Lupin acquires branded product portfolio from Shionogi in Japan

With the vision of growing globally as a drug discovery-based pharmaceutical company, Shionogi is focusing its resources on its core therapeutic and marketing areas, while continuing to create innovative medicines to support future growth and to strengthen its business operations.

Pharma Major Lupin Limited (Lupin) announced that its Japanese subsidiary Kyowa Pharmaceutical Industry Co., Ltd. has entered into a strategic asset purchase agreement with Shionogi & Co., Ltd., on August 1, 2016, to acquire 21 long-listed products from the Japanese  pharma major, effective December 1, 2016, subject to certain closing conditions and regulatory approvals including the transfer of marketing authorization of the products to Kyowa.

With the vision of growing globally as a drug discovery-based pharmaceutical company, Shionogi is focusing its resources on its core therapeutic and marketing areas, while continuing to create innovative medicines to support future growth and to strengthen its business operations.

As a part of this growth strategy, Shionogi would transfer 21 long-listed products to Kyowa, the Japanese subsidiary of Lupin Limited. Kyowa is amongst the top 10 Generic companies in Japan and a market leader in Central Nervous System (CNS) space well known for its “AMEL” brand, in addition to other generic pharmaceutical products in its portfolio. With this acquisition, Kyowa will rank 6th amongst generic companies in Japan.

The 21 products cover therapy areas such as Central Nervous System (CNS), Oncology, Cardiovascular and Antiinfectives. These 21 products had sales of JPY 9, 400 million (USD 90 million) collectively on NHI price basis.

Commenting on the acquisition, Mr. Nilesh Gupta, Managing Director of Lupin Limited said, "This acquisition marks Lupin’s foray into the Japanese Branded market in-line with our aspirations to build and strengthen our specialty business globally. The new Branded product portfolio has a strong fit with Lupin’s Kyowa business, as it adds depth and reach to its current CNS portfolio and other therapy areas.”

Dr. Fabrice Egros, President – Asia Pacific & Japan, Lupin Limited commented, "Japan is a very important market for us. The acquisition strongly supports our future growth plans and the brands have robust synergies with Kyowa’s existing portfolio which will enable Lupin to build a wide customer base across the key therapies.”

Dr. Isao Teshirogi, President & CEO of Shionogi said: “In the Japanese domestic prescription pharmaceutical market, the core mission of drug discovery-based pharmaceutical companies, such as Shionogi, is to create highquality new drugs and to make them available to patients. Therefore, I’m very pleased that this agreement with Kyowa could make both aspects of our mission a reality, allowing us to pursue innovative drug discovery with an even more intense focus, while ensuring that our high quality long-listed drugs continue to be delivered to patients to meet their unmet needs.”

Tata Motors records sales growth of 7% in July 2016

Tata Motors passenger vehicles in the domestic market, recorded a sale of 13,547 nos., a year-on-year growth of 31%, compared to 10,335 nos. sold in July 2015.

Tata Motors passenger and commercial vehicle sales (including exports) in July 2016 were at 43,160 vehicles, a growth of 7%, over 40,154 vehicles sold in July 2015. The company’s domestic sales of Tata commercial and passenger vehicles for July 2016 was at 37,789 nos., a growth of8%, over July 2015. The Company continued to witness year-on-year growth in certain key segments in July 2016, with the company’s LCV sales growing by 5% and its passenger cars growing by 43%. Cumulative sales (including exports) of the company for the fiscal was at 166,889 nos., higher by 7% over 156,658 vehicles, sold last year.

Passenger Vehicles
In July 2016, Tata Motors passenger vehicles in the domestic market, recorded a sale of 13,547 nos., a year-on-year growth of 31%, compared to 10,335 nos. sold in July 2015. Sales of passenger cars in July 2016 was higher by 43% at 12,209 nos., compared to 8,520 nos., in July 2015, due to strong demand for the recently launched Tiago. Cumulative sales growth of all passenger vehicles in the domestic market, were 45,062 nos., a growth of 8%, compared to 41,823 nos., in July 2015.

Commercial Vehicles
The overall commercial vehicles sales in July 2016, in the domestic market were at 24,242 nos., lower by 2%, over July 2015. The sales of Tata Motors Light Commercial Vehicles, continued to grow in the domestic market at 13,544 nos., an increase of 5% over July 2015. M&HCV sales were at 10,698 nos., lower by 9%, over July 2015. The segment saw subdued demand due to lower freight rates, heavier than usual monsoon in some of the states and some slowdown in the replacement market.

