Tata Motors to take 2.2% price hike in PVs to offset input cost
pressure
India’s largest commercial vehicle manufacturer, Tata Motors
Limited (TML) will hike prices for its passenger vehicles (PVs) by up to 2.2%
effective August 2018. The price hike will be taken to offset input cost
pressure. TML had recently taken a 3% price hike in April 2018 and a second
hike in less than three months highlights the extent of input cost inflation
currently prevailing.
The price hike is expected to vary from model to model with the
maximum being 2.2%. TML has been carrying out cost control initiatives since
the past few quarters to soften the impact of rising input costs. Given the
steep rise in commodity prices, price hike will be essential to maintain
margins.
Aviation stocks fall following poor passenger traffic in June
Directorate General of Civil Aviation (DGCA)’s air traffic report
for the month of June showed 4.5% m-o-m decline from 11.86 mn in May to 11.33
mn in June, 2018 in passenger growth. It is ironical that despite various
discounts/offers by airlines such as Jet Airways, Air Asia, SpiceJet, Indigo on
select domestic routes given monsoon season, there has been a de-growth in
passenger traffic over the previous month. However, there was a growth of 18.4%
m-o-m from the corresponding period of previous year (May 2017).
Cipla receives USFDA approval for Solifenacin Succinate
Cipla has secured a USFDA approval to manufacture Solifenacin
Succinate (gVesicare). Solifenacin Succinate is an antispasmodic and it is used
to relieve symptoms associated with an overactive bladder. The drug is marked
by Astellas Pharma as Vesicare.
Vesicare achieved annual sales of ~$900mn for FY17. Currently,
only Teva has approved generic version while Watson, Glenmark, Ajanta, Amneal
and Cadila have tentative approval on this drug.
Lupin gets tentative approval for gCialis
Lupin has received tentative USFDA approval to manufacture generic
Tadalafil tablets USP in various strengths (2.5mg/5mg/10mg/20mg). Tadalfil is
an Eli Lilly’s product which is sold under the brand name Cialis.
Tadalafil is indicated for the treatment of erectile dysfunction
and benign prostatic hyperplasia. As per IQVIA MAT April 2018 date, Tadalafil
tablets, in the above mentioned strengths, had annual sales of approximately
~$1.9bn in the US market. With Viagra generics hitting the markets,
Cialis market is likely to shrink before it goes off patent.
Cadila gets approval for Piroxicam Capsules
Cadila Healthcare has received the final USFDA approval for
Piroxicam Capsules USP in strengths of 10mg/20mg. Piroxicam anti-inflammatory
drug with analgesic and antipyretic activity is indicated for the symptomatic
relief of rheumatoid arthritis, osteoarthritis or ankylosing spondylitis.
Piroxicam Capsules are sold under the brand Feldene Capsules by
Pfizer. The US market for Piroxicam capsules 10mg and 20mg was ~$11mn in CY17
and several companies are already selling generic of this. Hence, we don’t
expect the drug to make a meaningful contribution to Cadila’s revenue.
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