Dishman Pharma’s Swiss and Ahmedabad unit gets EIR from USFDA; stock jumps 6%

Additionally, the company’s site at Naroda had also successfully completed USFDA Inspection and received the Establishment Inspection Report (EIR) for the same.

Dishman Pharmaceuticals and Chemicals informed BSE that the company's wholly owned subsidiary, namely Carbogen Amcis AG., Switzerland, had successfully completed US FDA Inspection for its two sites located at Aarau and Neuland without any adverse observations and received the Establishment Inspection Report (EIR)for the same. Thus, now the company has the above two sites in addition to Bubendorf in Switzerland, which are approved by the USFDA.

Additionally, the company’s site at Naroda had also successfully completed USFDA Inspection and received the Establishment Inspection Report (EIR) for the same.

Dishman Pharmaceuticals and Chemicals Ltd is currently trading at Rs. 140.2, up by Rs. 6.9 or 5.18% from its previous closing of Rs. 133.3 on the BSE.

The scrip opened at Rs. 132.05 and has touched a high and low of Rs. 143.4 and Rs. 131.85 respectively. So far 781511(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2151.39 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 209.85 on 04-Nov-2015 and a 52 week low of Rs. 79.78 on 20-Jul-2015. Last one week high and low of the scrip stood at Rs. 149 and Rs. 133 respectively.

The promoters holding in the company stood at 61.4 % while Institutions and Non-Institutions held 25.21 % and 13.39 % respectively.

The stock is currently trading below its 200 DMA.

Infosys IT Chief Samson David resigns

Samson David, Head of Cloud, Infrastructure and the Security unit at Infosys has resigned. This is a major setback to CEO Vishal Sikka who had entrusted Samson with the responsibility of artificial intelligence platform, Mana.

Samson David, Head of Cloud, Infrastructure and the Security unit at Infosys has resigned. This is a major setback to CEO Vishal Sikka who had entrusted Samson with the responsibility of artificial intelligence platform, Mana.

Samson will join Hewlett Packard Enterprise as Senior Vice President, Enterprise Services Delivery, and will report to Nike Nefkens, Executive Vice President of HPE Enterprise Services. 

Stock Commentary: 

Infosys Ltd is currently trading at Rs. 1186.7, down by Rs. 6.45 or 0.54% from its previous closing of Rs. 1193.15 on the BSE.

The scrip opened at Rs. 1195 and has touched a high and low of Rs. 1195.05 and Rs. 1180.05 respectively. So far 914640(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 274059.95 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1278 on 03-Jun-2016 and a 52 week low of Rs. 945.35 on 14-Jul-2015. Last one week high and low of the scrip stood at Rs. 1195 and Rs. 1153.2 respectively.

The promoters holding in the company stood at 12.75 % while Institutions and Non-Institutions held 57.71 % and 29.05 % respectively.

The stock is currently trading below its 50 DMA

TCS Q1 FY17 results: Six things to watch out for

Brexit, wage hikes, rise in visa costs, currency volatility and softness in Diligenta and Japan, are likely to impact the revenue growth in first quarter of FY17.

Tata Consultancy Services (TCS), largest IT firm of the country, will announce financial results for the first quarter ended June 30, 2016 on July 14. The company beat street estimates in Q4 FY16 and is expected to continue the momentum in FY17 driven by digital growth. Q1 is traditionally a strong quarter for IT companies. However, Brexit, wage hikes, rise in visa costs, currency volatility and softness in Diligenta and Japan are likely to impact the revenue growth in first quarter of FY17.

Here are six things to watch out for:

Brexit: Brexit is likely to impact TCS as about 26% revenue of the company is generated from Europe. "Changed economic conditions due to Brexit could impact TCS the most on account of 14% GBP exposure," a global brokerage firm was quoted as saying.

Wage hikes: TCS CEO N Chandrasekaran's compensation rose 20% to Rs 25.6 crore in FY16 and he received an additional Rs 10 crore as one-time special bonus, as per reports. The company announced hike of 8% to 12% for the employees in India whereas 2-6% hike for the employees in other regions in FY17.

Digital revolution: Digital revenues of the company grew at 15.5% in Q4 FY16, registering a digital growth of 52.2% yoy. While announcing Q4 results, N Chandrasekaran said, “I am very happy with the Digital growth. Digital is going to be the future. I see the momentum to continue with the deal wins we are seeing in this space.”

Chairman Cyrus Mistry, addressing 2016 Annual General Meet, said that the company is well positioned to lead the digital revolution. “The company has been investing heavily to train, acquire talent and building intellectual property in digital services," he said.