Cumulative sales of commercial vehicles in the domestic market for the fiscal were at 102,640 nos., higher by 7% over last year. Cumulative LCV sales were at 56,841 nos., an increase of 9% over last year, while M&HCV sales of 45,799 nos., were higher by 4%, over last year.

Exports
The company’s sales from exports was at 5,371 nos., in July 2016, a growth of 6% compared to 5,078 vehicles sold in July 2015. The cumulative sales from exports for the fiscal was at 19,187 nos., higher by 3%, over 18,588 nos., sold last year.

Top 14 stocks in focus: Lupin, Tech Mahindra, IndiGo

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

Lupin: Lupin has entered into a strategic asset purchase agreement with Shionogi & Co., Ltd.

Tech Mahindra: The company has posted a net profit after tax, minority interest and share of profit of associates of Rs.7965.40 million for the quarter ended June 30, 2016 as compared to Rs.6224.40 million for the quarter ended June 30, 2015.

J. Kumar Infraprojects: The Reserve Bank of India notified that Foreign Institutional Investors (FIIs) / Registered Foreign Portfolios Investors now invest from existing 24 per cent up to 40 per cent of the paid up capital of J. Kumar Infraprojects Ltd. under the Portfolio Investment Scheme (PIS).

IndiGo: The airline company registered a 7.3% decline in their profits during the first quarter from Rs.638 crore during 2015 to Rs.591 crore

Tata Communications: The company has posted a net profit after taxes, minority interest & share profit of associates of Rs.417.8 million for the quarter ended June 30, 2016 as compared to Rs.433 million for the quarter ended June 30, 2015.

Tata Motors: Tata Motors passenger and commercial vehicle sales (including exports) in July 2016 were at 43,160 vehicles, a growth of 7%, over 40,154 vehicles sold in July 2015. nos., higher by 7% over last year.

Eicher: Eicher Motors subsidiary Royal Enfield on Monday reported a 31% rise in total motorcycle sales at 53,378 units in July. The company sold 40,760 units in the same month last year.

Wipro: Wipro arm Wipro Infrastructure Engineering (WIN) will acquire Israel-based H R Givon, supplier of metallic parts and assemblies to the aerospace industry, in an all-cash deal. WIN, however, did not disclose the size of the deal.

Maruti Suzuki India: The auto company increased prices of select models in the range of Rs.1,500 to Rs.20,000. Demand and foreign exchange movement determined the price hikes.

Power Finance Corp: The company will seek shareholders' approval for raising up to Rs.55,000 crore via issue of securities at the company's annual general meeting scheduled on August 19, 2016.

IL&FS Engineering and Construction Company Limited: The company has signed an agreement with the Ministry of Road Transport and Highways (MoRTH) for execution of a road project that involves rehabilitation and upgradation of the Birpur-Bihpur Section (from km. 0.0 to km 106) of NH-106 in Bihar.

Suven Life Sciences Ltd: The company has secured two patents, one each from Macau and New Zealand, corresponding to its New Chemical Entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases.

Larsen & Toubro: L&T said its construction arm has bagged orders worth Rs. 11.67 bn across business verticals.

NTPC Ltd: NTPC has commissioned a 50MW (1X50 MW) capacity solar photovoltaic power project of NP Kunta Ultra Mega Solar Power Project Stage-I at Anantapuramu in Andhra Pradesh on July 29.

BPCL clocks 1% gains on the bourses

The company has signed a pact for acquiring a 21% stake (on a fully diluted basis) in the share capital of FINO Pay Tech for a consideration of Rs.251 crore in an all cash deal.

BPCL gained 1% to Rs.596 on BSE. The company has signed a pact for acquiring a 21% stake (on a fully diluted basis) in the share capital of FINO Pay Tech for a consideration of Rs.251 crore in an all cash deal. The definitive agreements to this effect were signed on July 29, 2016 and the transaction is expected to be completed by December 31, 2016.

The scrip opened at Rs. 604 and has touched a high and low of Rs. 604 and Rs. 593.55 respectively. So far 539020(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 85692.71 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 602 on 25-Jul-2016 and a 52 week low of Rs. 366.1 on 23-Feb-2016. Last one week high and low of the scrip stood at Rs. 602 and Rs. 575.5 respectively.

