Sharon Bio receives USFDA’s EIR for Dehradun plant; stock jumps 13%

The company received Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its manufacturing facility located at Central Hope Town, Sellaqul, Industrial Estate, Dehradun.

Shares of Sharon Bio Medical Ltd are currently trading 12.79% higher after the company received Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its manufacturing facility located at Central Hope Town, Sellaqul, Industrial Estate, Dehradun. 

The scrip opened higher at Rs. 29.20 as against its previous close of Rs. 27.75.It hit a high and a low of Rs. 32.30 and Rs. 28.25 respectively. So far, 21.90 lk share have changed hands on BSE. 

The US drug regulator had conducted the inspection in August this year. 

In addition, the company is awaiting outcome of the inspection conducted by the USFDA at the compay’s another manufacturing plant located at Taloja.

Titan Co soars 1%; RBI permits up to 35% investment by FIIs/RFPIs

Titan was removed from the caution list regarding raising of aggregate ceiling for investments by FIIs/RFPIs in Indian companies under Portfolio Investment Scheme (PIS), the RBI has permitted FIIs/RFPIs to invest up to 35% of the paid-up capital of the company under the PIS

Titan Company rose 1% to Rs. 366 on BSE. Removing Titan Company Ltd from the caution list regarding raising of aggregate ceiling for investments by FIIs/RFPIs in Indian companies under Portfolio Investment Scheme (PIS), the RBI has permitted FIIs/RFPIs to invest up to 35% of the paid-up capital of the company under the PIS. Around 19.1 lakh shares were traded in a single block at Rs. 365.85 on the BSE.

The scrip opened at Rs. 369 and has touched a high and low of Rs. 378 and Rs. 364.15 respectively. So far 3385357(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 32200.51 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 448 on 03-Feb-2015 and a 52 week low of Rs. 303 on 01-Oct-2015. Last one week high and low of the scrip stood at Rs. 375.4 and Rs. 356.4 respectively.

The promoters holding in the company stood at 53.05 % while Institutions and Non-Institutions held 25.27 % and 21.67 % respectively.

The stock is currently trading below its 200 DMA.

Dr Lal PathLabs IPO subscribed 33.31 times

The IPO received bids for 27,04,74,780 shares as against the total issue size of 81,20,000 shares.

Dr Lal PathLabs IPO was subscribed 33.41 times on last day of bidding.

The IPO received bids for 27,04,74,780 shares as against the total issue size of 81,20,000 shares. 

The qualified institutional buyers (QIBs) category was oversubscribed 63 times. 

Retail investors portion was also oversubscribed 4.7 times.

Alkem Laboratories IPO subscribed 44.29 times

The company received bids for 40,24,61,598 shares against the total issue size of 90,87,084 shares.

The initial public offerings of drug maker Alkem Laboratories subscribed 44.29 times on last day of bidding.

The company received bids for 40,24,61,598 shares against the total issue size of 90,87,084 shares. 

The portion for qualified institutional buyers (QIBs) was oversubscribed 57 times. 

Retail investors category was oversubscribed 2.9 times, while high net worth individual category saw 129 times subscription, says report.

United Spirits revamps organisational structure

Processes have been put in place and the number of layers as well as the reporting structure have been rationalised, according to the newspaper.

United Spirits' new owner Diageo has carried out restructuring of the liquor major's internal organisational structure, reports a business daily.

Processes have been put in place and the number of layers as well as the reporting structure have been rationalised, according to the newspaper.

The new Diageo management has also set up an eight-member executive committee that reports directly to Managing Director & CEO Anand Kripalu, says the daily.

It has also set up a management committee that consists of 20 members. 

While the executive committee meets every month, the managing committee meets every quarter. 

“Ultimately, business is about connecting the dots horizontally. You have to cascade the ideas given by your employees,” Kripalu told the daily.

“I don’t think we should be a victim of the processes. We should be liberated by the processes. It takes away a lot of transactional failures that you encounter in business,” he adds.

