BEL tumbles ~15% post change in
government pricing policy
As per media sources, the defence ministry
plans to cut down on profit margins on the projects that are awarded on
nomination basis. In lieu of this, BEL's stock price has taken a huge hit given
that ~40% of its order inflows are usually on nominated basis.
However, BEL on CNBC TV-18 stated that
because the new policy is only applicable to new contracts, it is unlikely to
have any drastic impact on its profitability. As per the company, the Akash
missiles order, which is likely to be signed in the next few months, might be
awarded as per the new norm.
Cyient zooms 5% after receiving first
order from Indian Army
Shares of Cyient zoomed 5% on the BSE in
afternoon trade. Cyient Solutions & Systems), a joint venture between
Cyient Ltd. and BlueBird Aero Systems, Israel, on Tuesday announced that it has
received its first supply order from a unit of the Indian Army for SpyLite mini
UAV systems for high altitude aerial surveillance.
Meanwhile, Morgan Stanley said it is
overweight on the stock with target price at Rs825 per share, implying a 13%
potential upside, as per media reports.
Strides to market Potassium Chloride
Extended Release Tablets in US
Strides Pharma Science’s subsidiary
Strides Pharma Global has received an approval from the USFDA to market
Potassium Chloride Extended Release tablets USP, 8 mEq (600 mg) and 10 mEq (750
mg) in the US, the company said in the a statement to the exchanges on
Wednesday.
This is the second extended release
product approval for the company, which a strong pipeline of products
leveraging its capability in has extended release delivery technology, the
company added. Strides will manufacture the tablets at its Bangalore facility.
The tablets will be marketed by Strides Pharma Inc. in the US Market.
L&T successfully completes offer for
sale of L&T Infotech shares
Larsen & Toubro (L&T) has
successfully completed the offer for sale (OFS) of Larsen & Toubro Infotech
(LTI) shares yesterday, September 4, 2018, thereby lowering its stake in LTI by
~6% (from ~81.5%).
As a part of its requirement to gradually
bring down its holding in LTI within three years, L&T offered 59 lakh
shares via a base offer and 46.3 lakh shares via the green shoe option. The
green shoe or the oversubscription option was exercised as the company got a
solid response from non-retail participants.
Cadila receives USFDA approval for
Acyclovir Sodium Injection
Cadila Healthcare has received an approval
from the USFDA to market the Acyclovir Sodium Injection. Reacting to this news,
shares of the company were trading ~1% up on Wednesday.
An approval has been received to market
the injection, 500 mg (base)/10 mL (50 mg (base)/mL) and 1,000 mg (base)/20mL
(50 mg (base)/mL) single dose vials, the company said in a press note to the
exchange today. Cadila will manufacture these formulations at its Moraiya
facility in Ahmedabad.
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