CAPITALSTARS TOP CORPORATE NEWS - 21 JUN 2018

Cipla gets approval for Testosterone Cypionate injection

Cipla has received final USFDA approval for Testosterone Cypionate injection. Testosterone Cypionate is sold by Pharmacia under the brand name Depo-Testosterone. This is an androgen and anabolic steroid medication which is used in the treatment of low testosterone levels in men.

Testosterone Cypionate injection currently has 8 approved ANDAs in 200mg. In 100mg formulation, there are 3 approved ANDAs. This includes companies like Sun Pharma, Mylan, Sandoz, etc. The market for Testosterone Cypionate injection was ~$191mn in 12-month period ending April 2018. As per Bloomberg 94% of this market was the held by the generic companies. Within this drug, 200mg market is the large market while 100mg is a very small market.

Bosch outlines Rs1,700cr capex plan for India over next three years

Leading technology and auto ancillary company, Bosch Limited (Bosch), part of the Robert Bosch Group, has outlined for capex of Rs1,700cr over the next three years. Most of this amount will be utilized for revamping its facility at Adugodi near Bengaluru. In a press release on its website, Dr. Volkmar Denner, chairman of the board of management of the Bosch Group, stated that he sees strong potential from India as the economy “is on the rise again”.

India recently surpassed Germany to become the world’s fourth largest automobile market. Starting April 2020, India will switch from BS-IV to BS-VI. Both these events open up huge opportunities for companies such as Bosch. In order to fully exploit the opportunities in India, the company plans to invest €220mn (Rs1,734cr @ Rs78.81/€).

Bank of Maharashtra dives over 4% after CMD’s arrest

Bank of Maharashtra dropped over 4% after its CMD Ravindra Marathe, executive director Rajendra Gupta and two other bank officials, including Marathe’s precedessor, were arrested earlier reportedly in relation to the alleged cheating case involving developer DS Kulkarni.

Kulkarni was earlier arrested for cheating several depositors of Rs2,043cr through fraudulent investment schemes.

Marathe and the officials were first called in for questioning. The Pune Crime Branch suspects that they colluded with Kulkarni’s firm to divert money and cheat shareholders.

OPEC works towards reaching a consensus on increasing oil supply

The odds of OPEC reaching an oil-production deal increased as Iran edged away from a threat to veto any agreement that would raise output and Saudi Arabia put forward a plan that would add about 600,000 barrels a day to the global market.

At the end of a day of diplomatic back-and-forth in Vienna on Wednesday, delegates were increasingly positive that a deal would be reached at Friday’s meeting of the Organization of Petroleum Exporting Countries. After sitting down with several counterparts, Iranian Minister Bijan Namdar Zanganeh said he was optimistic about the outcome of the OPEC meeting, a marked contrast to comments on Tuesday when he said a deal was unlikely.

Manpasand Beverages snaps 4-day decline; board to consider report from new auditors

Shares of Manpasand Beverages gained 5% on the BSE. The stock snapped its four-day decline and rallied. The company informed that it will consider and approve financial results by newly appointed auditors on June 27.

The meeting of board of directors of the company is scheduled to be held on June 27, to consider and approve audited financial results along with audited report for the fourth quarter and year ended on March 31, 2018, the company said in the filing.

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