BSE Sensex under pressure; M&M falls 5% on weak July sales

3:45 pm RBI comments on rupee: The Reserve Bank of India said on Thursday that foreign institutional investors who have issued a participatory note, can hedge their forex risk in these securities provided they have a mandate from the participatory note holder, reports Reuters.

3:35 pm Hit by slowdown: Hit by slowdown, auto major Mahindra & Mahindra today said it will stop production for up to six days in the forthcoming months at its automotive plants to adjust output to demand in the market, reports PTI.

The company had on July 11 announced that it would stop production at its automotive plants for a period ranging from 1 to 8 days during the remaining period of the month.

3:25 pm Government measures: The government is likely to go ahead with its proposed 5 percent stake sale in Coal India this month that is expected to fetch around Rs 10,000 crore to the exchequer, after major trade unions reached an agreement on the quantum of disinvestment.

"Coal India disinvestment may hit the market in August as three of its five major trade unions have given their consent to proceed with 5 percent stake sale in the PSU," Coal Minister Sriprakash Jaiswal, reports PTI.

The market has not managed to put its foot firm in today’s trading session. The Sensex is down 36.13 points at 19309.57, and the Nifty down 17.85 points at 5724.15. About 730 shares have advanced, 1363 shares declined, and 143 shares are unchanged.

The BSE Bankex gained more than one percent due to gains in private sector banks, but PSU banks are still under pressure on asset quality concerns. State Bank of India lost 2 percent while Axis Bank and HDFC Bank gained 5 percent and 3.5 percent respectively.

Most of the private banking stocks are holding up the indices. Mid and smallcap stocks are still in pain while oil & gas, capital goods, metals and realty are also reeling under pressure.

Mahindra & Mahindra's total automotive sales in July declined 21 percent year-on-year to 37,096 units, amid sluggish demand for both utility vehicles and commercial vehicles. The stock falls around 5 percent on the BSE.

Meanwhile, automobile sales in India have been slow for more than a year now. However, utility vehicles saw strong growth for much of FY13, helped by increased price differentiation between petrol and diesel and new launches like M&M's XUV500 and Quanto, Renault's Duster and Maruti Suzuki's Ertiga. However, even SUVs have now hit speed bumps since last few months following a hike in excise duty by the government, and partial de-regulation of diesel prices.

NSEL suspends trading in 1-day forward contracts

National Spot Exchange (NSEL) in a press release said it has suspended trading in one day foward contracts in all securities except E-series which primarily deals with gold, silver and platinum contracts.
      The bourse plans to merge all contracts and settlement of these contracts after 15 days. For the next 15 days there will not be any trading in contracts except for the E-series. The positions outstanding in these contracts will be settled by way of delivery or cash payment after expiry of 15 days. The exchange will subsequently come out with the date when the settlement is going to happen.

The action taken by NSEL basically translates to almost all volumes or turnover of the exchange coming to a standstill or near zero. E-series contracts do not have much volumes on the exchange. It is hardly Rs 3-4 crore and the turnover of the exchange has anyways fallen from roughly around Rs 800-900 crore a day to nearly Rs 300 crore because of the actions taken by the Ministry of Consumer Affairs.

The Ministry of Consumer Affairs has come up with an order asking NSEL not to show any further contracts which violate the Forward Contracts Regulation Act (FCRA). As a result of which NSEL was supposed to give an undertaking to the Forward Markets Commission (FMC) on the same and that has led to a fall in volumes.

Many of these contracts which NSEL was issuing had deliveries or settlement after 11 days and that was the issue which was a big problem with NSEL and because of that norm all contracts which had settled intraday will have to be settled within 11 days.

Strides Arcolab receives approval from USFDA for Tenofovir Disoproxil Fumarate and Emtricitabine Tablets

Strides Arcolab Ltd has informed BSE regarding a Press Release dated August 01, 2013, titled "Strides Arcolab receives ANDA approval from USFDA for Tenofovir Disoproxil Fumarate and Emtricitabine Tablets" Strides Arcolab has received tentative approval from the USFDA for its anti aids combination drug Tenofovir Disoproxil Fumarate and Emtricitabine Tablets, 300mg and 200mg.

