L&T Infotech withdraws draft prospectus for IPO

"One of the reasons for withdrawing the DRHP (draft red herring prospectus) was that market conditions were not right for the issue. It is possible that we may file a fresh DRHP at some future date, but we cannot offer a specific comment on the matter at this stage.”, according to L&T.

Larsen and Toubro Infotech Ltd, withdrew draft prospectus for initial public offering (IPO) to raise Rs.2,000 crore, according to reports.

"One of the reasons for withdrawing the DRHP (draft red herring prospectus) was that market conditions were not right for the issue.”, according to L&T.

The company had filed its draft prospectus with the markets regulator on September 28, 2015.


The firm was planning to sell 17.5 million shares in L&T Infotech via IPO.

Larsen & Toubro Ltd is currently trading at Rs. 1223, up by Rs. 10.2 or 0.84% from its previous closing of Rs. 1212.8 on the BSE.

The scrip opened at Rs. 1215.95 and has touched a high and low of Rs. 1223 and Rs. 1208 respectively. So far 738688(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 112969.75 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1886.25 on 17-Jul-2015 and a 52 week low of Rs. 1016.6 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 1234.95 and Rs. 1177 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 54.76 % and 43.02 % respectively.

The stock is currently trading above its 200 DMA.

Sun Pharma, Psyco Remedies settle trademark litigation and other top pharma news

Lupin and Novartis Healthcare Pvt Ltd have entered into a co-marketing agreement to promote Novartis’s Indacaterol/Glycopyrronium 110mcg/50mcg inhaler, a treatment for chronic obstructive pulmonary disease (COPD) under the brand name of Loftair. 

Sun Pharma Laboratories, the wholly a subsidiary of Sun Pharmaceutical Industries, and Punjab-based Psyco Remedies have finally settled a trademark dispute over Syzopin, an anti psychotic drug- produced and marketed by the latter amicably.

Lupin and Novartis Healthcare Pvt Ltd have entered into a co-marketing agreement to promote Novartis’s Indacaterol/Glycopyrronium 110mcg/50mcg inhaler, a treatment for chronic obstructive pulmonary disease (COPD) under the brand name of Loftair.

On 28th March, Biocon Ltd said it has got a regulatory approval to launch the biosimilar version of insulin glargine in Japan. The 14.2% rise in Biocon’s share price since then partially stems from this approval and also due to re-rating of the stock by Morgan Stanley. A biosimilar is a drug that is similar to the original biological product. 

Chennai-based Orchid Pharma Ltd has informed the Bombay Stock Exchange that the company received the establishment inspection report (EIR) from the US FDA based on the successful inspection closure for the API manufacturing facility located at Alathur, Kancheepuram District, Tamil Nadu. The facility was inspected by the US health regulator in August 2015. 

Lyka Labs Ltd has announced that Lyka Healthcare Limited, a wholly owned subsidiary of Lyka Labs Limited, has launched two domestic marketing divisions in the name of ENSPAN and CERABELLE.

As per its expansion plan earmarked for financial year 2016-17, Dr Batra’s Healthcare is planning to add around 20 new homeopathy clinics across India and abroad. 

Agriculture minister Radha Mohan Singh has said that the government will not allow companies such as Monsanto to exploit farmers and it will continue to regulate the prices of seeds and pharmaceuticals. “Monsanto is a good company. 

BPCL clocks 2% gains; approves raising FII limit to 49% from 24%

The board of directors of the company has approved the proposal to seek shareholder consent by way of a postal ballot for increasing the ceiling of FII investment in BPCL from 24% up to 49% in one or more tranches subject to regulatory approval. 

BPCL gained 2% to Rs.935 on BSE. The company is planning to acquire additional stake in Petronet CCK. The board of directors of the company has approved the proposal to seek shareholder consent through postal ballot for increasing the ceiling of investment by Foreign Institutional Investors in the shareholding of BPCL from 24% up to 49% in one or more tranches subject to regulatory approval.

The scrip opened at Rs. 926.9 and has touched a high and low of Rs. 939 and Rs. 925.3 respectively. So far 444866(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 66288.36 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 987 on 23-Jul-2015 and a 52 week low of Rs. 704.4 on 13-May-2015. Last one week high and low of the scrip stood at Rs. 919.2 and Rs. 879 respectively.

The promoters holding in the company stood at 54.93 % while Institutions and Non-Institutions held 30.69 % and 14.38 % respectively.

The stock is currently trading above its 200 DMA. 

Tata Steel drops 1.7%; Greybull Capital announces buyout of Scunthorpe plant

Greybull Capital has announced the buyout of Tata Steel’s Scunthorpe plant and the acquisition is supported by a 400 million pound investment package. 