Softness in Diligenta and Japan: TCS does not expect Diligenta business to decline further however the company said that Japan business will need some time to stabilize.

BFSI and other segments: Although the company is seeing good traction in the BFSI sector since last quarter, Brexit may how an impact on BFSI revenues. Media and Telecom remain a matter of concern, however he company does not see a major headwind in these two segments.

Lower recruitment in FY17: The company, during the announcement of Q4 results, said that their lateral recruitment for FY17 will be much lower than FY16 due to less attrition and focus on automation. Attrition rate has dropped 14.5% in FY16 and is expected to decline further.

Granules India unit in pact with Uspharma to acquire 12.5% stake

The company announced that its wholly owned subsidiary Granules Pharmaceuticals has entered into an agreement with USpharma to acquire 12.5% of its stake.

 

 Granules India Ltd., today announced that its wholly owned subsidiary Granules Pharmaceuticals, Inc.,(GPI} has entered into an agreement with USpharma, based in the USA, to acquire 12.5% of its stake. This investment will enable Granules to participate in product selection and have right of first refusal to market the select products which are under development by USpharma.

USpharma is a development-stage pharmaceutical company specializing in research, deve lopment and manufacture of high entry-barrier generic pharmaceuticals, including controlled-release, controlled­ substance and patent-challenge products. USpharma in collaboration with manufacturing partners had submitted five ANDAs with Paragraph IV certifications, out of which four ANDAs have already been out licensed to Granules exclusively.

USpharma has formulation development and manufacturing facilities in Philadelphia, Pennsylvania, USA, Mumbai,India and cGMP analytical laboratory in Kansas City, Missouri,USA

"The agreement with USpharma complements our internal product development  program, and expands our product portfolio by leveraging external product development capabilities. The successful development of limited competition products by USpharma provides further long-term growth for the Company. We are impressed with US Pharma's product development capabilities with niche pipeline, and firmly believe that these products represent a substantial commercial opportunity," said Mr. Krishna Prasad Chigurupati, Chairman and Managing Director, Granules India Ltd.

Stock price:
Granules India Ltd is currently trading at Rs. 150.55, up by Rs. 5.2 or 3.58% from its previous closing of Rs. 145.35 on the BSE.

The scrip opened at Rs. 147 and has touched a high and low of Rs. 151.15 and Rs. 145.1 respectively. So far 203637(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3153.98 crore.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 164.45 on 01-Dec-2015 and a 52 week low of Rs. 84.1 on 14-Jul-2015. Last one week high and low of the scrip stood at Rs. 149.1 and Rs. 141.2 respectively.

The promoters holding in the company stood at 51.08 % while Institutions and Non-Institutions held 8.11 % and 40.81 % respectively.

Dr Reddy’s Laboratories slips 1%; recalls over 9,000 bottles anti-organ rejection drug in US

The reason for recall is “failed impurities/degradation: out of specification result for impurity secorapamycin,” says report.

Shares of Dr Reddy’s Laboratories was lower by 1% to Rs.3574. The company recalled 9,330 bottles of Sirolimus tablets, used for prevention of organ rejection after kidney transplant, in the US due to presence of impurities, says report.

The reason for recall is “failed impurities/degradation: out of specification result for impurity secorapamycin,” says report.

The scrip opened at Rs. 3587 and has touched a high and low of Rs. 3587 and Rs. 3562.2 respectively. So far 19256(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 61584.4 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. 3633 and Rs. 3475.4 respectively.

The promoters holding in the company stood at 25.58 % while Institutions and Non-Institutions held 42.02 % and 32.4 % respectively.

The stock is currently trading above its 200 DMA.

RIIL appoints Shailesh Dholakia as Company Secretary and Compliance Officer

Shailesh Dholakia will be the Compliance Officer for compliances with respect to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI (Prohibition of Insider Trading) Regulations, 2015

Reliance Industrial Infrastructure Limited appointed has been Shailesh Dholakia as the Company Secretary and Compliance Officer of the Company with effect from 13th July, 2016 in place of Sridhar Kothandaraman, consequent to his resignation as the Company Secretary and Compliance Officer of the Company with effect from close of business hours on 13th July, 2016.
 
Shailesh Dholakia will be the Compliance Officer for compliance with respect to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI (Prohibition of Insider Trading) Regulations, 2015.
 
Shailesh Dholakia will also be the Chief Investor Relations Officer in place of Sridhar Kothandaraman to deal with dissemination of information and disclosure of Unpublished Price Sensitive Information (UPSI) under the Company's Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015.
 