Financial Technologies' clarifies on NSEL's trade halting notice

Financial Technologies (India) Ltd has informed BSE that:"Further to our today’s communication on the press note issued by National Spot Exchange Limited (NSEL), please be informed that the following statement is issued by the Chairman & the Managing Director of the Company.Mr. Jignesh Shah - Chairman & Managing Director of Financial Technologies (India) Limited (FTIL) said that "National Spot Exchange Limited has taken a decision to suspend the trading on one day forward contracts other than e-series, temporarily.In this context, FTIL states that this action of NSEL does not entail any financial liability on FTIL and that the business of FTIL is as usual.We are confident that NSEL will resolve the situation within the contours of its Bye-laws and Rules.

United Spirits Q1 net dips 18.5 per cent at Rs. 118 crore

Liquor firm United Spirits today reported an 18.50 per cent decline in net profit at Rs. 118.13 crore for the first quarter ended June 30, 2013, mainly on account of an increase in raw material prices.

The company had posted a net profit of Rs. 144.95 crore during the same period of previous fiscal.

Net sales of the company, however, rose to Rs. 2,192.35 crore for the first quarter, as against Rs. 2,057.29 crore during the same period of previous fiscal, United Spirits Ltd said in a filing to the BSE.

"The results have been impacted by a sharp increase in costs of its primary raw material 'extra neutral alcohol' over the comparative period of previous fiscal," it added.

The increase of Rs. 20 per case translates to an adverse impact of over Rs. 61 crore in the cost of goods which flows down to the operating profit line, the company said.

"The evident cartelisation by vendors when quoting for the ethanol supply tenders of the oil marketing companies is a pointer to further increase in the price of this key ingredient," USL said.

Similarly, the expenditure on IPL 6 that took place during the first quarter led to a 150 basis points increase in advertising and sales promotion expenditure, it added. The company said that Tamil Nadu continues to be a dampener on its business with the ordering mechanism deliberately skewed to favour brands from select local vendors at the cost of the popular USL brands.

"From a situation three years ago where one of every three bottles sold in Tamil Nadu was from USL stable, the USL share is now down to one out of every six bottles sold," the Bangalore-based firm said.

Strategic brands of the company, including the No 1 McDowell's whisky, have grown during the period, it added.

"During the first quarter of fiscal 2014, the strategic brands of the company grew 20 per cent and added 13.4 lakh cases. These brands now represent over 26 per cent of the overall volumes of USL, compared to 22 per cent for the comparable quarter," USL said.

Last month, the world's largest spirits maker Diageo Plc acquired 25.02 per cent stake in USL for a total consideration of Rs. 5,235.85 crore, on completion of a share purchase deal announced last year.

Sebi begins probe into FTIL, MCX stock crash

Market regulator Sebi has begun a probe into a major crash in the share prices of commodity bourse MCX and its promoter Financial Technologies  (FTIL) and has sought information from stock exchanges in this regard.

FTIL stock today fell by over 60 percent in early morning trade , while that of MCX (Multi Commodity Exchange) plunged by 20 percent following concerns about another group entity National Spot Exchange Ltd (NSEL).

Sources said Sebi began looking into the matter a few days ago as the stocks of two companies had been falling for quite some time with unusual volumes.

The regulator is also looking into the trading pattern of some brokerage firms and many other entities in the two stocks to ascertain whether they had any advance information about problems at NSEL.

The brokerage firms which had significant exposure to NSEL are specially under scanner, sources added.

Incidentally, FTIL had said recently that it suspects some vested interests and a bear cartel were behind the sharp plunge in its and MCX's share prices.

The violations being looked into include those related to insider trading regulations and fraudulent trading. The relevant date is being collected from the stock exchanges as also from the Sebi's internal Integrated Market Surveillance System. Besides, information might be sought from the brokerages and the companies involved.

Financial Technologies, in a statement last month said that since July 15, 2013, there have been many malicious rumours afloat on various media.

"The series of rumours that are spread in the market have a pattern more particularly to spread on Friday and such rumours are spread by some unscrupulous elements with a design to depress the price of FTIL and damage its reputation," the company had said.

"We request all the shareholders/investors to be careful about some unscrupulous players in the market and bear cartels are working against the interest of the Company," FTIL had said.

FTIL had denied all such rumours and requested all its 47,000 shareholders to not to rely and not to be instrumental in spreading such rumours knowingly or unknowingly.