The promoters holding in the company stood at 54.93 % while Institutions and Non-Institutions held 30.55 % and 14.52 % respectively.

ICICI Bank tumbles 2.3% post Q1 nos

The bank has posted a net profit of Rs.25158.50 million for the quarter ended June 30, 2016 as compared to Rs.32323.70 million for the quarter ended June 30, 2015.

ICICI Bank tumbled 2.3% to Rs.256.90 on BSE.  The bank has posted a net profit of Rs.25158.50 million for the quarter ended June 30, 2016 as compared to Rs.32323.70 million for the quarter ended June 30, 2015. 

The scrip opened at Rs. 257 and has touched a high and low of Rs. 261.45 and Rs. 256 respectively. So far 9263634(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 152902.98 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 319.7 on 05-Aug-2015 and a 52 week low of Rs. 180.8 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs. 274 and Rs. 260.4 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 65.58 % and 9.04 % respectively.

Top 14 stocks in focus: Larsen & Toubro, ICICI Bank, Nestle India

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

ICICI Bank: The Bank has posted a net profit of Rs. 22323.50 million for the quarter ended June 30, 2016 as compared to Rs. 29761.60 million for the quarter ended June 30, 2015.

Larsen & Toubro: The company has posted a net profit after tax, non-controlling interest and share of profit/(loss) of joint ventures / associates of Rs.6096 million for the quarter ended June 30, 2016 as compared to Rs.4189.40 million for the quarter ended June 30, 2015.

Nestle India: The company has posted a net profit of Rs.2308.40 million for the quarter ended June 30, 2016 where as the same was at net loss of Rs.644 million for the quarter ended June 30, 2015.

BHEL:BHEL bagged prestigious orders for setting up 80 MW of Solar Photovoltaic (SPV) Power Plants on Engineering, Procurement and Construction (EPC) basis.

OMC Stocks in focus: The government on Sunday reduced the petrol price by Rs.1.42 a litre and that of diesel by Rs.2.01 per litre.

Tech Mahindra: The IT Company will announce its Q1 numbers today.

KEC International: The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs.309.10 million for the quarter ended June 30, 2016 as compared to Rs.168.90 million for the quarter ended June 30, 2015.

Tata Comm: The company will announce its Q1 numbers today.

Tata Power: Tata Power South African joint venture Cennergi has achieved commercial operations for its 134MW wind farm project.

Eicher Motors: The company is all set to invest Rs6bn this fiscal in a new plant, product development and in the R&D centre. The company also said production capacity will touch 0.9mn units by fiscal 2018 end.

Ajanta Pharma: The company has received approval from the US health regulator for generic Omeprazole and sodium bicarbonate powder for oral suspension used for the treatment of stomach and esophagus problems such as ulcers and acid reflux.

BOI: Bank of India will issue shares on a preferential basis to the government for capital infusion of Rs. 13.38 bn.

Neyveli Lignite Corporation Ltd: The company has initiated plans to set up 4000MW of solar power projects in line with Centre's National Solar Mission.

Bharat Petroleum Corporation: BPCL has invested Rs.2.51 bn in Fino PayTech to pick up 21% stake through an all cash deal. With this deal, Fino which had been awarded the Payments Bank licence is within striking distance of reducing its foreign shareholding to less than 50% as mandated by the Reserve Bank of India.

IRB Infrastructure Developers: The compan has emerged as a preferred bidder for the project of six laning from Udaipur to Rajasthan / Gujarat border on NH-8 in the states of Rajasthan and Gujarat on DBFOT under NHDP Phase V.

Rane (Madras) Ltd: The company has received a Letter of Intent from Nexteer Automotive Poland Sp.z o.o. for manufacture and supply of steering gears for Passenger Vehicles. 

Mahindra Holidays & Resorts slips 1%

The company is planning to invest around Rs.550 crore.

Mahindra Holidays & Resorts India slipped 1% to Rs.435 on BSE. The company is planning to invest around Rs 550 crore. The proposed investment is to add around 500-550 units.

The scrip opened at Rs. 448.9 and has touched a high and low of Rs. 448.9 and Rs. 432.5 respectively. So far 13767(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3899.66 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 474.95 on 23-Dec-2015 and a 52 week low of Rs. 262 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 452.55 and Rs. 420.65 respectively.

The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 14.89 % and 10.11 % respectively.

The stock is currently trading above its 50 DMA.

