·Govt to adjust Rs4,200 cr shares of Cairn India against tax payment
The Delhi High Court gave Cairn India time till April 22 to decide on the manner in which the company would make upfront payment of 10,000 crore out of total Rs20,494-crore tax demand liability.
The government proposed that shares of the company worth Rs4,200 crore (10% of outstanding shares), frozen as part of the January tax demand, form a part of the upfront payment. The remaining Rs6,000 crore would need to be paid in two forms — Rs3,000 crore as cash payment and another Rs3,000 crore as bank guarantee.
·Blue Star looks to set up new mfg facility in South India
Blue Star is looking to commission a new manufacturing facility in South India and will be making an investment of about Rs150 crore this year. The company is looking at various states to identify the location of the new plant and intends to finalise by August 2015. Overall, management expects room air-conditioner market to grow by 15-20% and the company hopes to outperform.
·MRF Tyres plans to invest Rs980 crore in Telangana
MRF Tyres plans to invest Rs980 crore in Telangana for capacity expansion. The company’s facility in Medak district has been operational since 1990. Positive for the company.
·Natco Pharma may get USFDA approvals for Copaxone
The USFDA has approved the generic version of Copaxone (glatiramer acetate) to Sandoz. This clears the way for Natco Pharma as well (in association with Mylan) to get approval for glatiramer acetate shortly.
Copaxone is used to treat multiple sclerosis and it generated close to US$3bn of revenue in US last year. Copaxone is likely to be limited competition product with only two set generic players in the field (Natco/Mylan and Sandoz/Momenta). ·Lupin drops as Aurobindo gets USFDA nod for Suprax
Shares of drug maker Lupin dipped over 5% to Rs1795, extending its previous day’s nearly 3% fall on the National Stock Exchange (NSE), after Aurobindo Pharma got final approval from the US Food and Drug Administration ( USFDA) to make and sell its generic version of oral suspension of antibiotic Cefixime. The stock opened at Rs1901 and touched a low of Rs1785 on the NSE so far.
·M&M plans to buy Italian design firm Pininfarina
As per media reports Mahindra & Mahindra is close to buying Italian design firm Pininfarina. The design firm was established in 1930 and has worked with prestigious clients such as Ferrari, Rolls Royce and Maserati. The company has a market cap of Euro 169mn.
·Jindal Saw agrees to enter into contract with JSW Steel
Jindal Saw shareholders have approved a proposal for entering into a contract worth up to maximum Rs10,000 crore from FY2015 onwards with group firm JSW Steel, from which it purchases raw material- Positive read thru for Jindal Saw (a manufacturer of large diameter submerged as well as spiral pipes) as it will ensure raw material availability at reasonable cost on a regular interval.
·Oilex discovers huge gas reserves in Gujarat
Oilex, Australian oil company, has discovered huge gas reserves (could be in range of 12 trillion cubic feet) across various zones of its Cambay basin block in Gujarat. The blocks are close to oil fields on Selan Exploration and implies positive implications for the company in terms of positive surprise on potential oil&gas reserves from its five fields – Positive read thru for Selan Exploration.
·Unilever PLC posts better than expected performance in Q1
Unilever PLC posted better than expected performance in Q1, emerging market sales grew by 5.4% (sales improvement seen in India, while China’s demand environment remained more stable) – positive read through for HUL, more clarity would emerge from management commentary post Q4FY2015 results.
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