Sun Pharmaceutical Industries (Sun Pharma) after market hours on Wednesday, 12 June 2013 announced that it together with its subsidiaries, has settled an ongoing litigation pending in the United States District Court, District of New Jersey (Court) regarding Sun Pharma subsidiary's generic pantoprazole. Under the terms of the litigation settlement between Sun Pharma, and Wyeth, (now a division of Pfizer Inc.,) and Altana Pharma AG, (now known as Takeda GmbH) the parties have dismissed all their claims. Sun Pharma will pay a lump-sum $550 million as a part of this settlement.
In 2005, Wyeth and Altana had filed a patent infringement suit against Sun Pharma after Sun Pharma filed its abbreviated new drug application for pantoprazole. Sun Pharma launched its generic pantoprazole in the US on 30 January 2008. In April 2010, a jury had determined that Altana's patent is not invalid. On 3 June 2013, the Court began a jury trial to assess the amount of past damages that Sun Pharma owed for infringing Altana's now expired patent. This settlement now culminates the ongoing litigation. Sun Pharma can continue to sell its generic pantoprazole in the US.
Cement stocks will be in focus after the Supreme Court reportedly refused to give interim relief to 11 cement manufacturers in their appeal against the interim penalty imposed on them on cartelisation charges. The Competition Appellate Tribunal (CAT) had told the cement companies to pay 10% of the total Rs 6,300-crore penalty imposed by the Competition Commission of India (CCI) by 16 June 2013, reports added. The manufacturers appealed against this to the Supreme Court, which decided to only extend the deadline for payment from 16 June 2013 till 24 June 2013. However, the Supreme Court insisted on their complying with the CAT's interim order.
MMTC after trading hours on Wednesday, 12 June 2013 said that the government has decided to sell 9.33 crore equity shares, aggregating to 9.33% of the total paid up equity share capital of the company through offer for sale (OFS) route via the stock exchanges mechanism today, 13 June 2013. The government has fixed the floor price at Rs 60 per share, a 71.62% discount to MMTC's Wednesday's closing price on BSE. Shares of MMTC rose 2.92% to Rs 211.45 on Wednesday, 12 June 2013.
The stake sale would help the company to meet minimum public shareholding norms given by Sebi. The Government of India currently owns 99.33% stake in MMTC (as per the shareholding pattern as on 31 March 2013). Market regulator Securities & Exchange Board of India (Sebi) has mandated minimum public shareholding of 10% for state-run firms by August 2013.
Apollo Tyres said that its board of directors at a board meeting held on Wednesday, 12 June 2013, approved execution of a definitive merger agreement under which a wholly-owned step subsidiary of the company to acquire Cooper Tire & Rubber Company ("Cooper"), a company listed on the New York Stock Exchange, by means of a merger of such subsidiary into Cooper in an all-cash transaction valued at approximately $2.5 billion. This strategic combination will bring together two companies with highly complementary brands, geographic presence, and technological expertise to create a global leader in tire manufacturing and distribution.
Cooper is the 11th largest tyre company in the world by revenue and today supplies premium and mid-tier tyres worldwide through renowned brands such as Cooper, Mastercraft, Starfire, Chengshan, Roadmaster and Avon.
Apollo Tyres in a statement issued after market hours on Wednesday, 12 June 2013, said that the combined company will be the seventh-largest tyre company in the world and will have a strong presence in high-growth end-markets across four continents. With a combined $6.6 billion in total sales in 2012, the combined company will have a comprehensive portfolio of signature brands and greater ability to cross-sell products in diverse countries with negligible overlap.
Apollo Tyres further informed that the company will be able to close the transaction only after certain conditions have been met and certain approvals, including regulatory and statutory approvals, are granted, wherever required. The closing of transaction is likely to take place in second half of 2013.
HDFC Bank turns ex-dividend today, 13 June 2013, for dividend of Rs 5.50 per share for the year ended 31 March 2013.
Bank of Baroda turns ex-dividend today, 13 June 2013, for dividend of Rs 21.50 per share for the year ended 31 March 2013.
Punjab National Bank turns ex-dividend today, 13 June 2013, for dividend of Rs 27 per share for the year ended 31 March 2013.
Jammu and Kashmir Bank turns ex-dividend today, 13 June 2013, for dividend of Rs 50 per share for the year ended 31 March 2013.
Monsanto India turns ex-dividend today, 13 June 2013, for interim and special dividend of Rs 50 per share for the year ending 31 March 2014.
Navin Fluorine International turns ex-dividend today, 13 June 2013, for final dividend of Rs 7.50 per share for the year ended 31 March 2013.
Torrent Power turns ex-dividend today, 13 June 2013, for final dividend of Rs 2 per share for the year ended 31 March 2013.
Indraprastha Gas (IGL) after trading hours on Wednesday, 12 June 2013 said it has signed a share purchase agreements to acquire 3 crore equity shares, or 50% stake, of Central U.P. Gas (CUGL), which distributes gas in Kanpur and Bareilly in Uttar Pradesh. IGL said it acquired shares from shareholders of CUGL at Rs 23 each, aggregating to Rs 69 crore.
Gujarat Gas Company (GGCL) said that GSPC Distribution Networks (GDNL) acquired 8.35 crore equity shares, or 65.12% stake, of GGCL on 12 June 2013 from BG Asia Pacific Holdings. It had earlier acquired 1.10 crore shares, or 8.58% stake, of GGCL on 12 March 2013, through open offer. Accordingly, GDNL owns 9.45 crore equity shares, or 73.70% stake in GGCL as on 12 June 2013.
Alok Industries informed that its promoter group companies have together purchased an additional 1.53 crore equity shares, or 1.11% stake, of the company on 5 June 2013, from the open market under the creeping acquisition route.
The board of Hanung Toys & Textiles at its meeting held on Wednesday, 12 June 2013 approved a 2-for-1 stock split.
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