Cipla, Titan, United Spirits among 22 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

MEP Infrastructure Developers Limited: The company has been awarded by the National Highways Authority of India the rights for Collection of user fee through Fee Collecting Agency on the basis of competitive bidding through (e-tender) for Brijghat toll plaza at km 88.500 for the section Hapur- Garmuketeswar Section (km 58.000 to km 93.000 on NH-24 in the State of Uttar Pradesh. MEP has received the Letter of Acceptance (LOA) on December 10, 2015 from NHAI.

NTPC: NTPC is looking to raise money via dollar-denominated bonds in January, and it could mobilise US$500 million through the bond issue, as per media reports.

United Spirits: United Spirits' new owner Diageo has carried out restructuring of the liquor major's internal organisational structure, reports a business daily.Processes have been put in place and the number of layers as well as the reporting structure have been rationalised, according to the newspaper.

Titan Company: Removing Titan Company Ltd from the caution list regarding raising of aggregate ceiling for investments by FIIs/RFPIs in Indian companies under Portfolio Investment Scheme (PIS), the RBI has permitted FIIs/RFPIs to invest up to 35% of the paid-up capital of the company under the PIS.

Idea Cellular Ltd: Idea Cellular launched its own 3G network in Kolkata, expanding the company's third-generation services coverage to 13 markets.

Cipla Ltd: The company announced has approved the transfer of the consumer healthcare business of the Company to Cipla Health on a going concern basis by way of a slump sale for a lumpsum consideration of Rs. 16 crore.

Infosys: Infosys announced that it has won a contract to transform the application landscape of DNB Bank of Norway.

Texmaco Rail & Engineering Ltd: The company announced that the its consortium with Hitachi Japan, Mitsui & Co. and Hitachi India has won a contract for the design and construction of signal and telecom works - STP5 (the project), as per media report.

Siemens Ltd: The company has won an order worth Rs.1.02 billion to supply a 400 kV Gas Insulated Switchgear (GIS) Substation to West Bengal State Electricity Transmission Company Limited (WBSETCL).

RIL: Moody's Investors Service has affirmed Reliance Industries Limited's (RIL) Baa2 domestic long-term issuer rating and foreign currency senior unsecured rating.

Honeywell India: The company wants to expand its presence and engagement with Indian companies in the growing defence and aerospace sectors.

Shilpa Medicare: Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can  invest up to 30% of the paid up capital of Shilpa Medicare Limited under the Portfolio Investment Scheme (PIS).

Aurobindo Pharma: The US-based Acorda Therapeutics, Inc has entered into a settlement agreement with Aurobindo Pharma Ltd to resolve pending patent litigation brought by the company against Aurobindo involving Ampyra (dalfampridine) Extended-Release Tablets, according to a filing submitted by the company with the Securities Exchange Commission.

Tata Consultancy Services: TCS will add 3,000 seats at its Kalinga Park centre in Bhubaneswar, as it expands its presence in Odisha.

Havells India: The company said that it will divest its majority stake in its overseas subsidiary units Havells Sylivania Malta Ltd and Havells Exim Ltd of Hong Kong to lighting equipment maker Shanghai Feilo Acoustics Co. Ltd of China to focus on India market.

NBCC: The company has bagged a contract worth Rs. 188 crore from the Indian Culinary Institute Society.

Inox Wind: The company has acquired 100% equity shares of Sarayu Wind Power (Tallimadugula) Pvt. Ltd for an undisclosed amount in a bid to expand its presence in the Andhra Pradesh market.

Bharat Forge: Bharat Forge has entered into a agreement with Rolls-Royce Plc to supply critical and high integrity forged and machined components for a range of aero engines, including the flagship Trent engine.

Man Industries India: The Company announced the 1st Phase of commercial production at its Pithampur Plant in M.P. w.e.f. 9th December, 2015. The company has recently upgraded the HSAW PIPE manufacturing facility at Pithampur to manufacture 135 " dia pipes to cater water transport segment.