"The Company reserves its rights to take necessary legal action including complaining to SEBI and all other relevant authorities to investigate & take necessary action into this malicious campaign against FTIL," the company had said.

While the shares have been on a downward path for quite some time there was a major fall this morning after the  the National Spot Exchange suspended trading of contracts, other than e-Series contracts till further notice.

The National Spot Exchange is being promoted by FTIL.

In a statement yesterday NSEL said it has suspended trading of contracts, other than e-Series contracts till further notice.

The statement further noted that the exchange has also decided to merge the delivery and settlement of all pending contracts and deferred the same for a period of 15 days.

Accordingly, the positions outstanding in the contracts will be settled by way of delivery and payment after expiry of 15 days. The exchange would announce a revised settlement calendar and contracts due for settlement after this 15 days period, the NSEL statement added.

TVS Motor plunges on reporting 4.70% fall in July sales

TVS Motor is currently trading at Rs. 30.00, down by 1.00 points or 3.23% from its previous closing of Rs. 31.00 on the BSE.

The scrip opened at Rs. 31.50 and has touched a high and low of Rs. 31.70 and Rs. 29.60 respectively. So far 35082 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 50.25 on 11-Jan-2013 and a 52 week low of Rs. 28.10 on 31-Jul-2013.

Last one week high and low of the scrip stood at Rs. 34.10 and Rs. 28.10 respectively. The current market cap of the company is Rs. 1418.14 crore.

The promoters holding in the company stood at 57.40% while Institutions and Non-Institutions held 20.71% and 21.90% respectively.

TVS Motor Company registered 4.70% drop in total sales for the month of July, which stood at 153,676 units as against 161,255 units recorded in July 2012. Domestic sales stood at 126,531 units in the month as against 140,862 units sold in July last year.

Sales of motorcycles declined by 7.82% at 53,355 units in July 2013 against 57,886 units in July 2012, while Scooters sales dropped by 9.77% to 36,900 units in July 2013 against 40,895 units in the same month of the previous year.

However, the company witnessed a quantum increase in the three wheeler segment with sales growing 112.21% to 7,005 units in July 2013 from 3,301 units in July 2012.

The company’s total exports sales grew by 36.58% at 26,145 units in the month of July 2013 against 19,142 units in July 2012. Two wheeler exports registered a growth of 17.83%, with sales of 20,140 units in July 2013 against 17,092 units in July 2012.

IRB Infra slumps on withdrawal from MTHL project

Shares of IRB Infrastructure were down 21% at Rs 57.45 after the company decided to withdraw from the Rs 9,360 crore Mumbai Trans Harbour Link (MTHL) citing bad experience on some other infrastructure projects in the state.

In the letter Virendra Mhaiskar Chairman IRB Infrastructure said, "We deeply regret to inform you that we are unable to participate in the bidding process of the project and the reasons are beyond the boundaries of this project. Unfortunately the experience that we have had in one of the infrastructure projects in Maharashtra in the city of Kolhapur has shattered our confidence to invest in the urban infrastructure projects especially in the state of Maharashtra.

However, with IRB's decision to walk out of the project other four bidders remain in the fray.

The stock has hit an intra-day high of Rs 73 and a low of Rs 52.10 on the BSE.

Over 3.3 million shares were traded so far on both the stock exchanges.

Maruti Suzuki's July Sales Rise, Mahindra Posts Drop

Maruti Suzuki India Ltd. (532500.BY) posted in July the first increase in total vehicle sales in seven months, mainly because of a lower sales base in the year-earlier period when it temporarily shut a factory after violent labor unrest.

Sales increased a marginal 1.3% in the previous month to 83,299 vehicles, the Suzuki Motor Corp. (7269.TO) said. Local sales grew 5.8% to 75,145 autos. Exports fell however 27% in July to 8,154 autos due to weak demand in Europe, one of Maruti's overseas markets.

The company last recorded a growth in monthly vehicle sales in December. Car sales in India are counted as factory dispatches and not retail sales.

Maruti, India's largest car maker by sales, locked out its plant at Manesar in the northern state of Haryana on July 21, 2012, after hundreds of workers rioted and set a part of the factory on fire. The Manesar plant's human resources manager was killed in the incident and more than 100 people, including company executives and policemen, were injured.

Maruti reopened the plant--which produces its best-selling Swift and Dzire diesel cars, on Aug. 21. The company has also another plant at nearby Gurgaon.

