Aurobindo Pharma gets ANDA approval and other Top Corporate News of the day

Check out the most important news stories, which captured the headlines at the corporate level in India and internationally. 

Cadila Healthcare said that it has received the final approval from the US drug regulator to market an anti-viral drug Acyclovir capsules (200 mg).

Ashok Leyland has won orders valued at Rs8bn from the Indian armed forces. The company will supply Field artillery tractor, super stallion vehicles and ambulance. 

Lupin has received a total of three observations relating to violationof production norms at manufacturing facilities at Mandideep, Madhya Pradesh from the US Food and Drug Administration.

Reliance Defence Ltd, a 100% subsidiary of Reliance Infrastructure Ltd, and Rafael Advanced Defence Systems Ltd have decided to set up a joint venture (JV) company in India in the areas of air-to-air missiles, air defence systems and large aerostats.

Sadbhav Infrastructure Project has been awarded "L1" status for road projects from National Highways Authority of India. The first is the four laning and design chainage of Rampur-Kathgodam section of NH-87 in the State of Uttar Pradesh under NHDP-III on hybrid annuity mode. 

Aurobindo Pharma Limited has received final approval from the US Food and Drug Administration to manufacture and market rivastigmine tartrate capsules USP in 1.5 mg, 3 mg, 4.5 mg and 6 mg strengths.

Bank of India said the government has approved a capital infusion of Rs11.5bn in lieu of preferential allotment of shares.

Adani Ports and special economic zone said it has raised Rs5bn through issue of debentures on private placement basis. 

GlaxoSmithKline Pharmaceuticals Ltd is looking at launching two or three combination vaccines in India in the near future, to address a host of paediatric disease.

Alembic Pharmaceuticals, is likely to receive some minor observations (as a Form 483) from the US drug regulator for its Panelav facility. 

Government allows 100% FDI in e-commerce marketplace model and other Top Economy news

Employees Provident Fund Organisation allowed interest payments on inoperative accounts with effect from April 1, 2016, reversing a five-year-old decision by the UPA government. 

The government permitted 100% FDI in the market place format of e-commerce retailing with a view to attract more foreign investments.

Employees Provident Fund Organisation allowed interest payments on inoperative accounts with effect from April 1, 2016, reversing a five-year-old decision by the UPA government.

RBI said foreign investors will be allowed to buy up to Rs275bn (US$4.13bn) in additional sovereign debt starting next month, as part of its previously announced plan to allow increased overseas investments. 

India is expected to produce 25.64 mn tonnes of sugar in the 2015/16 cane crushing season that began in October, a government source said, lower than the previous official forecast of 26 mn tonnes. 

National Bank of Agriculture and Rural Development (Nabard) said it has disbursed Rs25bn in refinance to non-banking lenders in the first year of starting the facility.

Indian corporates raised over US$1.35bn (around Rs90bn) from overseas markets in February, down 40.2% over the same month a year ago, RBI data showed. 

The state-run Maharashtra State Electricity Distribution Company (MahaVitaran) has proposed an average tariff hike of 5.5% for 2016-17 across its 25 mn consumers. In its petition before the Maharashtra Electricity Regulatory Commission (MERC), it has argued that the rise in tariff is necessary to meet the revenue gap of Rs389.8bn. 

Sensex, Nifty to open on a positive note

Asian markets are mixed this morning with the Nikkei in the red while most other Asian peers are in the green. US markets ended higher. The Dow Jones Industrial Average recovered from a 101-point slump to close 97.72 points, or 0.6%, higher at 17,633.11. 

Federal Reserve Chairwoman Janet Yellen persisted with a dovish tone on monetary policy. In her speech at the Economic Club of New York, Yellen said that it was too early to tell if the recent pick-up in inflation would last and that the Fed needed to proceed cautiously on raising rates amid global risks. Following this, US indices advanced on Tuesday, with the S&P 500 and the Dow rising to their highest close of 2016.

The outlook is a positive start. After weakness on Monday, the indices turned choppy as they struggled for direction ahead of the F&O expiry. Selling pressure in Pharma dominated the headlines. Lupin dropped 6.3% after the drug major’s Mandideep unit in Madhya Pradesh was inspected by USFDA in Feb. Pharma stocks in general and Lupin in particular have been under pressure amid fears of heightened regulatory scrutiny especially from US FDA. Sentiment could remain subdued for a while as companies attempt to bring facilities in full FDA compliance; slowdown in approvals in the interim is something to take note of.

Asian markets are mixed this morning with the Nikkei in the red while most other Asian peers are in the green. US markets ended higher. The Dow Jones Industrial Average recovered from a 101-point slump to close 97.72 points, or 0.6%, higher at 17,633.11.The S&P 500 index rose by 17.96 points, or 0.9%, to close at 2,055.01, led by a 1.6% jump in the technology sector. That pushed the index to a year-to-date gain of 0.6%, and the highest settlement since Dec. 30.Meanwhile, the tech-heavy Nasdaq Composite index gained 79.84 points, or 1.7%, to finish at 4,846.62, leaving the index down 3.2% for the year.