Pursuant to the Policy on Determination and Disclosure of Materiality of Events and Information, the Company Secretary and Chief Financial Officer have been authorised to determine jointly the materiality of an event / information and for making appropriate disclosures of such event / information to the stock exchanges pursuant to Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Jewellery makers shine as Govt relaxes excise duty rules

Shares of 9 jewellery retainers were up 0.78% to 8.6% at 10:39 IST after the government accepted the recommendation of a committee and relaxed the rules on excise duty on gold jewellery.

Shares of Gitanjali Gems were up 1.72% at Rs 41.50. Tara Jewels was up 8.6% at Rs 40.40. Titan Company was up 2% at Rs 412.55. Tribhovandas Bhimji Zaveri was up 2.89% at Rs 72.90. Rajesh Exports was up 0.78% at Rs 452.75. PC Jeweller was up 2.7% at Rs 381. Goldiam International was up 2.33% at Rs 81.15. Thangamayil Jewellery was up 1.18% at Rs 288. Vaibhav Global was up 1.71% at Rs 294.85.

Meanwhile, the S&P BSE Sensex was down 35.31 points or 0.13% at 27,779.87.

There will be no requirement for jewellers to submit any ground plan of the premises for taking excise registration. In case the invoice does not show excise duty separately, the value for VAT will be treated as cum duty value. The records maintained for state VAT and other private records showing details of inputs, stocks, manufactured goods, sold/exported goods, etc. will be accepted for excise purposes.

When a retail customer brings jewellery (other than in form of gold or any precious metal) to a jeweller which is converted into new jewellery by the jeweller or a job worker of such jeweller, excise duty will be payable only on value addition, including cost of additional materials and labour charges charged, subject to the maintenance of certain records. Repairs and alterations, which do not change the identity, character and use of the goods and do not result in a new item, will not attract excise duty. The government also said that excise duty will not be payable on the sale of traded goods. The government further said that no excise audit will be carried out for the first two years for units whose duty payment (cash plus credit) is less than Rs 1 crore i.e. turnover of manufactured goods less than Rs 100 crore.

The government has also decided to increase the SSI eligibility limit for the imposition of excise duty to Rs 15 crore from Rs 12 crore for manufacturers of articles of jewellery or parts of articles of jewellery or both. The SSI exemption limit has been raised Rs 10 crore from Rs 6 crore in a financial year and Rs 85 lakh for the month of March 2016.

It may be recalled that the government imposed excise duty of 1% without input and capital goods credit or 12.5% with input tax credit on articles of jewellery in the Union Budget 2016-17.

Godrej Industries up 2%; plans Rs. 600 crore investment in 2 group firms

The company is planning to invest Rs 600 crore in its two group companies – Godrej Properties and Godrej Agrovet – through subscription/purchase of shares, says report.

Godrej Industries stock was up by 2% to Rs. 413. Report says that the company is planning to invest Rs 600 crore in its two group companies – Godrej Properties and Godrej Agrovet – through subscription/purchase of shares.

The scrip opened at Rs. 411.5 and has touched a high and low of Rs. 418.3 and Rs. 408 respectively. So far 254791(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 13699.38 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 415.8 on 12-Jul-2016 and a 52 week low of Rs. 290.35 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 415.8 and Rs. 399.05 respectively.

The promoters holding in the company stood at 74.81 % while Institutions and Non-Institutions held 17.43 % and 7.77 % respectively.

The stock is currently trading above its 50 DMA.

Govt announces no excise duty on remade jewellery, only on the value addition

In this year’s Budget, a nominal excise duty of 1% [without input and capital goods credit] or 12.5% [with input tax credit] has been imposed on articles of jewellery with simplified procedures.

Government has also decided to increase the SSI Eligibility limit and SSI Exemption limit for manufacturers of articles of jewellery or parts of articles of jewellery or both. 

In this year’s Budget, a nominal excise duty of 1% [without input and capital goods credit] or 12.5% [with input tax credit] has been imposed on articles of jewellery with simplified procedures. 

In this connection, the Central Government had constituted a Sub-Committee of the High Level Committee to interact with Trade & Industry on Tax Laws to interact with trade and industry on issues relating to compliance procedure for the excise duty, including records to be maintained and any other administrative issues that may be relevant. 