Shreyas Shipping & Logistics: The company has signed MOU with Suzue Corporation of Japan for a Joint Venture.

Anuh Pharma: Anuh Pharma, one of the largest manufacturers of Macrolides and Anti-TB products in India, plans to set up a state-of-the-art manufacturing facility targeted at regulated markets is under construction on the newly acquired piece of land and the same is proposed to be commissioned in FY 17.

NTPC may raise US$500mn dollar-denominated bonds in January

The state-run power producer has approached the Reserve Bank of India (RBI) to seek some clarifications on the new External Commercial Borrowing (ECB) guidelines, adds the business daily.

NTPC is looking to raise money via dollar-denominated bonds in January, and it could mobilise US$500 mn through the bond issue, reports a financial newspaper.

The state-run power producer has approached the Reserve Bank of India (RBI) to seek some clarifications on the new External Commercial Borrowing (ECB) guidelines, adds the business daily.

NTPC is seeking clarity on whether it will be allowed to raise funds with a tenure of less than 10 years.

Separately, NTPC priced its 10-year bonds worth Rs. 500 crore at 8.19% on Thursday, according to the newspaper. 

The yield is at least 50-70 basis points (bps) lower than what investors had sought for the Masala bond issue. 

The issue received a good response from investors and attracted bids close to Rs. 1,200 crore, reports the financial newspaper.

NTPC’s proposed masala bond issue was reportedly postponed because investors were looking for a yield that was higher than what was prevailing in the domestic market. 

Sensex, Nifty to open on a flat note

Indices will remain in a range. The October factory output data will have some bearing. Auto stocks will swing to the SIAM numbers expected in the morning. Global cues are mixed. Nikkei has lost over a percent.

A bout of short-covering cooled frayed nerves on the street but the pressure remains ahead of the Fed meet next week. Oil prices continue to cool as OPEC monthly report showed that its output had risen to its highest level since 2012, indicating that global supply glut is here to stay. While it may be good news for countries like India, the stock market may not be easily impressed for now.

The outlook is a flat start. Indices will remain in a range. The October factory output data will have some bearing. Auto stocks will swing to the SIAM numbers expected in the morning. Global cues are mixed. Nikkei has lost over a percent.

China's Shanghai Composite is down 0.78% Hong Kong's Hang Seng fell half a percent and South Korea's Kospi has lost quarter percent. US indices managed to end with modest gains. Asian Oilfield Services will consider the proposal of fund raising today while Marsons and Sanwaria Agro Oils will mull fresh issue of shares.

The initial public offerings of drug maker Alkem Laboratories subscribed 44.29 times on last day of bidding, while Dr Lal PathLabs IPO was subscribed 33.41 times. Watch out for Maruti as five top domestic mutual funds have opposed giving permission to Suzuki to build a car plant in Gujarat, according to reports.

The Reserve Bank of India has issued guidelines for introduction of cross currency futures and exchange traded cross currency option contracts in the currency pairs of Euro (EUR)-US Dollar (USD), Pound Sterling (GBP)-USD and USD- Japanese Yen (JPY). Further, exchange traded option contracts in the currency pairs of EUR-Indian Rupee (INR), GBP-INR and JPY-INR have also been introduced in addition to the existing USD-INR pair.

The US-based Acorda Therapeutics, Inc has entered into a settlement agreement with Aurobindo Pharma Ltd to resolve pending patent litigation brought by the company against Aurobindo involving Ampyra (dalfampridine) Extended-Release Tablets, according to a filing submitted by the company with the Securities Exchange Commission.

Cipla Ltd has announced that the Board of Directors of Cipla Limited approved the transfer of the consumer healthcare business of the Company to Cipla Health Limited (“Cipla Health”) on a going concern basis by way of a slump sale for a lumpsum consideration of Rs. 16 crore.

