M&M to hike price of Marazzo from January 1, 2019
Mahindra & Mahindra Ltd. (M&M), part of the $20.7 bn Mahindra Group, announced that effective January 1, 2019, it will increase the price of the Marazzo by Rs30,000-40,000.
According to Veejay Ram Nakra, Chief of Sales and Marketing – Automotive Division, Mahindra & Mahindra, “As mentioned at the launch, the price of Marazzo was an introductory one. Effective January 1, 2019, we will be taking a price hike on the Marazzo, after a reasonable period of 4 months from its launch.”
Telecom stocks surge; Vodafone Idea jumps 14%
The BSE Telecom index surged 4% in today’s session. Bharti Airtel has contributed a 30-point gain in the telecom sector. Vodafone Idea is the highest contributor adding 9 points followed by Infratel contributing 3 points.
The Vodafone Idea (VIL) stock surged 14% on the BSE. The telecom company is looking for sale of its fibre assets, combined with the Rs25, 000cr equity fund raising, to improve its balance sheet and ensuring adequate capex to defend its position in the cut-throat competition against Reliance Jio and Bharti Airtel.
Yes Bank drops 6% after OP Bhatt steps down from CEO search panel
Shares of Yes Bank declined nearly 6% after the bank said that OP Bhatt has tendered his resignation from his duties as an external expert of the search and selection committee for the new CEO.
Former SBI chairman, OP Bhatt, has resigned from the panel set up by the private sector bank to scout for MD and CEO Rana Kapoor’s successor. Bhatt, the external expert on the Search and Selection Committee (S&SC), has resigned with "immediate effect" as "there may be a potential conflict of interest," the bank said in the BSE filing.
Biocon/Mylan launch Semglee in UK
Biocon’s commercial partner Mylan has launched Semglee, an approved biosimilar of insulin glargine in the UK. Insulin Glargine is sold by its innovator Sanofi under the brand Lantus; Glagrine is a long-acting basal insulin indicated for the treatment of diabetes.
Biocon/Mylan will compete with Lilly and Boehringer, who launched their Lantus biosimilar as Abasaglar in UK in 2015.
Biocon and Mylan received an EMA approval for Insulin Glargine in March 2018. It also has approval for this biosimilar in Australia. Semglee has been submitted in the US and Canada for regulatory approval, while company expects to submit this drug for approval in several other key emerging markets soon.
Glenmark gets final approval for gAubagio, eligible for shares 180 day exclusivity
Glenmark Pharma has received final USFDA approval for Teriflunomide tablets, 7mg/14mg . This is a generic version of Aubagio tablets, 7mg/14mg of Sanofi-Aventis.
Company has said that Glenmark was one of the first ANDA filers on Aubagio tablets with a paragraph IV certification, and hence, it is eligible to get shared 180-day generic drug exclusivity for this drug.
As per IQVIATM sales data, Aubagio tablets had annual sales of ~$1.6bn for the 12 month period ending September 2018.
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