Low oil prices and waning demand for drilling services will continue to put the credit profiles of Brazilian offshore drilling vessel projects under pressure for the next three to five years, says Moody's Investors Service.

Early on Tuesday, in Singapore, San Francisco Fed President John Williams said that US inflation and hiring are stronger than the data suggests. On the US economic front, consumer confidence jumped in March. Separately, the S&P/Case-Shiller 20-city index showed house prices rising 5.7% compared with a year ago in January. Prices nationally are at their winter 2007 levels, and remain about 12% lower than their summer 2006 peaks. A stronger-than-expected reading on US home prices lifted home builder stocks.

Lupin tanks 11%; receives form 483 from USFDA

Mandideep Unit gets 483 letter from US FDA

Lupin Ltd stock was lower by 11% at Rs. 1329.

Mandideep Unit has received 483 letter from US FDA, as per a report.

Report says that the active pharmaceutical ingredient (API) and formulations units of the plant in Madhya Pradesh have received two observations each.

The scrip opened at Rs. 1476.2 and has touched a high and low of Rs. 1494 and Rs. 1294.05 respectively. So far 9342947(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 67371.17 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2127 on 06-Oct-2015 and a 52 week low of Rs. 1490 on 28-Mar-2016. Last one week high and low of the scrip stood at Rs. 1564.4 and Rs. 1490 respectively.

The promoters holding in the company stood at 46.53 % while Institutions and Non-Institutions held 43.56 % and 9.92 % respectively.

The stock is currently trading above its 200 DMA.

Aurobindo Pharma receives USFDA approval for Rivastigmine Tartrate Capsules

The approved product has an estimated market size of US$ 26.7 million for the twelve months ending January 2016 according to IMS.

Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Rivastigmine Tartrate Capsules USP, 1.5 mg, 3 mg, 4.5 mg and 6 mg. This product is expected to be launched in Q1 FY16-17.

The approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Exelon Capsules, 1.5 mg, 3 mg, 4.5 mg and 6 mg, of Novartis Pharmaceuticals Corporation. Naproxen Sodium Tablets is used in the treatment of mild moderate dementia of the Alzheimer's and Parkinson's disease. The approved product has an estimated market size of US$ 26.7 million forthe twelve months ending January 2016 according to IMS.

This is the 67th ANDA (including 14 tentative approvals) to be approved out of Unit VII formulation facility in Hyderabad, India for manufacturing Oral Non-Antibiotic products. Aurobindo now has a total of 246 ANDA approvals (211 Final approvals including 10 from Aurolife Pharma LLC and 35 tentative approvals) from USFDA. 

Aurobindo Pharma Ltd is currently trading at Rs. 718.15, down by Rs. 27.55 or 3.69% from its previous closing of Rs. 745.7 on the BSE.

The scrip opened at Rs. 745.7 and has touched a high and low of Rs. 746.8 and Rs. 709.45 respectively. So far 1304564(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 43636.1 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 891.5 on 30-Dec-2015 and a 52 week low of Rs. 570.5 on 27-Mar-2015. Last one week high and low of the scrip stood at Rs. 761.3 and Rs. 736.5 respectively.

The promoters holding in the company stood at 53.9 % while Institutions and Non-Institutions held 35.24 % and 10.86 % respectively.

Reliance Defence delivers cargo vessel to ONGC

This is the first vessel to be delivered by the shipyard after takeover by Reliance Group on January 18, 2016.

Reliance Defence and Engineering Ltd has delivered seventh offshore supply vessel (OSV) to state-owned Oil and Natural Gas Corp (ONGC). 

This is the first vessel to be delivered by the shipyard after takeover by Reliance Group on January 18, 2016. 

The total value of the project for supply of 12 OSV to ONGC is over Rs 700 crore.

Stocks buzzing at this hour - Prestige Estates climbs, Lupin falls

Check out the most important and latest stock news from NSE and BSE. Lupin was lower by 12.5% at Rs. 1309. Mandideep Unit has received 483 letter from US FDA, as per a report.

Lupin was lower by 12.5% at Rs. 1309. Mandideep Unit has received 483 letter from US FDA, as per a report.

Aurobindo Pharma slipped 3.5% to Rs.719 on BSE. The pharma compnay has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Rivastigmine Tartrate Capsules USP, 1.5 mg, 3 mg, 4.5 mg and 6 mg. This product is expected to be launched in Q1 FY16-17.

