Lupin after market hours on Friday, 27 September 2013 announced that it has received final approval for its Vyfemla Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 0.4mg/0.035 mg) from the United States Food and Drugs Administration (USFDA) to market a generic version of Warner Chilcott Company, LLC's Ovcon 35 Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 0.4mg/0.035 mg). Lupin's US subsidiary Lupin Pharmaceuticals Inc. shall commence marketing the product shortly.
Lupin's Vyfemla Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 0.4 mg/0.035 mg) is the AB rated generic equivalent of Warner Chilcott's Ovcon 35 Tablets and is indicated for the prevention of pregnancy in women who elect to use this product as a method of contraception. As per IMS MAT March 2013 data, Warner Chilcott Company, LLC.'s Ovcon 35 Tablets had annual sales of approximately $22.3 million in the US.
Ranbaxy Laboratories after market hours on Friday, 27 September 2013 said that ICRA has assigned the rating of [ICRA]A1+ (pronounced as A One Plus) to the company's commercial paper (CP)/short term debt (STD) programme for an enhanced amount of Rs 800 crore. Earlier CP/STD programme of the company for Rs 1200 crore was also assigned the same rating i.e. [ICRA]A1+. Instruments with [ICRA]A1+ rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk, Ranbaxy Lab said.
Alstom T&D India's board of directors at a meeting held on Friday, 27 September 2013, subject to approval of members of the company in an Extra-ordinary General Meeting, accorded its approval for issue of equity shares of the company under Institutional Placement Programme (IPP) to Qualified Institutional Buyers (QIBs) in terms of Chapter VIIIA of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 for the purpose of achieving minimum level of public shareholding as required under Securities Contracts (Regulation) Rules, 1957. An extraordinary General Meeting of members of the company is being convened on 31 October 2013 to interalia seek their approval for issue of equity shares of the company by way of IPP.
The National Stock Exchange of India (NSE) said it would include Glenmark Pharmaceuticals, GlaxoSmithkline Consumer Healthcare and United Breweries in the futures and options (F&O) segment from 3 October 2013.
ING Vysya Bank will be watched as a media report suggested that ING Groep NV, the biggest Dutch financial-services company, is seeking a buyer for its 43% stake in ING Vysya Bank, as the prospects of limited purpose banking in India and tough competition in retail market make it rethink its local strategy.
State Bank of India (SBI) announced after market hours on Friday, 27 September 2013, that it repurchased a principal amount of $147 million of $1 billion 3.25% bonds due 2018 (the 2018 Bonds). The 2018 Bonds were issued by SBI on 18 April 2013 and are listed on the Singapore Exchange Securities Trading. The repurchase of the Bond took place between 26 August 2013 and 26 September 2013. The bank is in the process of cancelling the repurchased 2018 Bonds and the aggregate outstanding principal amount of the 2018 Bonds following such cancellation will be $853 million, SBI said in a statement.
Reliance Power said that J. P. Chalasani, CEO, will leave the company towards the end of the year to pursue his entrepreneurial ambitions and re-locate overseas.
Maharaja Shree Umaid Mills' board of directors at a meeting held on 25 September 2013, fixed 10 October 2013 as the record date for the purpose of ascertaining the list of shareholders to whom one fully paid up equity share of Rs 10 each in Kiran Vyapar (the resulting company) will be issued and allotted for every one existing fully paid up equity share of Rs 10 each held in Maharaja Shree Umaid Mills (the demerged company) pursuant to Scheme of Arrangement approved by High Court at Calcutta by its order dated 21 August 2013.
Coromandel International said that Liberty Phosphate (LPL) and Liberty Urvarak (LUL) will merge with the company. Liberty Phosphate (LPL) is a subsidiary of Coromandel International, and Liberty Urvarak (LUL) is a wholly-owned subsidiary of Coromandel International. The board of all three companies have approved the merger. Coromandel, along with its wholly-owned subsidiary LUL, holds 79.62% equity stake in LPL. Public shareholders of LPL will be issued shares in Coromandel in the ratio of 7 equity shares of Re 1 each of Coromandel for every 8 equity shares of Rs 10 each of LPL. The shares held by Coromandel and LUL in LPL will get extinguished.
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