Shares of Cipla gained 2% at Rs638 after it entered into a joint venture agreement with Morocco-based Society Marciano De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI) to enhance its position in the African country. Cipla has entered into a joint venture ( JV) agreement with Company's existing business partners in Morocco - Cooper Pharma and The Pharmaceutical Institute (PHI) to focus on respiratory and neurology products through manufacturing facility in Morocco.
·Bank of India plans to raise Rs640 crore
Bank of India plans to raise Rs640 crore by selling 2.26 crore shares at a price of Rs.283.5 per share on a preferential basis to LIC and new India assurance. The price is ~22% premium to current market price and hence sentimentally positive for the stock.
·Lupin gets USFDA’s tentative approval for Viread
Lupin gets USFDA’s tentative ANDA approval for antiretroviral drug generic Viread (market size ~US$1bn)-positive.Lupin has got tentative approval for genetic version of antiretroviral drug Viread (tenofovir disoproxil fumarate) from the USFDA.The drug is currently marketed by Gilead Sciences and it is patent-protected up to January 2018. The market size of the drug is close to US$1bn ( Viread generated US$311mn in latest quarter). We expect the Lupin to roll out this product in FY2018.
·Domestic rubber production falls by 33%
Domestic natural rubber production for January 2015 was down 33% to 60,000mt. Due to lower prices farmers curtailed tapping. Rubber consumption was up 0.8% to 84,000mt.The fall in domestic rubber production, imports rose by 11% to 30,441mt.
·Globus Spirits invest 10,000 AED in its UAE subsidiary
Globus Spirits announced that the Company had formed a Wholly owned subsidiary in the name of Globus Trade Bay in the offshore zone of the Emirate of Ras Al Khaimah, United Arab Emirates. Subsequently, the Company has invested 10,000 AED in its wholly owned subsidiary vide dated February 09, 2015 towards initial subscription money required in forming of the said WOS.
·Adani Entertainment up after signing deal with Rajasthan Govt
Shares of Adani Enterprises rose over 3%, touching to Rs631, after the company said it signed a pact with the Rajasthan government to develop the country's largest solar park in the state.
Adani Enterprises and Government of Rajasthan have signed a Memorandum of Understanding (MoU) to jointly set up India's largest solar park of 10,000 MW in Rajasthan.
·PNB raises Rs1000 crore LT Bonds
Punjab National Bank (PNB) has raised Rs1000 crore Long term Bonds at an annual coupon of 8.23% on Private Placement basis on 09 February 2015 through five arrangers.
·RCom’s talks to sell undersea cable assets to China have stalled
R-Com’s, talks to sell undersea cable assets to China’s Citic Telecom International Holdings Ltd for more than $500 million have stalled.
Negative read through for Rcom as the company is reeling under debt pressure and the consummation of the deal would have aided in deleveraging the balance sheet.
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