Tata Steel dropped 1.7% to Rs. 325.50 on BSE. Greybull Capital announced the buyout of Tata Steel’s Scunthorpe plant yesterday and the acquisition is supported by a 400 million pound investment package. The long products’ European business has been sold for a nominal consideration. Deal with Tata Steel UK is expected to be completed within eight weeks. Transaction includes LPE Steel Works In Scunthorpe and 2 mills in Teesside.

The scrip opened at Rs. 322 and has touched a high and low of Rs. 329 and Rs. 318.25 respectively. So far 4440104(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 32161.8 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 384.2 on 06-May-2015 and a 52 week low of Rs. 200 on 29-Sep-2015. Last one week high and low of the scrip stood at Rs. 333.05 and Rs. 308.4 respectively.

The promoters holding in the company stood at 31.35 % while Institutions and Non-Institutions held 38.79 % and 29.86 % respectively.

The stock is currently trading above its 50 DMA.

Dr Reddys Laboratories buyback offer commences on April 18

Dr Reddys Laboratories Ltd is currently trading at Rs. 3072.35, up by Rs. 43.75 or 1.44% from its previous closing of Rs. 3028.6 on the BSE. 

Dr Reddys Laboratories Ltd has informed BSE regarding this Public Announcement ("Public Announcement") is made in relation to the Buyback of equity shares by Dr. Reddy's Laboratories Limited (the "Company") from the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE" and together with the BSE, the "Stock Exchanges"), pursuant to the provisions of Regulation 15(c) and 15(d) of, and in compliance with, the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 (including any statutory modification(s), or re-enactment for the time being in force) ("Buyback Regulations"). This Public Announcement contains disclosures as specified in Schedule II of the Buyback Regulations.

stock view:

Dr Reddys Laboratories Ltd is currently trading at Rs. 3072.35, up by Rs. 43.75 or 1.44% from its previous closing of Rs. 3028.6 on the BSE.

The scrip opened at Rs. 3079 and has touched a high and low of Rs. 3085 and Rs. 3053 respectively. So far 29563(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 51670.23 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 4382.95 on 20-Oct-2015 and a 52 week low of Rs. 2750 on 21-Jan-2016. Last one week high and low of the scrip stood at Rs. 3085 and Rs. 2974.85 respectively.

The promoters holding in the company stood at 25.57 % while Institutions and Non-Institutions held 43.5 % and 30.93 % respectively.

The stock is currently trading above its 200 DMA.

Rupee opens 3 paise higher against US Dollar

In China, retail inflation (CPI) during March grew at 2.3% on a yoy basis, as food prices jumped 7.6%.

The Indian rupee opened higher by 3 paise at 66.40/$ on Tuesday as against the previous close of 66.43/$. Indian rupee traded on a firm note, deriving cues from weakness in the US dollar against the basket of major currencies. The greenback has lost substantial ground particularly against the Japanese Yen.

In the US, President Barack Obama met Fed Chief Janet Yellen in order to discuss the economic outlook, labour markets, and potential risks to the economy. The prevalent backdrop reveals that consumer spending has slowed down during the first quarter of 2016.

In China, retail inflation (CPI) during March grew at 2.3% on a yoy basis, as food prices jumped 7.6%. Meanwhile, producer prices declined 4.3%, a narrowing contraction compared with 4.9% decline in prices during February.

On Monday, the home currency closed at 66.43/$, up 4 paise. The local unit had hit a high of 66.51 and a low of 66.55. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.39 and for Euro stood at 75.75. The RBI’s reference rate for the Yen stood at 61.53; reference rate for the Great Britain Pound (GBP) stood at 93.7860. 

SPARC up 1%; RIC extends closure of issue until April 13

SPARC has extended the closure of issue from April 11, 2016 to April 13, 2016 after receiving requests from shareholders.

Pursuant to the authority given by the Board of Directors in relation to the right issue matters and in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Sun Pharma Advanced Research Company Ltd has informed BSE that the Right Issue Committee in its meeting on April 11, has extended the closure of issue from April 11, 2016 to April 13, 2016, based on requests received from the shareholders of the company.


Stock view:

Sun Pharma Advanced Research Company Ltd is currently trading at Rs. 289.3, up by Rs. 2.75 or 0.96% from its previous closing of Rs. 286.55 on the BSE.

The scrip opened at Rs. 287.9 and has touched a high and low of Rs. 289.3 and Rs. 287.55 respectively. So far 3556(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7075.13 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 508.82 on 15-Apr-2015 and a 52 week low of Rs. 243.43 on 25-Feb-2016. Last one week high and low of the scrip stood at Rs. 298.3 and Rs. 279 respectively.

The promoters holding in the company stood at 67.4 % while Institutions and Non-Institutions held 7.99 % and 24.61 % respectively.

