Lupin announced after market hours yesterday, 20 August 2015, that it has received final approval for its Fenofibrate Tablets 54 mg and 160 mg from the United States Food and Drugs Administration (FDA) to market a generic version of Teva's Fenofibrate Tablets, 54 mg and 160 mg. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product shortly in the US. Lupin's Fenofibrate Tablets 54 mg and 160 mg is the AB rated generic equivalent of the current reference listed drug, Fenofibrate Tablets 54 mg and 160 mg of Teva. It is indicated as an adjunct to diet to reduce elevated LDLC, Total-C, TG and Apo B, and to increase HDL-C in adult patients with primary hypercholesterolemia or mixed dyslipidemia and for treatment of adult patients with severe hypertriglyceridemia. Fenofibrate Tablets 54 mg and 160 mg has US sales of $156 million as per IMS MAT June 2015.
Infosys after market hours yesterday, 20 August 2015, announced that the company has launched three enhanced service offerings in Design Thinking, Platforms and Knowledge-Based IT (KBIT). These services are aimed at helping clients address a non-disruptive renewal and simplification of their existing landscapes, Infosys said. These services will also help clients in introduction of new offerings and business models in a dynamic business environment and create a culture of innovation in their organization, Infosys said in a statement. These three new service offerings will help bring together existing Infosys services to serve strategic priorities of global businesses, the Indian IT major said.
Infosys also plans to offer platforms to address the Internet of Things (IoT) and Application Programming Interface (API) requirements of its clients. Dr. Vishal Sikka, Chief Executive Officer, Infosys said that the launch of the three new service offerings is an important step to further accelerate the execution of the company's strategy to renew existing services and move into entirely new areas.
Shares of public sector banks (PSU banks) will be in focus after the finance ministry announced that Executive Directors of Nationalised Banks, DMDs of IDBI Bank and MDs of Associate Banks of State Bank of India (SBI) who have risen from the Associate Bank services, with one year of service as ED/DMD/MD and who have two years remaining service are eligible for selection as MD & CEO of PSU banks other than the five large PSU banks. Meanwhile, as per the guidelines approved by the Appointments Committee of Cabinet (ACC), General Managers of nationalized Banks and CGMs of Associate Banks of SBI who have risen from the Associate Banks service, and who have completed two years of service are eligible for consideration for the post of Executive Director of nationalized banks.
Tech Mahindra and Mahindra Finance announced in a joint statement issued after market hours yesterday, 20 August 2015, that the Reserve Bank of India (RBI) has granted in-principle approval to Tech Mahindra to setup a payments bank. The payments bank will be operated as an equal joint venture between Tech Mahindra and Mahindra Finance.
Rural Electrification Corporation announced after market hours yesterday, 20 August 2015, that as per the approval dated 29 July 2015 of the Ministry of Power, 50,000 shares of Maheshwaram Transmission (MTL) incorporated to establish Transmission system for Connectivity lines for Maheshwaram (Hyderabad) 765/400 kV Pooling S/s, held by REC Transmission Projects Company (a wholly owned subsidiary of Rural Electrification Corporation) and its nominees, have been transferred along with all assets and liabilities of MTL to Sterlite Grid 3 and their nominees, on 20 August 2015.
NHPC after market hours yesterday, 20 August 2015, announced that the operations of Unit number 4 of its Chutak power station were restored on 19 August 2015. Earlier, the company had on 29 June 2015 announced said that the Chutak power station was under complete shutdown consequent upon sudden increase in water level.
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IDBI Bank after market hours yesterday, 20 August 2015, announced that it has received a letter from its principle shareholder the Government of India (GoI) stating that the GoI has decided to infuse capital funds to the tune of Rs 2229 crore in IDBI Bank by way of preferential allotment of equity in favour of GoI.
Dredging Corporation of India announced after market hours yesterday, 20 August 2015, that the floor price for the offer for sale of 5% stake in the company by its promoter namely, government of India has been fixed at Rs 382 per share. As informed on 19 August 2015, the promoter, the government of India (GOI) has offered to sell up to 14 lakh equity representing 5% of the total paid up equity share capital held by the GOI in Dredging Corporation of India through a sale on the separate window provided by the stock exchanges for this purpose. The offer shall take place during trading hours on a separate window of the stock exchanges and shall commence today, 21 August 2015 at 9:15 IST and shall close on the same date at 15:30 IST.
Den Networks announced after market hours yesterday, 20 August 2015, that the company has received approval of the Foreign Investment Promotion Board (FIPB) for increase in foreign investment limit in the company upto 74% from current 49% by foreign institutional investors (FIIs), non resident Indians (NRIs), foreign portfolio investors (FPIs) and other eligible foreign investors through route of secondary market/open market purchase. The approval is subject to compliance of conditions specified in consolidated FDI Policy circular dated 12 May 2015.
Vaibhav Global (VGL) said that two individuals filed a class action lawsuit against Liquidation Channel (a VGL subsidiary) in the United States District Court for the Central District of California, Los Angeles Division. The individuals seek class certification on behalf of other consumers in United States as well who were allegedly deceived by Liquidation Channel's allegedly false and misleading Estimated Retail Values (ERVs) and discounts based on the ERVs. Liquidation Channel has robust processes to come to the ERVs and management believes the lawsuit is meritless. Liquidation Channel will be defending against the lawsuit vigorously. As part of its defense strategy, Liquidation Channel filed a motion to dismiss the lawsuit in July 2015. The announcement was made after market hours yesterday, 20 August 2015.
Amtek Auto will be in focus. With reference to the news article captioned "Amtek Auto shares down around 70% in a month on debt worries.", Amtek Auto clarified after market hours yesterday, 20 August 2015, that as disclosed in Q1 June 2015 results, there is decline in the operational performance of the company due to current market scenario which caused decline in the sales and profit margins of the company. There is temporary cash flow mismatch in the company and to mitigate the present situation, the promoters have already infused Rs 75 crore and if required in future will also infuse more funds. The company is also exploring various means of fund raising.
Apart from exclusion of shares of the company from the futures and options (F&O) segment, the company is not aware of any reasons of the significant single day fall in the stock price of the company.
The management of the company remains confident in the company's abilities to capitalize on opportunities arising out of a stronger recovery in the Indian automobile industry over the quarters to come. The management re-iterates that the long term fundamentals of the company remain strong, the company added.
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