TOP CORPORATE NEWS - 23 OCT 2015

·Glenmark enters into agreement with Celon Pharma

Glenmark Pharmaceuticals Europe (Glenmark) announced that it has entered into a Strategic Development & Licensing Agreement with Celon Pharma S.A. (Celon) to develop and market a generic version of GlaxoSmithKline’s Seretide Accuhaler product - Fluticasone / Salmeterol dry powder Inhaler in Europe upon commercialization.

·Aurobindo gets USFDA nod for Tramadol Hydrochloride tablets

Aurobindo Pharma said that it has received final approval from the US Food & Drug Administration ( USFDA) to manufacture and market Tramadol Hydrochloride Extended-release Tablets.

'This product will be launched by Q4 FY 2015-16,' the company said. The approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) ULTRAM® ER (Tramadol Hydrochloride) Extended-Release Tablets 100 mg, 200 mg and 300 mg of Valeant INTL.     

·Petronet pays hefty demurrage as PSUs refuse costly gas import

Petronet LNG is shelling out Rs400 crore every quarter in demurrage charges for ships idling because of its PSU buyers refusing to buy expensive imported gas. With slump in global prices, PSU OMC’s have opted to buy gas from spot market rather than use the long-term LNG. The reduced off take by the buyers forced Petronet to cut its purchase from RasGas. This resulted in idling of three cryogenic ships it had chartered hired for ferrying gas in its liquid form at sub-zero temperatures from Qatar to its import terminal at Dahej in Gujarat.

· Cadila Healthcare reports strong operating performance

Cadila Health has reported a healthy results as reflected in a 15% rise in net sales to Rs2374 crore, a 575Bps expansion in operating profit margin to 26%, hence operating profit grew by 40% to Rs391 crore.

During the quarter US business witnessed growth of 25% reporting sales of Rs1004 crores. Domestic market grew by 10% to Rs751 crores.  

·RBI to count short-term gold deposits as CRR, SLR

RBI has allowed banks to count short-term bullion deposits under the gold monetisation scheme as part of their cash reserve ratio (CRR) or statutory liquidity ratios (SLR), increasing the appeal of the plan for the sector.The measure was part of the RBIs guidelines for the gold scheme, which is intended to lure Indian households to deposit gold at lenders in exchange for interest rate payments. It is to be seen how successful the scheme works out in revised format though inclusion of gold as part of SLR, CRR will give operational flexibility to banks.

·Sun Pharma settles patent litigation with Acorda Therapeutics

Sun Pharma has settled a patent litigation with US-based Acorda Therapeutics Inc over Ampyra extended-release tablets, which is used in the treatment of multiple sclerosis patients. As per the settlement the Sun can launch its generic version of the medicine in the US by 2027. As per IMS MAT July 2015 sales data, Ampyra recorded annual sales of around $325 million in the US.

·Bajaj Holdings Q2 consolidated net profit at Rs568 cr (YoY)

Bajaj Holdings & Investment has announced the following Q2 results for the quarter ended September 30, 2015 : Un-Audited Standalone results for the Quarter ended September 30, 2015:

The Company has posted a net profit of Rs546.23 crore Vs Rs644.65 crore (YoY). Total Income is at Rs576.60 crore Vs Rs676.86 crore (YoY). Un-Audited Consolidated results for the Quarter ended September 30, 2015. The Group has posted a net profit after taxes and Minority Interest of Rs567.79 crore Vs Rs510.04 crore (YoY). Total Income is at Rs111.08 crore Vs Rs215.67 crore (YoY).

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