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TOP CORPORATE NEWS- 7 FEB 2019

Corporate-News

Sun Pharma stock gains 4.5% after subsidiary Taro posts strong numbers
Shares of Sun Pharma gained 4.5% on the NSE in morning trade after its US subsidiary Taro Pharma reported strong quarterly results.
Taro Pharmaceuticals posted net sales of $176.4 mn, an increase of $20.9 mn, mainly driven by a 13% increase in overall volumes.
Its gross profit of $117.5 mn (66.6% of net sales compared to 66.2%) increased $14.6 mn.
Net income attributable to Taro was $93.5mn compared to $18mn, a $75.5mn increase, resulting in diluted earnings per share of $2.40 compared to $0.45. Excluding the impact of the aforementioned one-time tax re-measurement in the prior year quarter, net income attributable to Taro would have been $54.8mn, or diluted earnings per share of $1.37.

Glenmark gets tentative ANDA nod for Fulvestrant injection
Glenmark gets tentative ANDA nod for Fulvestrant injectionGlenmarks current portfolio consists of 148 products authorized for distribution in the US marketplace and 54 ANDAs pending approval with the USFDA.
Glenmark Pharmaceuticals Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Fulvestrant Injection, 250 mg/5 ml (50 mg/ml), a generic version of FASLODEX Injection, 250 mg/5 ml (50 mg/ml), of AstraZeneca Pharmaceuticals LP.
According to IQVIA sales data for the 12-month period ending December 2018, the FASLODEX Injection, 250 mg/5 ml (50 mg/ml) market achieved annual sales of approximately $533.3mn.

GAIL takes back gas pipeline laying contract from IL&FS
GAIL (India) in its press note to the exchanges informed that, as the owner and operator of the Pradhan Mantri Urja Ganga natural gas pipeline project under execution, it has offloaded the pipe laying contract from IL&FS due to poor project progress driven on account of the acute financial crisis.
Accordingly, the Bokaro-Durgapur section (124km) is now re-tendered and awarded to three different contractors to expedite construction efforts for hooking up supply network to the fertilizer, city gas distribution, and other industrial consumers, the company said in a press note after-market hours to the exchanges on Wednesday.

Cipla gets final approval for generic version of Tadalafil tablets
Cipla has received final approval for its Abbreviated New Drug Application (ANDA) for Tadalafil Tablets 20mg from the USFDA.
Ciplas Tadalafil Tablets 20mg is AB-rated generic therapeutic equivalent version of Eli Lilly & Co.s Adcirca. It is a phosphodiesterase 5 (PDE5) inhibitor indicated for the treatment of pulmonary arterial hypertension (PAH) (WHO Group 1) to improve exercise ability.
According to IQVIA (IMS Health), Adcirca and its generic equivalents had US sales of approximately $490mn for the 12-month period ending November 2018. The product is available for shipping immediately.

Bharti Airtel receives show-cause notice from TRAI
The Telecom Regulatory Authority of India (TRAI) has issued a show-cause notice to Bharti Airtel over the blackout faced by some of its DTH customers during the switch-over to the new tariff regime, a PTI report showed.
As per the report, the notice has been issued earlier this week, and Airtel has been given three days time to respond.

Meanwhile, Trai has unveiled the new tariff order and regulatory regime for the broadcast and cable sector. This tariff would pave the way for consumers to opt for channels they wish to view and pay only for them. It had said every channel should be offered a la carte, with a transparent display of rates on electronic programme guide.

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