Dr.Reddy’s Duvvada plant: German authority concludes audit
Dr.Reddy’s, in a filing to the exchanges on Monday, informed that the Regulatory Authority of Germany (Regierung von Oberbayern) has concluded the follow-on audit of its formulations manufacturing facility at Duvvada in Vishakapatnam. The news, however, failed to support the pharma company's stock, which was trading marginally down on Monday.
The facility was considered compliant and the EU-GMP certification continues to remain active with a specific exclusion of a new product and the company will be submitting a detailed Corrective and Preventive Action Plan (CAPA) to authorities, Dr.Reddy’s stated a press note to the exchanges on Monday.
Tata Motors slips 4% after weak JLR sales figure
Shares of Tata Motors slipped over 4% on the BSE in afternoon trade on Monday as the company’s subsidiary Jaguar Land Rover (JLR) reported a 4.6% decline in total retail sales to 44,282 vehicles in October 2018 over October 2017.
JLR reported the lower figures despite recording strong sales for its newer models, namely the Jaguar I-PACE and E-PACE and the refreshed Range Rover and Range Rover Sport, as per the BSE filing.
Retail sales rose significantly in the UK (46.9%) and North America (24.1%) with these new models.
Sales in China decreased by 49% as market conditions remain challenging amid tariff changes and continued trade tensions with the US, which are impacting consumer confidence and automotive purchases.
Titan jumps 5% after reporting robust Q2FY19 numbers
Shares of Titan Company rose 5% on the NSE as its revenue in Q2FY19 grew 27.5% yoy and 2.6% qoq to Rs4,567cr. The company’s adjusted net profit in the quarter stood at Rs306cr, up 7.8% yoy but down 7.7% qoq.
EBITDA came in at Rs469cr, up 11.2% yoy but down 2.9% qoq. The EBITDA margin contracted 151bps yoy and 53bps qoq to 10.3%.
Revenue from the jewelry segment (Rs3,615cr) grew 28% on a yoy basis. Revenue from watches (Rs679cr) and eyewear (Rs120cr) segments also grew 17.5% yoy and 19.3% yoy, respectively.
Wockhardt gains ~8% post Q2FY19 numbers
Shares of Wockhardt were trading ~8% higher on Monday after the company reported that its numbers for the second quarter of FY19 were in-line with street expectation.
The company’s revenue in Q2FY19 grew 10.1% yoy to Rs1, 125.7cr mainly due to the rise in revenue from US and emerging markets as well as rupee depreciation.
EBITDA grew 216.4% yoy to Rs67.4cr in Q2FY19 vs. Rs21.3cr in Q2FY18. EBITDA margins stood at 6% in Q2FY19 vs. 0.4% in Q1FY19 and 2.1% in Q2FY18.
Generic facility of Biocon in Bengaluru completes USFDA inspection
Shares of Biocon slipped ~2% on the BSE during the morning session. The pharma company said that the USFDA has completed an inspection of its new manufacturing facility in Bengaluru without any observations.
"USFDA conducted a pre-approval inspection of our new oral solid dosage forms manufacturing facility at Biocon Park in Bengaluru from November 5-9, 2018," as per BSE filing.
The audit concluded without any observations and no Form 483 was issued, the company said.
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