Ranbaxy, MRF and Bank of Baroda to see some action today

DC Federal Court in the U.S. has not granted Ranbaxy Laboratoriestemporary restraining order to block the U.S. health regulator from approving other ANDAs for generic versions of digestive disorder medicine Nexium and anti-viral Valcyte.  However, the court ordered the parties to the suit to agree upon a schedule for filing additional legal briefs, addressing Ranbaxy’s request for a preliminary injunction by November 21, 2014. Ranbaxy Laboratories had sued USFDA over revoking an approval to sell generic versions of Nexium and Valcyte in the US market. It had also sought restraining the approval given by the USFDA to Dr Reddy’s Laboratories and Endo Pharmaceuticals from launching generics of Valcyte. MRF has posted 72.14 per cent increase in net profit at Rs 316.91 crore for its fourth quarter ended September 30, on account of robust sales. The company had posted a net profit of Rs 184.10 crore during the same period of previous fiscal. Net sales of the company rose to Rs 3,359.91 crore for the fourth quarter, 2013-14, as against Rs 3,145.70 crore in the same period of the previous fiscal. Bank of Baroda has decided to raise funds by way of private placement of AT-1 Bonds (Basel lll Compliant- Tier l) of Rs 1000 crore with a green shoe option of additional Rs 500 crore, limiting the aggregate issue size up to Rs 1500 crore. This is to augment Additional Tier- I Capital of the Bank. The Exchange had sought clarification from Puravankara Projects with respect to press release dated November 26, 2014 titled "Puravankara enters into Prime Land Deal in Pune - Land Parcel Earmarked for Joint Prime Residential Development". In this regard, the Exchange has advised the Company to provide clarification/confirmation with respect to the following: (1) Consideration (2) Names of Parties in the Joint Venture. The US Food and Drug Administration (FDA) has issued a Form 483 to Hyderabad-based Dr Reddy's Laboratories where the drug regulator raised inspectional observations at the latter's active pharmaceutical ingredients (API) facility located in the Srikakulam district of Andhra Pradesh. Dewan Housing Finance Corporation (DHFL), India's second largest private sector housing finance company, is bullish on the housing finance market in Uttar Pradesh. The company is targeting 150% growth in loan book in UP from Rs 400 crore to Rs 1,000 crore by March 2016. It also targets to expand its footprint to 30 locations from 16 at present. DHFL loan book outstanding grew 25% to Rs 44,742 crore in July-Sep 2014 quarter against Rs 35,805 crore in the corresponding quarter of previous fiscal. Almost 70% of its advances happened in the top 15 urban centres compared to about 85% three years back. Rating agency Moody's has downgraded Indian Overseas Bank's (IOB) financial strength rating from ‘D-' to ‘E+’. The rating action reflects weakening asset quality and capital profile. However, rating agency affirmed IOB's senior unsecured and local currency deposit ratings at ‘Baa3’. It reflects the high likelihood of support that senior creditors of public sector lender IOB can expect to receive from the Government of India (Baa3 stable). The government of India holds 73.80% stake in Chennai-based lender. IOB reported a loss for the quarter ended 30 September 2014 due to lower operating revenues and higher provisioning expenses. Falling global prices and subdued demand may prompt country's largest iron ore miner NMDC to cut the price of steel-making raw material for the second month in a row in December.  The company had reduced the rate of lumps, which has higher iron content, by Rs 200 per tonne for November to Rs 4,400 a tonne, after holding the price for previous four months.  The company, however, rolled over the October price for fines, the inferior grade of the raw material, now stands at Rs 3,16o per tonne.  The possible reduction in the price of iron ore is likely to happen because of two major reasons - subdued demand in the domestic market and nose-diving international prices of the raw material. Aris International has decided to cancel the acquisition of NBFC Company namely Jeewan Commodities because of non completion of formalities of shifting of NBFC under the jurisdiction of RBI, Maharashtra.