Sun Pharma, like most Indian companies, have been selling generic drugs (copies of innovative products of MNC pharma companies going off patent) in US. However, Sun Pharma is hinted that it is close to fling approvals for three New Chemical Entities (NCE) or innovative products developed by its subsidiary SPARC and are in final stages of clinical trials. This confirms progress made by SPARC and its benefits to Sun Pharma as its parent and manufacturing and marketing arm of the group.
·M&M rallies on plans to launch ‘TUV3OO’ in September
Shares of Mahindra & Mahindra (M&M) gained over 3% to Rs1364 on NSE on back of plans to launch its compact SUV ‘ TUV3OO’ in September; positive for the company
Utility Vehicle segment market leader M&M unveiled its plans to launch a compact sports utility vehicle (SUV) later in the year. M&M has named its new SUV as TUV3OO. The TUV3OO will be powered by a new mHawk80 engine and will be less than 4m in length so as to avail the excise benefits. The launch will take place in mid September.
·Crompton gains on winning contract in Portugal
Shares of Crompton Greaves rose 2% to Rs186.40 on NSE as the company has won a contract to supply ZIV single phase smart metres to Energias de Portugal (EDP), one of the major European operators in the energy sector. Crompton Greaves deployment of over 3 million ZIV units worldwide. The company offers ZIV meters, data concentrator units (DCUs), distribution automation solutions (DAS) and Substation Automation Systems (SAS).
·Petronet LNG aims to lease out 63% of Dahej LNG's capacity
Petronet LNG aims to lease out about two-thirds of the capacity at its Dahej import terminal in Gujarat state over the next four years to boost revenue and prevent the facility falling into disuse.
Petronet handles large volumes of liquefied natural gas (LNG) imported from Qatar for Indian companies to lease space to other firms as domestic demand for its costly Qatari cargoes recedes.
·Government plans to infuse Rs 70,000 crore capital in 4 Years
Government will infuse Rs70,000 crore into PSU Banks (Rs25000 crore each in FY16, FY17 and 1000 crore each in FY18, FY19) with 40% of the allocations going to top 6 banks (SBI, BOB, PNB, BOI, Canara Bank, IDBI Bank). The government also expects banks to raise another Rs1.1 lakh crore from market. Given some clarity emerging on capital infusion front it is sentimentally positive for PSU banks.
·Government notifies composite cap for foreign investment
Government notifies composite cap for foreign investment – Positive for insurance (Bajaj Finserv, Max India), select retail and pharma stocks .The government has notified changes in the FDI policy under which there will be a composite cap on overseas investment in various sectors, except in the banking and defence segments. Sectors like insurance, pension, retail and pharmaceuticals will benefit from introduction of composite cap in the FDI or foreign direct investment policy. In all these sectors, foreign portfolio investors (FPIs) can park up to 49% under automatic route.
·Kotak Mahindra falls as Q1 asset quality worsens
Kotak Mahindra Bank's Q1FY16 consolidated PAT declined 26% to Rs516.6 crore though it was the first quarter of the bank, which included ING Vysya earnings post merger effective from April 2015. Sharp spike in provisions and lower other income dented profitability of Bank. Given weak results and rise in NPAs there could be some correction in near term and it can be accumulated on dips for medium to long term perspective (we do not have rating on the stock).
·LIC cuts stake in Maruti Suzuki by 2.03%
Life Insurance Corporation ( LIC) has cut stake in Maruti Suzuki by 2.03%. LIC now holds 6.217% stake in Maruti.
·Rcomm gains as Farallon, Blackstone to bid for tower stake
Shares of Reliance Communication surged 4% to Rs 71 on NSE on reports that Farallon, Blackstone are set to bid for tower stake . As per media news, US-based asset management firm Farallon Capital Management, private equity firm Blackstone and Tilman Financial are among eight bidders looking to buy a 50% stake in Reliance Infratel, cell tower arm of Reliance Communications (RCom).
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