Sales of cars and sport-utility vehicles in India have continued to stay weak for more than a year due to variety of factors, especially higher loan rates and rising fuel prices. At the same time, a sluggish economy has heightened fears of job losses, leading potential customers to keep their purchasing decisions in abeyance.

Maruti and other car makers are offering price rebates and financing schemes to push sales. They are also introducing new models.

Mahindra & Mahindra Ltd. (500520.BY), India's largest SUV maker by sales, said its total vehicle sales in July declined 21% from the year-earlier to 37,096 autos. The figure included local sales of 34,490 vehicles, a decline of 19% from the year earlier. Exports slumped 39% to 2,606 autos.

In Mahindra's core business of SUVs and the Verito compact car, sales dropped 29% to 15,530 vehicles. Sales of four-wheeled passenger and goods carrying commercial vehicles fell 6.4% to 13,740 vehicles.

"Over the last few months, the auto industry has been going through one of its worst phases of the last decade with planned shutdowns being taken by companies to correct demand-supply mismatch," said Pravin Shah, chief executive of Mahindra's automotive division.

He asked the Indian government to cut factory taxes on automobiles--which would lead to lower vehicle prices--to revive sales.

Rupee down 10 paise at 60.50/$

The rupee had close seven paise higher at 60.40.

The rupee fell by 10 paise to 60.50.

The rupee had close seven paise higher at 60.40 against the US dollar yesterday.

Meanwhile, the BSE benchmark Sensex recovered by 179.37 points, or 0.93 per cent, to 19,525.07 in early trade today.

Shares of Financial Technologies crashed nearly 53% after National Spot Exchange Limited has suspended trading of contracts, other than e-Series contracts till further notice

State-run fuel retailers raise petrol price by 70 paise, diesel by 50 paise

Marking the fifth increase in petrol price since June, state-run fuel retailers on Wednesday yet again went ahead and hiked the price of petrol by 70 paise, besides raising the prices of diesel by 50 paise a litre, both excluding local taxes.

For petrol, the retailers had on June 1, raised price by 75 paise, excluding VAT, and followed it with a steep Rs 2 per litre increase on June 16, a Rs 1.82 increase on June 29 and Rs 1.55 hike on July 15.  With the late hike, petrol price in Delhi will go up by 84 paisa to Rs 71.28 per litre while it will cost Rs 78.61 per litre in Mumbai as against Rs 77.73 currently.

Meanwhile, this is the seventh increase in diesel prices since January. The Government had in January allowed state retailers to raise prices in 'small doses' every month till the gap between pump prices and the fuel's market rates were wiped out.

Though with the latest hike losses on diesel sales should have been wiped off, but the fall in rupee, has worsened the situation and oil firms are losing Rs 9.29 per litre despite prices being raised by a cumulative Rs 3.75 this year. In context with this, Indian Oil Corp (IOC), the nation's largest fuel retailer, expects to end the fiscal with a revenue loss of Rs 1, 28,500 crore on sale of diesel, domestic cooking gas (LPG) and kerosene.

Financial Technologies stock crashes 58%

The stock has hit a high of Rs487 and a low of Rs251.

Shares of Financial Technologies crashed 58% after National Spot Exchange Limited has suspended trading of contracts, other than e-Series contracts till further notice.

The stock is currently trading at Rs225, down Rs287.55. The stock has hit a high of Rs487 and a low of Rs251.

NSEL has decided to merge the delivery and settlement of all pending contracts and deferred the same for a period of 15 days. Consequently, the positions outstanding in the contracts will be settled by way of delivery and payment after expiry of 15 days.

Exchange shall announce a revised settlement calendar and contracts due for settlement after 15 days period.

MCX too has crashed 20% at Rs127.55.

Meanwhile, BSE benchmark Sensex is 180 points up at 19,526, while 50-share S&P CNX Nifty is 46 points higher at 5,788.

Idea unveils ‘Choice Recharge’ and ‘Choice Number’ offers in Maharashtra & Goa

Idea Cellular has launched two new offers, ‘Choice Recharge’ and ‘Choice Number’ in Maharashtra & Goa circle. The ‘Choice Recharge’ and ‘Choice Number’ are available at all major mobile retail stores and Idea outlets across Maharashtra & Goa.

