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TOP CORPORATE NEWS – 24 JAN 2020

corporate news (2)

CORPORATE NEWS

Strides Pharma Science announces successful completion of USFDA inspection at Alathur facility with zero 483 observations.

Strides Pharma Science Limited announced that its formulation facility at Alathur (Chennai), India, underwent a USFDA inspection which concluded with Zero 483 observations. This is the second consecutive Zero 483 inspection for the site. The current inspection was a PreApproval Inspection for sustained release class of drugs which is a new dosage format for the facility and is one of the focus areas for the company in the global markets.

Ultratech Cement’s PAT rises 90% yoy in Q3.

Ultratech Cement’s consolidated net profit rose 90.2% yoy at Rs711.3cr vs. Rs374.1cr. The cement major’s revenue was down at Rs10,354cr vs. Rs10,444cr yoy. EBITDA was up 23.7% yoy at Rs1,973cr vs. Rs1,595cr, while the margin was at 19.1% vs. 15.3%, yoy.

Strides Pharma gets USFDA tentative nod for Triamcinolone Acetonide Ointment.

Strides Pharma Science Limited (Strides) announced that it’s step down wholly-owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received tentative approval for Triamcinolone Acetonide Ointment USP, 0.05% from the United States Food & Drug Administration (USFDA). While it was amongst the few Competitive Generic Therapy (CGT) designated products for Strides, another generic company received approval prior to our approval. Consequently, the final approval for Strides will be effective May 30, 2020 when the company will launch the product.

Zensar Technologies slumps 11% after net profit decline in Q3.

Shares of Zensar Technologies slumped 11% after the company net profit dropped by 32.6% at Rs39.5cr for the December 2019 quarter as against a net profit of Rs58.6cr in the year-ago period. Its revenue stood at Rs1, 020.6cr in the reported quarter from Rs1, 022cr in the corresponding period of the previous financial year.

Indiabulls Housing spurts 3% after Credit Suisse buys stake.

Shares of Indiabulls Housing Finance gained 3.36% on the BSE after foreign brokerage and wealth management firm Credit Suisse bought 22.93 lakh shares of the company through a bulk deal on NSE on Thursday. The deal was carried out at an average price of Rs311.68 per share of Indiabulls Housing, taking the cumulative value of the deal to nearly Rs71.5cr, as per data.


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