Since then, the said Sub-Committee has submitted its report on 23.06.2016, and interalia recommended the following: 

a) No requirement to submit any ground plan of the premises for taking Excise registration; 

b) Excise duty on jewellery is payable at first sale invoice value; 

c) In case the invoice does not show excise duty separately, the value for VAT will be treated as cum duty value [value + excise duty]; 

d) No excise duty may be payable on the sale of traded goods; 

e) Records maintained for State VAT and other private records, showing details of inputs, stocks, manufactured goods, sold/exported goods, etc. to be accepted for excise purposes. Stock details to be maintained on weight and caratage basis; 

f) Movement of jewellery, which does not involve sale, for example, movement of jewellery, to be shown as samples, branch transfers not involving sale, for display in exhibition, for hallmarking, and for approval before sale, may not be liable to excise duty. No transit checks by excise officers; 

g) When a retail customer brings jewellery [other than in form of gold or any precious metal] to a jeweller which is converted into new jewellery by the jeweller or a job worker of such jeweller, excise duty will be payable only on value addition, including cost of additional materials and labour charges charged, subject to the maintenance of certain records; 

h) Repairs and alterations, which do not change the identity, character and use of the goods and do not result in a new item is not “manufacturing” and may not attract excise duty; 

i) Excise duty of 1 % without input and capital goods tax credit or 12.5 % with credit may apply to parts of articles of jewellery, made of platinum, gold and silver; 

j) An optional scheme may be prescribed for jewellers who are not able to maintain separate physical stocks and / or records of manufactured and traded goods. For availing the optional scheme, a principal manufacturer of jewellery shall maintain separate stocks on weight and/or carat basis separately for: 

• Silver studded jewellery; 
• Gold or platinum jewellery studded with diamonds; and 
• Other gold or platinum jewellery [that is other than gold or platinum jewellery studded with diamonds]; 

k) no excise audit may be carried out, for the first two years, for units whose duty payment (cash plus credit) is less than Rs. 1 crore, [that is turnover of manufactured goods less than Rs. 100 crore. 

l) No visit, search and seizure at job workers premises; 

m) No visit to premises of the principal manufacturer [jeweller], except on the basis of specific intelligence and with the approval of Commissioner or equivalent rank officer

n) Summons may be issued only with the approval of Commissioner; 

All these recommendations have been accepted by the Government. 

In this context, independent of Committee’s recommendations, the Government has also decided to increase for manufacturers of articles of jewellery or parts of articles of jewellery or both: 

a) The SSI Eligibility limit from fromRs. 12 Crore to Rs. 15 Crore; 

b) The SSI Exemption limit from Rs. 6 Crore to Rs. 10 Crore in a financial year and Rs. 85 lakh for the Month of March, 2016;

L&T Infotech's IPO oversubscribed 12 times

The IPO received bids for 142,946,840 shares as against the total issue size of 12,250,000 shares, according to NSE data.

L&T Infotech’s initial public offering (IPO) was oversubscribed by 11.67 times on the final day of the issue on Wednesday.

The IPO received bids for 142,946,840 shares as against the total issue size of 12,250,000 shares, according to NSE data.

The IPO was priced between Rs. 705 and Rs. 710 per share. The issue was opened on July 11.

The company raised Rs 373 crore from anchor investors by selling shares at a price of Rs 710 apiece.

Infosys Q1 FY17 results: 7 things to watch out for

Vishal Sikka-led IT bellwether Infosys will announce its financial results for the first quarter ended June 30, 2016 on July 15.

Vishal Sikka-led IT bellwether Infosys will announce its financial results for the first quarter ended June 30, 2016 on July 15. The top tech firm has been beating street estimates for four consecutive quarters and is expected to continue the momentum marching aggressively towards its vision to achieve $20 billion in revenue by 2020. The company, however, has issued a warning with regards to weaker spending in Q1.

Here are seven things to watch out for in Infosys Q1 results:

Weaker spending: Infosys Chief Operating Officer (COO) U B Pravin Rao recently issued a warning saying that the company would face volatility over the next few quarters, due to weaker spending from sectors such as energy and insurance.

Revenue and margin guidance: FY17 revenue guidance of the company stands at 11.5%-13.5% in constant currency terms and at 11.8-13.8% in dollar terms whereas the margin guidance band is 24-26%. UB Pravin Rao said despite the volatility the company is on track to meet the full-year constant currency revenue guidance. Analysts expect that the company might turn the revenue guidance downwards.

Headwinds and softness: The top IT firm has been experiencing headwinds in verticals such as energy, telecom, and retail, as well as softness in the insurance sector. Rao recently said that Infosys does not expect a recovery in spending from the energy sector before 2017. The company is also facing a slowdown in its enterprise resource planning (ERP) and business process outsourcing (BPO) businesses.