The stock is currently trading above its 200 DMA.

Top 15 stocks in focus today: Tata Steel, BPCL, Vedanta

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

Tata Steel: Greybull Capital has announced the buyout of Tata Steel’s Scunthorpe plant, and the acquisition is supported by 400 million investment package.

BPCL: BPCL is planning to acquire additional stake in Petronet CCK.The company announced that Board of Directors of the Company at its meeting held on April 11, 2016, have approved the proposal to seek Shareholders' consent by way of Postal Ballot for increasing the ceiling of Investment by Foreign Institutional Investors in the shareholding of the BPCL from 24% up to 49% in one or more tranches subject to regulatory authorities approval.

TTK Prestige: TTK Prestige will acquire a UK-based kitchenware company for an undisclosed sum.The company's UK-based wholly-owned subsidiary TTK British Holding has entered into an agreement for acquisition of the target company.

Tata Motors: Tata Motors Ltd has started work on a next generation SUV, a premium hatchback and a premium sedan, reports a national daily.

Bharti Airtel: Bharti Airtel’s subsidiary, Airtel M Commerce Services Limited (AMSL) has received payments bank license from RBI on April 11.

Cairn India: The government reportedly said it will not allow him to merge subsidiary Cairn India with  Vedanta Ltd unless Rs. 10,247 crore tax issue is settled.

Vedanta: Despite the negotiation with the truckers delayed, Vedanta’s sales of iron ore from its Goa mines stood at 1.6 million tonnes (MT) in the fourth quarter of financial year 2015-16. The company also clocked a production of 1.9 MT during Q4 FY16.

Tata Chemicals Ltd: The company has signed an MOU with Sanjana Cryogenics Storage Ltd, its Ammonia Terminal Operator, for rerouting a portion of the ammonia pipeline that runs from the Haldia Dock to the Ammonia Storage tank.

Rajesh Exports: The company said that it got export order worth Rs.1,188 crore for designer jewelry medallions from UAE.This order will be executed at the Company's manufacturing facility in Bangalore.

Lupin: Lupin and Novartis Healthcare Pvt Ltd have entered into a co-marketing agreement to promote Novartis’s Indacaterol / Glycopyrronium 110mcg/50mcg inhaler, a treatment for chronic obstructive pulmonary disease (COPD) under the brand name of Loftair.

Hero MotoCorp: India's largest two-wheeler company Hero MotoCorp is planning to start production at its Chittoor plant in Andhra Pradesh.

Lyka Labs Ltd: The company has announced that Lyka Healthcare Limited, a wholly owned subsidiary of Lyka Labs Limited, has launched two domestic marketing divisions in the name of ENSPAN and CERABELLE.

Tata Motors: The Tata Motors Group global wholesales in March 2016, including Jaguar Land Rover, were at 118,750 nos., higher by 11%, over March 2015. Cumulative wholesales for this fiscal were at 10,66,254 nos., higher by 8% over the last fiscal.

Orchid Pharma Ltd: The company has announced that it has received the EIR from USFDA based on the successful inspection closure for the API manufacturing facility located at Alathur, Kancheepuram District, India.

Suzlon Energy Ltd: The company has announced that it has received maiden order of 105 MW from Greenko Group.

Suzuki Motor: Suzuki Motor is planning to start producing cars at a new plant in the western Indian state of Gujarat early next year, popular Baleno hatchback to be first model to roll off the line, according to reports.

L&T: L&T Hydrocarbon Engineering, a wholly owned subsidiary of L&T has bagged two orders from PDO Oman.

Aditya Birla Nuvo: Aditya Birla Nuvo announced the completion of the transaction whereby Sun Life Financial has increased its stake in the life insurance joint venture, Birla Sun Life Insurance from 26% to 49%. 

Results to watch out for! Bajaj-Corp, Reliance Industrial Infra in focus

The results which are expected today are Bajaj-Corp, Reliance Industrial Infrastructure, Goa Carbon, SRG Housing Finance. 

The results which are expected today are Bajaj-Corp, Reliance Industrial Infrastructure, Goa Carbon, SRG Housing Finance, Sree Rayalaseema Alkalies & Allied Chemicals Ltd.

Stock view:
Bajaj Corp Ltd ended at Rs. 381.65, up by Rs. 0.75 or 0.2% from its previous closing of Rs. 380.9 on the BSE. The scrip opened at Rs. 384 and touched a high and low of Rs. 384.5 and Rs. 380.6 respectively. A total of 52738(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 5629.34 crore.

Reliance Industrial Infrastructure Ltd ended at Rs. 442, up by Rs. 12.4 or 2.89% from its previous closing of Rs. 429.6 on the BSE. The scrip opened at Rs. 433 and touched a high and low of Rs. 444.8 and Rs. 432 respectively. A total of 759745(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 667.42 crore.

