State Bank of India (SBI) and ICICI Bank will be in focus after the Reserve Bank of India (RBI) continued to classify these two banks as domestic systemically important banks (D-SIBs). The additional Common Equity Tier 1 (CET1) requirement for D-SIBs has already been phased-in from 1 April 2016 and would become fully effective from 1 April 2019. The additional CET1 requirement will be in addition to the capital conservation buffer. On account of being classified as D-SIB, there is additional CET1 requirement of 0.6% of Risk Weighted Assets (RWAs) for SBI and 0.2% of RWAs for ICICI Bank.
Among corporate news, Tata Motors is scheduled to announce Q1 June 2016 results today, 26 August 2016.
National Aluminium Company (Nalco) will be in focus after the manager to the company's buyback offer made the public announcement for the buyback of equity shares. Nalco proposes to buyback upto 64.43 crore equity shares at Rs 44 per share on proportionate basis through the tender offer route. The buyback offer aggregates to Rs 2834.96 crore. The buyback offer size represents 22.15% of the aggregate of the fully paid-up share capital and free reserves, as per the audited accounts of the company for the financial year ended 31 March 2015. The buyback offer opens on 30 August 2016 and closes on 14 September 2016. The promoter of the company viz. the Government of India (GoI) intends to participate in the buyback offer. As on 30 June 2016, GoI held 80.93% stake in Nalco. The company's board of directors had approved buyback on 25 May 2016.
Biocon will be watched after a regulatory submission for proposed biosimilar Trastuzumab, developed jointly by Biocon and Mylan, was accepted for review by European Medicines Agency (EMA). The announcement was made after market hours yesterday, 25 August 2016.
EMA has accepted for review Mylan's Marketing Authorization Application (MAA) for a proposed biosimilar Trastuzumab, which is used to treat certain HER2-positive breast and gastric cancers. Mylan and Biocon, which have co-developed this proposed biosimilar, anticipate that this may be the first MAA for a Trastuzumab biosimilar accepted by the EMA for review. This is the second biosimilar submission developed by the partnership that has been accepted for review in Europe. Last month, Mylan's MAA for the proposed biosimilar Pegfilgrastim was accepted for review by EMA.
This filing includes analytical, functional and pre-clinical data, as well as results from the pharmacokinetics (PK) and confirmatory efficacy/safety global clinical trials for Trastuzumab. The PK study had demonstrated measured bioequivalence of Mylan's and Biocon's proposed Trastuzumab biosimilar relative to that of the reference drug. The second study, the 'HERITAGE Study', evaluated the efficacy, safety and immunogenicity of the proposed biosimilar Trastuzumab in comparison to branded Trastuzumab.
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Worldwide, nearly 2 million women are diagnosed with breast cancer each year, making it the second most common cancer in the world. HER2-positive breast cancer is an aggressive form of breast cancer that tests positive for the human epidermal growth factor receptor 2 (HER2), which promotes cancer cell growth. Approximately 20% to 30% of primary breast cancers are HER2-positive. Trastuzumab is indicated for the treatment of certain HER2-positive early stage and metastatic breast cancer as well as HER2-positive metastatic gastric cancer.
TCS announced new software that enables retailers to leverage insightful data either from in-store sensors or other Internet of Things (IoT) devices to deepen relationships with customers through more personalized customer engagement strategies. The software helps established retailers compete more effectively for the loyalty of consumers. It is designed to counter the bombardment of consumers with random, irrelevant and untimely offers. Retailers are increasingly using IoT technologies to boost customer loyalty through customized marketing campaigns and to close sales - when, where and however the customer chooses. The new software enables retailers to build trusted consumer relationships over time by delivering valued, personalized experiences in the right context and driven by insights from a variety of real world and online data sources. The announcement was made after market hours yesterday, 25 August 2016.
J. Kumar Infraprojects said that J Kumar - CRTG joint venture (JV) won a contract worth Rs 5012 crore from Mumbai Metro Rail Corporation (MMRC) for Phase-3 of the city metro project work to begin by October 2016. The announcement was made after market hours yesterday, 25 August 2016.
MMRC had issued the LoA to J Kumar - CRTC JV for the 3rd phase of the Metro project and the project was assigned to the JV on the 5 July 2016.
The work order calls for design and construction of underground sections induding four underground stations at Dharavi, BKC, Vidhyanagari and Santacruz and associated tunnels worth approximately Rs 2858 crore. Further, the contract includes design and construction of underground sections including CSIA domestic airport, Sahar Road and CSIA International airport and associated bored tunnels worth approximately Rs 2153 crore.
The 33.5-kilometre long, Metro -3 corridor will stretch across 27 stations and will be built underground. The requisite preparatory work like conducting surveys and related investigations are in progress and the project work is likely to commence in October 2016.
Gammon Infrastructure Projects' net profit fell 1.84% to Rs 5.88 crore on 15.94% rise in total income to Rs 85.66 crore in Q1 June 2016 over Q1 June 2015. The announcement was made after market hours yesterday, 25 August 2016.
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