Deal wins: While announcing Q4 FY16 results, the company said that the deal pipeline looks healthy. “We expect to achieve a deal win rate of $1 bn in the next two to three quarters. We would focus on securing a large number of smaller deals,” said CEO Vishal Sikka.

Focus on innovation: Vishal Sikka, addressing the 35th AGM said, “Infosys is moving towards a model based on innovation and the company has laid out a strategy consisting of two parts. The 'Renew' and 'New' strategy has been key for growth.”

Impact of Brexit and currency depreciation: The company experienced a slight drop in revenues from its business in Europe due to currency depreciation in FY16. Brexit may further impact Europe revenues.

Wage hikes: Wage hikes are likely to impact revenues in first quarter of FY17. Vishal Sikka raked in $7.45 million as annual salary for financial year 2015-16. Sikka's new salary structure enabled company's top executives to take home multi-million dollar pay cheques. The company handed out an average wage hike of about 6-12% for all its offshore employees and 2% hike for on-site employees.

Top 20 stocks in focus today: TCS, Crompton Greaves, Max India

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

Tata Consultancy Services Ltd: Tata Consultancy Services will announce their June quarter earnings today.

HCC: HCC has got bankers’ approval for restructuring it further under the recent Reserve Bank of India guidelines on ‘scheme for sustainable structuring of stressed assets’ (S4A), which will potentially provide the company relief on cash flows.

Max India: Max India Ltd., one of the three new holding companies formed after the demerger of the erstwhile Max India Ltd., will list on bourses on Thursday.

Adani Transmission: Moody’s has assigned a provisional investment grade credit rating to Adani Transmission proposed US dollar as well as the rupee-denominated senior secured bonds.

Ashok Leyland: Buoyed by its success in winning Rs.450 crore bus orders from state transport undertakings in the June quarter, Ashok Leyland is planning to step up its market share this year.

NBCC: The Centre has cleared a proposal to sell its stake in NBCC India with an aim to meet the ambitious Rs.56,500 crore PSU disinvestment target in 2016-17.

Prakash Industries Ltd: The company has received notices from FCCB holders for conversion of 10 Nos. FCCB (US$ 50,000 each) in to 5,29,978 Nos. equity shares of Rs.10/- each of the Company in accordance with restructuring terms accepted by FCCB holder. 

Cyient Ltd: Cyient Ltd will announce its June quarter earnings today.

Crompton Greaves: The company has halted operations at its manufacturing unit at Mandideep in Madhya Pradesh after it was hit by heavy rains.

Mahindra and Mahindra: The company will seek its shareholders’ approval for raising up to Rs.5,000 crore through issuance of securities on private placement basis from domestic and international markets.

Omkar Speciality Chemicals Limited: The company have intimated the Stock Exchanges of the recent selling of the shares by the Promoter group.

Reliance Industrial Infrastructure Limited: The company said its standalone net profit declined by 32% to Rs.3.02 crore in the three-month period ended June 30, 2016.

NALCO: The company has bagged the Pottangi mines in Odisha's Koraput district.

Indian Hotels Company: Indian Hotels Company, a Tata Group firm, has completed the sale of its Taj Boston hotel for $125 million (about Rs. 839 crore).

Dr.Reddy's Laboratories: Dr.Reddy's Laboratories is recalling 9,330 bottles of Sirolimus tablets, used for prevention of organ rejection after kidney transplant, in the US due to presence of impurities.

Hinduja Ventures Ltd: The company has announced that it has acquired 43 lakh equity shares and 7.04 Crore Preference shares of Unit IMCL.

SRS Ltd: The company has announced that the Board of Directors decided to withdraw the decision of "Sub-Division of Equity Shares of Rs. 10/- each into Equity Shares of Re. 1/- each", which was approved by the Board of Directors in its Meeting held on June 22, 2016 and dispatch of Postal Ballot Notice was completed on June 27, 2016.

Mindtree: The company has launched Decision Moments, the first data analytics platform that appliescontinuous learning algorithms to large data pools, allowing businesses to generate meaningful and compelling insights that improve over time.

R P P Infra Projects Ltd: The company has announced that its wholly owned subsidiary, situated in Sri Lanka, bagged order work of High Commission of India Colombo worth of US $10.36mn.

Tata Seel: T.V. Narendran, Managing Director of Tata Steel India and South East Asia reportedly said that the company has invested more than Rs.25,000 crore in its greenfield steel project in Kalinganagar in Odisha and has plans for further expansion.