. Food and Drug Administration (FDA) for the Abbreviated New Drug Application (ANDA).

InterGlobe Aviation to expand board to have up to 10 Directors
The Board of Directors of InterGlobe Aviation Ltd (IndiGo) have decided to amend the Articles of Association of the Company (Articles) for expanding the Board upto a maximum of 10, including 4 Independent Directors. The company said amendment of the Articles will be subject to the approval of the shareholders at the forthcoming Annual General Meeting of the Company, the company said on July 20.
Meanwhile, the company net profit zoomed 43 times to Rs1, 203cr in the June quarter compared with Rs27.8cr in the same quarter last year. The revenue from operations came at Rs9420.1cr for the quarter, an increase of 44.7% against a 30.3% increase in capacity compared to the same period last year.

Dr Reddy’s announces closure of transaction with Upsher-Smith Laboratories, LIC
Dr Reddy’s Laboratories announces the closure of the transaction with Upsher-Smith Laboratories, LLC (Upsher-Smith), pursuant to the satisfactory completion of all customary closing conditions including the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended.
Under the agreement, Dr. Reddy’s sold its US and select territory rights for ZEMBRACE SYMTOUCH (sumatriptan injection) 3 mg and TOSYMRA (sumatriptan nasal spray) 10 mg, which were commercialized through its wholly-owned subsidiary, Promius Pharma, LLC.

Lupin’s Nagpur facility wins ENR Global Best Project Award
Pharma major Lupin has won the Engineering News Record’s (ENR) Global Best Project Award of Merit in the Manufacturing category. The award was given to Lupin’s Oral Solid Dosage (05D) and Injectable Pharmaceutical Manufacturing Facility at Nagpur, India.
The ENR Global Best Projects Awards are annual awards given by ENR globally as part of an annual competition that identifies and honors the best project teams behind outstanding design and construction efforts.

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