Prestige Estates was higher by 4.5% at Rs. 161. The company has announced that the Board of Directors, at its meeting, has accorded an in-principle approval for the merger of its wholly owned subsidiaries, Downhill Holiday Resorts Private Limited, Foothills Resorts Private Limited, Pennar Hotels and Resorts Private Limited, and Valdel Xtent Outsourcing Solutions Private Limited with the company.

NTPC Ltd has informed BSE that the Unit-3 of 660 MW of Mouda Super Thermal Power Station of NTPC Limited has been commissioned on March 28, 2016. The stock is currently trading lower by 0.12% to Rs.129.20 on the BSE.

Biocon Ltd was up by 1% at Rs. 483. The company announced that the Ministry of Health, Labour and Welfare (MHLW) of Japan has approved its biosimilar Insulin Glargine.

Rajesh Exports Ltd has announced that it has repaid loans availed for acquisition of Valcambi. The stock is currently trading at Rs. 602.50, up by 0.96% from its previous closing of Rs. 596.75 on the BSE.

Gloster Ltd has informed BSE that a meeting of the Board of Directors of the company will be held on March 29, 2016, inter alia, to consider Issue of Bonus Shares. The stock is currently trading at Rs. 580, down by Rs. 22.7 or 3.77% from its previous closing of Rs. 602.7 on the BSE.

Shares of Kotak Mahindra Bank were trading higher 1% at Rs. 676 on BSE today. Around 35 lakh shares were traded in a multiple block at Rs. 327.45 on the BSE. 

Rajesh Exports repaid loans availed for acquisition of Valcambi

Rajesh Exports Ltd is currently trading at Rs. 597, up by Rs. 0.25 or 0.04% from its previous closing of Rs. 596.75 on the BSE. 

Rajesh Exports Ltd has announced that it has repaid loans availed for acquisition of Valcambi.

Rajesh Exports Ltd is currently trading at Rs. 597, up by Rs. 0.25 or 0.04% from its previous closing of Rs. 596.75 on the BSE.

The scrip opened at Rs. 595.05 and has touched a high and low of Rs. 609.5 and Rs. 591 respectively. So far 145892(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 17622.03 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 745.5 on 18-Feb-2016 and a 52 week low of Rs. 181 on 10-Apr-2015. Last one week high and low of the scrip stood at Rs. 623.95 and Rs. 594 respectively.

The promoters holding in the company stood at 53.9 % while Institutions and Non-Institutions held 20.51 % and 25.59 % respectively.

The stock is currently trading above its 50 DMA.

Lupin tanks 12%; receives form 483 from USFDA

Mandideep Unit gets 483 letter from US FDA

Lupin Ltd stock was lower by 12% at Rs. 1311.

Mandideep Unit has received 483 letter from US FDA, as per a report.

The scrip opened at Rs. 1476.2 and has touched a high and low of Rs. 1494 and Rs. 1294.05 respectively. So far 3115082(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 67371.17 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 2127 on 06-Oct-2015 and a 52 week low of Rs. 1490 on 28-Mar-2016. Last one week high and low of the scrip stood at Rs. 1564.4 and Rs. 1490 respectively.

The promoters holding in the company stood at 46.53 % while Institutions and Non-Institutions held 43.56 % and 9.92 % respectively.

The stock is currently trading above its 200 DMA.

Live Stock Market Updates – Sensex, Nifty trades flat; pharma, IT drag

Some buying activity is seen in realty, banking, utilities, metal and power sectors, while pharma, IT and teck sectors are showing weakness on BSE. Out of 1,776 stocks traded on the NSE, 623 declined, 716 advanced and 392 remained unchanged today. 

At 9:38 AM, the S&P BSE Sensex is trading at 24,918 up 51 points, while NSE Nifty is trading at 7,630 up 15 points.

The BSE Mid-cap Index is trading up 0.17% at 10,339, whereas BSE Small-cap Index is trading up 0.23% at 10,352.

Axis Bank, Tata Steel, Tata Motors, Asian Paints, ITC, Maruti Suzuki and SBI are among the gainers, whereas Sun Pharmaceuticals, Lupin, HDFC, Wipro, Dr.Reddy's and Infosys are losing sheen on BSE.

Some buying activity is seen in realty, banking, utilities, metal and power sectors, while pharma, IT and teck sectors are showing weakness on BSE.

The INDIA VIX is up 0.44% at 17.5625. Out of 1,776 stocks traded on the NSE, 623 declined, 716 advanced and 392 remained unchanged today.

A total of 13 stocks registered a fresh 52-week high in trades today, while 33 stocks touched a new 52-week low on the NSE.

The Indian rupee opened higher by 8 paise at 66.50/$ on Tuesday as against the previous close of 66.58/$. On Monday, rupee regained lost ground against the greenback, helped by persistent foreign inflows in capital markets, healthy foreign exchange reserves and hopes of a rate cut by the RBI during the monetary policy review next week.