Mahindra & Mahindra (M&M) after market hours on Thursday, 12 December 2013, announced that it would be raising the prices of its passenger as well as its commercial vehicles by up to 2%. The price hike will be effective from 1 January 2014. The price increase is primarily due to rising materials, input and freight costs, M&M said.
Commenting on the price hike, Pravin Shah, Chief Executive, Automotive Division, M&M, said: "We have been holding back prices for a while but now it has become necessary to raise them to partly compensate the increase in materials, input and freight costs. As always, Mahindra remains committed to its customers."
Sun Pharmaceutical Industries after market hours on Thursday, 12 December 2013, announced that the US Food and Drug Administration (FDA) has granted its subsidiary final approval for its Abbreviated New Drug Application (ANDA) to market a generic version of Cymbalta, Duloxetine Delayed-Release Capsules USP, 20 milligram (mg), 30 mg and 60 mg. Duloxetine Delayed-Release Capsules USP, 20 mg, 30 mg and 60 mg are therapeutic equivalents of Eli Lilly & Company's Cymbalta Delayed-Release Capsules. These Capsules have annual sales of approximately $5.5 billion in the US. Duloxetine Delayed-Release Capsules USP are indicated for the treatment of major depressive disorder (MDD), generalized anxiety disorder (GAD) and diabetic peripheral neuropathic pain (DPNP).
Sun Pharma's subsidiary, being one of the first-to-file ANDAs for generic Cymbalta with a para IV certification, is eligible for shared 180-day marketing exclusivity in the US.
Ranbaxy Laboratories clarified after market hours on Thursday, 12 December 2013, that its promoter, Daiichi Sankyo Company, has confirmed that it has no intention to delist the shares of Ranbaxy. The company issued the clarification after a media report suggested that a relative of Ranbaxy's CEO was accululating shares of the company in anticipation of a big announcement, which could include delisting of the stock. In this regard, the company clarified that since the identity of the CEO and his relative has not been disclosed in the aforesaid news item, therefore the company is unable to provide any disclosure about the purchase of shares by the said person in the company.
State Bank of India (SBI) after market hours on Thursday, 12 December 2013 said that the Executive Committee of Central Board (ECCB) of the bank, in its meeting held on Thursday, 12 December 2013, has accorded its approval to fix the issue price at Rs 1,782.74 per share of face value of Rs 10, including a premium of Rs 1772.74 per share, and accordingly, to issue 1.12 crore equity shares, ranking pari-passu with the existing equity shares of the bank in all respects, on preferential basis to Government of India (Gol), for a consideration of Rs 1999.99 crore.
The price for preferential issue has been arrived at in accordance with the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2009, taking into consideration 29 November 2013 as the relevant date, SBI said.
The GoI held 62.31% stake in SBI (as per the shareholding pattern as on 30 September 2013).
Syndicate Bank after market hours on Thursday, 12 December 2013 said it has fixed minimum issue price at Rs 88.36 per share for the proposed issue of 2.26 crore equity shares of face value of Rs 10 each aggregating to Rs 200 crore to Government of India (GoI) by way of preferential allotment basis. The bank will hold an Extraordinary General Meeting of the shareholders on 10 January 2014. The Government of India (GoI) held 66.17% stake in Syndicate Bank (as per the shareholding pattern as on 30 September 2013).
Indraprastha Gas after market hours on Thursday, 12 December 2013 said that the next date of listing in the matter pertaining to the special leave petition (SLP) filed by Petroleum & Natural Gas Regulatory Board (PNGRB) against the Delhi High Court's order dated 1 June 2012 is 29 January 2014, as per case status available on the website of Supreme Court of India.
It may be recalled that the Delhi High Court in its judgement on 1 June 2012 had quashed the PNGRB order dated 9 April 2012. The Delhi High Court in its judgement said that PNGRB has no power to fix any component of Network Tariff or Compression Charges for any entity such as petitioner (Indraprastha Gas) having its own distribution network.
The PNGRB had on 9 April 2012, ordered Indraprastha Gas to cut network tariff by around 60% retrospectively from April 2008. Indraprastha Gas had approached the Delhi High Court over the constitutionality and legality of the powers of PNGRB to fix network tariffs.
Kovai Medical Center & Hospital's board of directors at a meeting held on Thursday, 12 December 2013, discussed about the proposal to set up a hospital unit of the company at Chennai. This new hospital project is expected to be implemented at an early date on land to be taken on lease basis for the construction of the hospital unit, the company said. The business plan is under discussion, it added.
Universal Credit & Securities on Thursday, 12 December 2013 said that 27 December 2013 has been fixed as the record date for 2-for-1 stock split.
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