‘Choice Number’ allows new prepaid users to opt for a number of their choice when they connect with the Idea network in the circle. It offers customized numbers like mobile number matching the user’s Birthday, vehicle number, Landline number, or any other special/premium number or date of their preference.

‘Choice Recharge’ offer the subscribers, the choice to decide the benefit such as Tariff, Talktime, SMS or GPRS they want from a recharge.

Cholamandalam Investment strengthens on plan to mop up Rs 300 crore

Cholamandalam Investment & Finance Company is currently trading at Rs. 227.00, up by 7.00 points or 3.18% from its previous closing of Rs. 220.00 on the BSE.

The scrip opened at Rs. 231.75 and has touched a high and low of Rs. 233.90 and Rs. 227.00 respectively. So far 740 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 307.50 on 28-Feb-2013 and a 52 week low of Rs. 198.10 on 05-Sep-2012.

Last one week high and low of the scrip stood at Rs. 233.90 and Rs. 217.00 respectively. The current market cap of the company is Rs. 3249.52 crore.

The promoters holding in the company stood at 57.72% while Institutions and Non-Institutions held 35.29% and 6.98% respectively.

Cholamandalam Investment and Finance Company is planning to mop up around Rs 300 crore through private equity, QIP and other routes. The company is looking to grow at around 15-20% during the current fiscal. Further, the company has decided to withdraw gold loan offering which it had started in 2012 fiscal as a pilot project.

The company, in 2012-13, raised equity capital of Rs 300 crore through QIP route. The company also raised Rs 698 crore through perpetual debt and subordinated debt instruments to meet the CAR and business volumes.

Cholamandalam Investment is among the top 5 NBFC’s in the country operating in vehicle finance, home equity, corporate and mortgage finance segments with subsidiaries in the broking and wealth advisory space. It is emerging as a high growth company in the retail lending space with a branch network of over 220.

Reliance General Insurance launches “Reliance HealthGain”

The product is a first-of-its-kind comprehensive Health Insurance plan specially designed to focus and support the healthcare needs of women.

Reliance General Insurance Company (RGI), a part of Reliance Capital Limited and one of India’s largest selling private general insurers, today announced the launch of its innovative and unique Health Insurance Plan - Reliance HealthGain - for the retail segment.

The product is a first-of-its-kind comprehensive Health Insurance plan specially designed to focus and support the healthcare needs of women. The launch was announced by Rakesh Jain, CEO, Reliance General Insurance, here today.

“Our assessment indicates that about 20 per cent of workforce in India is women and out of which only 10 per cent ( ie 2 per cent) end up having healthcare protection on their own. We have made an effort to encourage them to take health coverage by incentivizing their inclusion in our new plan”, said Jain.

The new plan provides special pricing benefits to single women, widows and divorcees. The product comes with wide range of sum insured. The policy can be renewed till the customer desires with no exit age.
Reliance HealthGain offers pricing benefits on the total family premium in case of the inclusion of girl child. 
“The plan is also aimed at supporting the girl child at a time when the gender ratio is highly skewed against the girl child. We are extending pricing benefits on the total family premium in case a family decides to add a girl child in the policy. This is our small effort to welcome a girl child in the family,” said Jain.

The policy also offers Re-instatement of Sum Insured on unrelated diseases, wherein the company will double the Base sum insured in case of exhaustion of basic sum. This ensures that you have requisite coverage at all times and reduces the need for multiple policies. 

The Policy offers auto extension wherein the policy automatically gets extended for 1 year without charging any premium in the event of insured policyholder getting diagnosed with a specified critical illness like cancer, stroke etc. 

“HealthGain plan brings unique policy service guarantee that will entitle the customer additional monetary/coverage benefits if for some reason the company is unable to fulfill its commitments on policy and claims servicing within the agreed time” said Jain. 

The policy also offers Call Option and has an inbuilt Accidental Death Cover for the insured policyholder. Policyholders can also include their extended family under the same policy.

The Call Option allows the customer to enhance the base sum insured at pre defined intervals with continuity benefits.

“A customer, with say Rs 3 lakh insurance, can earn upto 100 per cent cumulative bonus after three claim-free years. At the fourth renewal under the Call Option, the customer can increase his base sum insured, in this case to Rs 6 lakh, with full continuity benefits”, said Jain.  

