Sun Pharma launches generic Glumetza
Sun Pharma has launched the generic versions Metformin HCL - ER
tablets, 500 mg and 1000 mg in the US market. These generic Metformin HCl
extended release tablets are the therapeutic equivalents of Santarus Inc.’s
Glumetza HCl ER tablets.
Sun Pharma had received approval for this drug in August 2016 when
the addressable size of the market was $1.2bn.
Adani Enterprises up ~7% after bulk deal
Foreign investor Asia Investment Corporation on Tuesday sold
80lakh shares of Adani Enterprises for Rs138cr through an open-market
transaction, as per the bulk deal data available with the NSE. Following this,
the company’s stock rose ~7%.
Meanwhile, the enterprises’ coal mining volumes are expected to be
about 80mn tonne, i.e. a nearly six-fold rise, by the end of the fiscal year
2021.
Maruti Suzuki to recall nearly 1,300 vehicles to inspect
possible airbag controller unit fault
India’s largest passenger vehicle manufacturer, Maruti Suzuki
India Limited (MSIL) will undertake a voluntary recall of 1,279 vehicles to
inspect possible fault in Airbag Controller Unit. The recall will be limited to
its new Swift (566 vehicles) and new Dzire (713 vehicles) manufactured between
May 7, 2018 and July 5, 2018. As per the company, owners of the vehicles
included in this recall campaign will be contacted by MSIL dealers for
inspection and replacement of the faulty part free of cost. The recall campaign
will begin today, July 25, 2018.
BEL to be in focus on the news of government divestment
The government is planning to divest 5% stake in BEL in order to
reach closer to its divestment target. It currently holds 66.01% in the
company. The divestment could fetch Rs1, 300cr to the government based on the
current market capitalization. As per industry sources, the government is said
to have floated request for proposal (RPF) for inviting bids from merchant
bankers by August 14, 2018.
JSW Steel to merge Monnet Ispat one year from now
In a statement to the media, Sajjan Jindal stated that JSW Steel
would turnaround and merge Monnet Ispat in one year’s time. The Aion-JSW
consortium was the sole bidder with a bid of ~Rs2, 875cr, which represents a
~74% haircut to lenders. JSW Steel holds a 30% stake in the consortium.
Monnet Ispat is a steelmaker with 1.5mn tonnes per annum capacity
with a 230MW captive power plant. This represents one of many inorganic
expansions ongoing by JSW Steel. The company has recently concluded two major
foreign acquisitions, namely Aferpi (Italy) and Acero Junction (US). JSW Steel
is also in contention to acquire Essar Steel.
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