Infosys announced that it has won a contract to transform the application landscape of DNB Bank of Norway. Applying its AiKiDo framework,

Bank of England maintains bank rate at 0.5% and the size of the Asset Purchase Programme at £375 bn.

Havells India rallied 8% to Rs. 305.35 on BSE. The divestment proposed by Havells Holdings Limited (HHL), a 100% subsidiary of the Company, for the sale of its stake up to 100% in Havells Malta Limited (excluding its subsidiaries based in United States, Brazil, Chile and Thailand) to Shanghai Feilo Acoustics Co. Ltd. (FEILO) or its Affiliates on such terms and conditions as contained in the proposed Share Purchase Agreement (SPA) and the Share Holders Agreement (SHA) signed interalia between the buyer (FEILO) and seller (HHL).

Venkys (India) Ltd gained 10.2% to Rs.482 on BSE. The company has fixed December 22, 2015 as the Record Date for the purpose of to ascertain the shareholders who are eligible to receive bonus shares in the proportion of 1 (one) equity share for every 2 (two) existing equity share held by the members.

Shares of Future Consumer Enterprise closed higher by 8.4% at Rs. 22.70 on NSE. Around 6 lakh shares were traded in a multiple block at Rs. 18.90-21.20 on the NSE.

Shipping companies are trading higher on BSE. The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the proposal for introducing measures to encourage shipbuilding and ship repair industry in India under the ‘Make in India’ initiative. Global Offshore climbed 6% to Rs.361. Mercator soared 5.7% to Rs.26.20. ABG Shipyard jumped 8.2% to Rs.68.05. Shreyas Shipping & Logistics gained 5% to Rs.452. The company has signed an MoU with Suzue Corporation of Japan for a Joint Venture. Essar Shipping advanced 4.9% to Rs.21 on BSE.

Man Industries (India) rose 2.7% to Rs.91.90 on BSE. The company announced the 1st Phase of commercial production at its Pithampur Plant in M.P. w.e.f. 9th December, 2015. The company has recently upgraded the HSAW PIPE manufacturing facility at Pithampur to manufacture 135 " dia pipes to cater water transport segment.

Reliance Industries Ltd closed higher 3.7% at Rs. 950 on BSE. Moody's Investors Service has affirmed RIL Baa2 domestic long-term issuer rating and foreign currency senior unsecured rating. As per media reports, Reliance Jio Infocomm, a unit of Reliance Industries Ltd, may look to acquire smaller telecom companies to gain market share and compete with incumbents.

Tata is the most valued brand in India, followed by Reliance Industries, Airtel, Life Insurance Corp. (LIC) and State Bank of India (SBI), according to an annual survey by Interbrand India.

Honda reportedly said it will recall 90,210 diesel vehicles in India to replace their fuel return pipe.

The Government has collected Rs. 21,054 crore through cess imposed on petrol and diesel in the financial year ended March 2015, Minister of State for Road Transport P. Radhakrishnan told the Lok Sabha on Thursday.

Govt cuts minimum export price of onions to US$400/ton

The Government hikes MEP to restrict exports and improve domestic supply.

The Government lowered the minimum export price (MEP) of onions to US$400 per tonne from US$700 a tonne.

“On Onion - decision taken on Thursday to reduce the Minimum Export Price (MEP) of onion from US$700 tonne to US$400 a tonne,” Commerce Minister Nirmala Sitharaman tweeted.

MEP is the rate below which no traders are allowed to export. 

The Government hikes MEP to restrict exports and improve domestic supply.

In August, the Government had hiked onion MEP to US$700 per tonne, from US$425.

Sitharaman added that an Inter Ministerial Group (IMG) would review the onion arrivals in mandis and their prices every two weeks.

“Finance Minister Arun Jaitley chaired the meeting. It was also attended by Agriculture Minister Radha Mohan Singh and Sitharaman. Detailed periodic assessments will be kept up,” she said.

Earlier this week, the Maharashtra government had asked the Centre to scrap MEP for onions to help boost exports after wholesale prices fell as low as INR 10 per kg.