RGI also offers a widespread network of over 4000+ hospitals for cashless treatment under this policy. 

Mutual Funds decline amid volatile market

Equity Mutual Funds recovered slightly and ended with mixed returns. Performance wise, Diversified Equity funds emerged as the star performer by closing with positive returns. Large Cap funds delivered better performance than its counterpart Small & Mid cap and Index funds.

Amid volatile market, sector funds stood strong. Barring Banking & Finance and FMCG, all the other funds closed in the positive territory.

Equity Mutual Funds are likely to remain volatile as markets will become choppy further according to experts. The yesterday’s session closed with Sensex at 19345.70 down 2.64 points and Nifty slipped 13.05 points to finish at 5742.

Among Fixed income funds, long and short term funds stumbled owing to liquidity crunch in the debt market. The debt funds are likely to deliver volatile performance owing to thin volumes in the debt market and weak rupee condition.

Economy news of the day

Finance Minister released additional funds of Rs 20bn in the form of interest sops for clearing dues and a rise in the rate of interest subvention.

The Home Ministry may vet all foreign direct investment (FDI) proposals beyond 49% across sectors for mandatory security clearance once the new FDI rules are approved. (BL)

The oil marketing companies have raised petrol and diesel prices by Rs0.7 a litre and Rs0.5 paise a litre (excluding taxes), respectively effective Wednesday midnight. (BL)

Finance Minister released additional funds of Rs 20bn in the form of interest sops for clearing dues and a rise in the rate of interest subvention. (BL)

The infrastructure sector’s output growth in June was a near-static 0.1% against 7.9% in June 2012, according to data issued by the ministry of commerce and industry. (BS)

Markets open higher tracking gains in Asia

Markets opened higher on Thursday, amid firm Asian cues, helped by a rebound in financial shares.

At 9:30AM, the 30-share Sensex was up 186 points at 19,532 and the 50-share Nifty was up 51 points at 5,793.

Overnight, US stocks ended flat as the Federal Reserve gave no hint that a reduction in the pace of its bond-buying program is imminent. The Dow Jones industrial average slipped 21.05 points, or 0.14 percent, to end at 15,499.54. The Standard & Poor's 500 Index dipped 0.23 of a point, or 0.01 percent, to finish at 1,685.73. However, the Nasdaq Composite Index rose 9.90 points, or 0.27 percent, to close at 3,626.37.

Asian shares and commodity prices firme up on Thursday after China's official manufacturing activity data came in better than expected, easing some concerns of a sharp slowdown in the world's second-largest economy. The Shanghai Composite, Nikkei, Straits Times and Hang Seng are up 0.5-1.1% each.

Strides stock plunges 14% on US FDA notice

The Strides Arcolab stock on Wednesday took a 14.4 per cent knock on the National Stock Exchange, closing at Rs 580.05, on information the US Food & Drug Administration (USFDA) had raised observations over a key line at the company’s manufacturing plant in Bangalore.

This has led to apprehension among a few investors that Strides’ $1.8-billion transaction with global pharmaceutical company Mylan, expected by September-end, may be delayed. Earlier this year, Strides had signed a deal to sell its specialty injectables business for $1.8 billion. It is learnt FDA had made observations on a production line that would be part of this transaction. After a recent inspection of Strides’ unit,  FDA issued a Form 483 to the company. The company’s management said it had addressed the issue.

An FDA Form 483 is issued to a company after an inspection, in case it is felt any condition at the unit may violate the Food, Drug and Cosmetic Act, as well as related Acts. The form indicates any food, drug, device or cosmetic has been adulterated or is being prepared, packed, or held under conditions in which it may be adulterated or rendered injurious to health. After the receipt of a Form 483, a company has to respond to the concerns within 15 days. If FDA is unsatisfied withe response, the issue might lead to a warning letter and subsequently, snowball into an import alert.

Arun Kumar, vice-chairman & managing director, said the company had a strong track record of FDA approvals — so far, it had 15 inspections and seven of these didn’t record Form 483s. The rest had observations that were addressed to the satisfaction of the agencies. “With our past experience, we are confident these Form 483s would be addressed in a diligent manner,” Kumar told investors.

He was, however, categorical on the Mylan deal time frame. He said the company was awaiting the Foreign Investment Promotion Board’s approval and a Form 483 wouldn’t affect the transaction.