Ajanta Pharma shines after USFDA nod

In total, Ajanta has 26 Abbreviated New Drug Application (ANDA) of which it has final approvals for 12 ANDAs; tentative approvals for 1 ANDA; and 13 ANDAs are under review with US FDA.

Ajanta Pharma Ltd is currently trading at Rs. 1757.25, up by Rs. 31.65 or 1.83% from its previous closing of Rs. 1725.6 on the BSE.

Ajanta Pharma Limited announces the receipt of final approval for Omeprazole and Sodium Bicarbonate Powder for Oral Suspension from US FDA. It is a bioequivalent generic version of Zegerid1 Powder for Oral Suspension and the company will be launching the product soon in 2 strengths 20 mg / 1680 mg & 40 mg / 1680
mg Powder Sachets.

This new approval is part of an ever growing portfolio of products that Ajanta has developed for the US market. In total, Ajanta has 26 Abbreviated New Drug Application (ANDA) of which it has final approvals for 12 ANDAs; tentative approvals for 1 ANDA; and 13 ANDAs are under review with US FDA. 

The scrip opened at Rs. 1725 and has touched a high and low of Rs. 1776.75 and Rs. 1720.1 respectively. So far 131356(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 15186.14 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1745 on 26-Jul-2016 and a 52 week low of Rs. 1103 on 18-Jan-2016. Last one week high and low of the scrip stood at Rs. 1745 and Rs. 1601.7 respectively.

The promoters holding in the company stood at 73.78 % while Institutions and Non-Institutions held 12.06 % and 14.16 % respectively.

The stock is currently trading above its 50 DMA.

L&T Infotech Q1 Net Income surges 35% yoy; USD Revenue Growth at 11%

The company's revenue is at Rs.15,550 Million; growth at (0.2%) QoQ and 16.6% yoy.

L&T Infotech, a global IT services and solutions provider, announced its Q1 FY17 results.

In US Dollars:

• Revenue at USD 231.1 million; growth of 0.6% QoQ and 10.8% YoY
• Constant Currency Revenue growth of (0.3%) QoQ and 12.1% YoY

"I am very pleased to report a solid quarter of strong execution, resulting in increased profitability. With over 4% sequential growth in services revenue and close to 22% of our projects in Digital technologies, we have seen growth across verticals. During last year, we have embarked on a journey to build a next generation IT services and solutions company, focused on solving the challenges of physical and digital convergence. We are investing in building differentiated offerings, competencies, training and reskilling that are aligned to client demand and spends. Our strategic intent is to build significant strength in five areas of growth – Digital, Analytics, IIoT, Cloud Apps and Automation."

"I also take this opportunity to thank all our investors who have reposed their faith in us during our recent IPO. Building shareholder value is an important goal for us”, Sanjay Jalona, Chief Executive Officer & Managing Director said.

In Indian Rupees:

• Revenue at Rs 15,550 million; growth at (0.2%) QoQ and 16.6% YoY
• Net Income at Rs 2,358 million; Net Income growth at 3.3% QoQ and 35% YoY

Other Business Highlights

• LTI & GE Digital announced a Global Strategic Partnership to develop Digital Industrial Solutions
• LTI joined the Pivotal Ready Partner Program from Pivotal Labs in this quarter
• Launched Facebook at Work, becoming the first IT services and solutions company to adopt the new collaboration platform. It is bringing our global teams closer, enabling a culture change, and fostering innovation across the organization
• Set up a Digital Lab at our new office in Paris to facilitate co-innovation and co-creation with customers

Awards and Recognitions:

• Annual Report for the year ending March 2016 was adjudged a Gold Winner by the League of Americans Communications Professionals (LACP) in the category of IT Services companies with up to $1 Bn in revenue
• LTI named as a 'Major Player' in IDC’s MarketScape: Canada Mobile Application Testing Services 2016 Vendor Assessment
• LTI ranked as ‘Major Contender’ & ‘Star Performer’ in Everest Group's Testing PEAK Matrix 2016
• LTI has featured as an ‘Aspirant’ in Everest Group’s SaaS Implementation Service Providers’ Assessment PEAK MatrixTM 2016
• LTI mentioned in Gartner’s 'Vendors to Watch' for Application Testing Services
• LTI mentioned in Gartner's Market Guide for BI & Analytics, APJ

Bank of Japan keeps deposit rate at -0.1%

The Bank will purchase ETFs so that their amount outstanding will increase at an annual pace of about 6 trillion yen (almost double the previous pace of about 3.3 trillion yen).

