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TOP CORPORATE NEWS- 7 AUG 2018

Corporate News

PNB stock drops post Q1FY19 numbers

Shares of Punjab National Bank dropped over 8% on the BSE after the bank posted its second consecutive quarter of loss. The bank has reported net loss of Rs940cr, which was lower than consensus estimates (net loss of ~Rs1, 600cr) and against Rs343cr of net profit yoy. The lower net loss was mainly attributed to decline in provisions.

The bank’s revenue has improved by 4.2% yoy to Rs15, 072.4cr as against Rs14, 468.1cr. NII for the quarter has improved by 21.7% yoy to Rs4, 692cr as against Rs3, 855cr yoy.

Glenmark partner gets nod for generic Methadone Hydrochloride

Glenmark’s partner Elite Pharmaceuticals, Inc., a US specialty pharmaceutical company, has received approval from the USFDA for the abbreviated new drug application (ANDA) for methadone hydrochloride 5 mg and 10 mg tablets.

Glenmark Pharmaceuticals, Elite’s marketing alliance partner, will sell and distribute methadone to Elite, for which the latter will receive manufacturing and license fees.

Suven Life wins product patents in Mexico and New Zealand

Suven Life Sciences Ltd has been granted a product patent from Mexico and New Zealand each corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases. These patents are valid through 2030 and 2036, respectively, the company said in a filing to the exchange.

“We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally,” said Venkat Jasti, CEO of Suven.

USFDA inspects Unichem Labs’ Roha facility

One of India’s largest pharma company Unichem Labs, in a BSE filing, stated that its API manufacturing facility at Roha was inspected by US health regulator. It added that the USFDA made four observations which won’t impact the continuity of the company’s regular business and manufacturing activity. Further, it has decided to respond to observations within 15 working days.

The Roha facility manufactures active pharmaceutical ingredients (API) that are used in the production of formulations exported to the USA.

JSW Steel continues strong show, production up 7.8% yoy for July 2018

JSW Steel continued its strong performance from Q1FY19 into July 2018 with production rising 7.8% yoy for the month. This strong show was supported by a 41% yoy increase in long steel production. This brings the total production for the first four months of FY19 to 5.5mn tonnes, with 1.2mn tonnes for long steel products and 3.9mn tonnes for flat steel products. Demand for long steel products has been the main driver behind steel volumes domestically given the rise in infrastructure spending.

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