Lupin to Market new Inhaler under brand name Loftair in India

The once daily Indacaterol / Glycopyrronium combination significantly reduced the rate of moderate or severe exacerbations by 31% compared to the current standard of care (SFC twice-daily salmeterol + fluticasone combination) in patients with moderate-to-severe chronic obstructive pulmonary disease. 

Pharma Major Lupin Limited (Lupin) and Novartis Healthcare Private Limited (NHPL) have entered into a co-marketing agreement to promote Novartis’s Indacaterol / Glycopyrronium 110mcg/50mcg inhaler, a treatment for chronic obstructive pulmonary disease (COPD) under the brand name of Loftair. Lupin would be using its own specialty field force to promote Loftair inhaler. NHPL will continue to market Indacaterol / Glycopyrronium 110mcg/50mcg inhaler under its brand name Sequadra through its own sales force.

Loftair is a fixed dose combination of two bronchodilators: Indacaterol maleate, a long-acting beta2-adrenergic agonist (LABA) and glycopyrronium bromide, a long-acting anticholinergic (LAMA) for the treatment of COPD. The once daily Indacaterol / Glycopyrronium combination significantly reduced the rate of moderate or severe exacerbations by 31% compared to the current standard of care (SFC twice-daily salmeterol + fluticasone combination) in patients with moderate-to-severe chronic obstructive pulmonary disease. This combination has also shown superior efficacy vs SFC (salmeterol/fluticasone) for lung function, breathlessness (assessed using the Transition Dyspnea Index), health-related quality of life (measured using the St George’s Respiratory Questionnaire) and on-demand (rescue medication) salbutamol use. Indacaterol / Glycopyrronium combination is approved for use in COPD in 82 countries including US, EU, Japan, Canada, countries within Latin America and Australia. The agreement helps address the growing incidence of COPD, by making better treatment options available to patients in India.

Announcing the agreement, Shakti Chakraborty, Group President, India Region Formulations, Lupin said, “We at Lupin are excited about the expansion of our ongoing partnership with Novartis Healthcare Private Limited (NHPL) for the Inhalation / COPD segment. We had previously entered into a similar agreement with NHPL to market Onbrez. We are confident that this partnership for Loftair will enable us to further consolidate and strengthen our market leadership within the Indian COPD, Anti-Asthma, Inhalation therapy segments.” Lupin is a market leader, ranked 2nd with 12.4% market share of the overall Anti-Asthma segment within the Indian Pharmaceutical market (IMS MAT, Jan, 2016). 

Opening Bell - Sensex, Nifty flat

At 9:15 AM, the S&P BSE Sensex is trading at 25,035 up 13 points, while NSE Nifty is trading at 7,667 down mere four points. Asian markets are mixed with Japan's benchmark Nikkei trading 1% higher. China's CSI300 is down half a percent while Hong Kong's Hang Seng, South Korea's Kospi and Taiwan's TWSE are trading higher. 

At 9:15 AM, the S&P BSE Sensex is trading at 25,035 up 13 points, while NSE Nifty is trading at 7,667 down mere four points.

The Indian rupee opened higher by 3 paise at 66.50/$ on Tuesday as against the previous close of 66.43/$.Indian rupee traded on a firm note, deriving cues from the weakness in US dollar against the basket of major currencies. The greenback has lost substantial ground particularly against Japanese Yen.

US stock indices edged lower on Monday, as investors remained cautious ahead of the start of the quarterly earnings season. Asian markets are mixed with Japan's benchmark Nikkei trading 1% higher. China's CSI300 is down half a percent while Hong Kong's Hang Seng, South Korea's Kospi and Taiwan's TWSE are trading higher.

The Dow Jones Industrial Average fell 20.55 points, or 0.1%, to close at 17,556.41. Earlier, the blue-chip gauge had been up 155 points. The S&P 500 index shed 5.61 points, or 0.3%, to end at 2,041.99. The Nasdaq Composite Index dropped 17.29 points, or 0.4%, to finish at 4,833.40. Earlier, the tech-heavy index had been up 47 points.

Foreign direct investment in the country surged to $42 bn during April-February in 2015-16, according to RBI data.

In the backdrop of screaming headlines on the ‘Panama Papers’ and some prominent Indian entities and individuals figuring among them, as much as $1.32 billion (about Rs 9,000 crore) was remitted out of India in a perfectly legal way under the RBI’s Liberalised Remittance Scheme (LRS), apex industry body ASSOCHAM stated.

Centre would be launching e-bid portal for procurement of power for short term to help bring down transaction cost and also attract more participants. The portal to be launched on April 12 will be managed by the state run MSTC Ltd.