Against the backdrop of the United Kingdom's vote to leave the European Union and the slowdown in emerging economies, uncertainties surrounding overseas economies have increased and volatile developments have continued in the global financial markets. In order to prevent these uncertainties from leading to a deterioration in business confidence and consumer sentiment as well as to ensure smooth funding in foreign currencies by Japanese firms and financial institutions, thereby supporting their proactive economic activities, at the Monetary Policy Meeting (MPM) held today, the Policy Board of the Bank of Japan decided upon the following.

An increase in purchases of exchange-traded funds (ETFs) by a 7-2 majority vote

The Bank will purchase ETFs so that their amount outstanding will increase at an annual pace of about 6 trillion yen (almost double the previous pace of about 3.3 trillion yen).

(2) Measures to ensure smooth funding in foreign currencies by Japanese firms and financial institutions by a unanimous vote.

a) Increasing the size of the Bank's lending program to support growth in U.S. dollars

The Bank will increase the size of its lending program to support growth in U.S. dollars (the Special Rules for the U.S. Dollar Lending Arrangement to Enhance the Fund-Provisioning Measure to Support Strengthening the Foundations for Economic Growth Conducted through the Loan Support Program) to 24 billion USD (about 2.5 trillion yen; double the previous size of 12 billion USD). Under this lending program, the Bank provides its U.S. dollar funds for a period of up to 4 years to support Japanese firms' overseas activities through financial institutions.

b) Establishing  a new facility for lending securities to be pledged  as collateral for   the
U.S. Dollar Funds-Supplying Operations

The Bank will establish a new facility m which it lends Japanese government securities (JGSs) to financial institutions against their current account balances with the Bank so that these JGSs can be pledged as collateral for the U.S. Dollar Funds-Supplying Operations.
2. With regard to the guideline for money market operations, the guidelines for asset purchases except for ETF purchases, and the policy rate, the Bank decided to leave these unchanged.
(1) Quantity Dimension: The guideline for money market operations

The Bank decided, by an 8-1 majority vote, to set the following guideline for money market operations for the intermeeting period:[Note 21

The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 80 trillion yen.
(2) Quality Dimension: The guidelines for asset purchases

With regard to the asset purchases, the Bank decided, by an 8-1 majority vote, to set the following guidelines:[Note 21

a) The Bank will purchase Japanese g9vemment bonds (JGBs) so that their amount outstanding will increase at an annual pace of about 80 trillion yen. With a view to encouraging a decline in interest rates across the entire yield curve, the Bank will conduct purchases in a flexible manner in accordance with financial market conditions. The average remaining maturity of the Bank's JGB purchases will be about 7-12 years.
b) The Bank will purchase Japan real estate investment trusts (J-REITs) so that their amount outstanding will increase at an annual pace of about 90 billion yen.
c) As for CP and corporate bonds, the Bank will maintain their amounts outstanding at about 2.2 trillion yen and about 3.2 trillion yen, respectively.

(3) Interest-Rate Dimension: The policy rate

The Bank decided, by a 7-2 majority vote, to continue applying a negative interest rate of minus 0.1 percent to the Policy-Rate Balances in current accounts held by financial institutions at the Bank.

3. The Government is undertaking fiscal and structural policy initiatives, including a large-scale "stimulus package," which is currently being compiled. The Bank will pursue "Quantitative and Qualitative Monetary Easing (QQE) with a Negative Interest Rate" including measures decided today and provide highly accommodative financial conditions. The Bank believes that these monetary policy measures and the Government's initiatives will produce synergy effects on the economy.

4. The Bank will continue with "QQE with a Negative Interest Rate," aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will examine risks to economic activity and prices, and take additional easing measures in terms of three dimensions -- quantity, quality, and the interest rate -- if it isjudged necessary for achieving the price stability target.

As shown in the July 2016 Outlook for Economic Activity and Prices (Outlook Report) released today, there is considerable uncertainty over the outlook for prices against the background of uncertainties surrounding overseas economies and global financial markets. Against this backdrop, with a view to achieving the price stability target of 2 percent at the earliest possible time, the Bank will conduct a comprehensive assessment of ·the developments in economic activity and prices under "QQE" and "QQE with a Negative Interest Rate" as well as these policy effects at the next MPM. The Chairman instructed the staff to prepare for deliberations at the next meeting.