Top Major Headlines Of Stock Market - 24 APR 2017

Major Headlines

Following are the major headlines which may give direction to markets and may create some stock action on Dalal Street

Ø Prescribe Cheaper Generic Drugs Or Face Action, Medical Council Warns Doctors

Ø Mega defence deals likely during PM Narendra Modi’s trip to Israel

Ø India mulling antidumping duty on acrylic fibre from 5 nations

Ø India imposes anti-dumping duty on a chemical used in foam making import from Thailand.

Ø Schneider Electric India, IL&FS bag Naya Raipur smart city project

Ø Alkem Labs");'> Alkem Labs Gets US FDA Nod For Cefuroxime Axetil Tablets. Drug Is Used To Treat Post-surgery Bacterial Infections

Ø L&T Finance");'> L&T Finance plans to sell mutual fund arm, seeks Rs2,000 cr valuation

Ø Vodafone has agreed to sell 9.5 % additional stake to Aditya Birla Group for Rs130 per share after they merge

Ø Divi’s Labs Gets U.S. Drug Regulator’s Warning Letter For Visakhapatnam Unit

Ø Finance ministry in talks with PSBs to get a fix on growth plans, funding

Ø ONGC plans $11 billion investment to boost gas production by 30%

Ø Petrol price hiked by Rs 3 a litre in Maharashtra as VAT on fuel increased

Ø Tata Motors successfully tests first batch of electric bus

Ø L&T Finance");'> L&T Finance plans to sell MF arm for consideration of close to Rs2000 crore – Positive; would unlock capital for its core lending business. We expect the company to exit other non core equity investments also which is re-rating trigger for the stock.

Ø IRB Infra files offer document for its Infra Investment Trust (InvIT) to raise Rs4300 crore – Positive, the stock has already moved up by close to 8-10% on anticipation of the move

Ø Sun Pharma: As per media reports, Sun Pharma’s Dadra facility (second important facility after Halol) had received 11 observations, no data integrity issues in the form but some observations look serious in nature – sentimentally negative for Sun; clarification from management awaited.

Ø Divi’s Lab: USFDA has issued warning letter for Divi’s labs Vizag unit II, to which, company will respond with a detailed plan – Neutral for Divis; Unit II has already got an Import alert with certain product exempted.

Ø Dr Reddy launches progesterone capsules in US; annual market size of drug is $153 mn (Rs995 crores) – Positive for Dr Reddy

Ø Alkem Labs");'> Alkem Labs gets USFDA approval for Cefuroxime Axetil oral tablet, used to treat a wide variety of bacterial infections – Positive for Alkem.

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