Lupin launches generic Nystatin and Triamcinolone Acetonide cream
Pharma major Lupin has launched Nystatin and Triamcinolone Acetonide cream USP 100,000 units/gm (0.1%). The pharma company has received an approval from the USFDA.
As per IQVIA MAT September 2018, Nystatin and Triamcinolone Acetonide cream had annual sales of $54.3mn in the US. The cream formulations of the drug is already genericized and has more than six approved generics in the market. Considering the size and competition, we do not keep high hopes of revenue from this drug launch for Lupin.
Kesoram Industries to demerge tyre business
Shares of Kesoram Industries gained 7% in afternoon session on Friday after a media report indicated that the company is likely to demerge its tyre business.
As per CNBC-TV 18 report, Kesoram Industries, a tyres, cement, and rayon marker is considering demerger of its tyre business and plans to announce the same officially in next week. Post demerger the company is planning to engage a strategic partner in its loss making tyre business.
Tata Motors decelerates 3% as JLR plant on halt
Shares of Tata Motors decelerate 3% in morning session on Friday after media reports suggested that Jaguar Land Rover (JLR) has announced a temporary halt on a production activity at its engine factory in Wolverhampton (UK) to adjust for low demand.
This could affect about 500 full time workers at the plant, who will be given leave during the duration of the freeze. However, sources said that the workers will continue to receive full payment during this period. The temporary freeze was being taken as JLR suffered uncertainties ahead of Brexit, low demand for diesel vehicles and weak demand in JLR’s major market, China.
'Yes' to Yes Bank again; stock up 5%
Shares of Yes Bank were trading up 5% on Friday after touching a fresh 52-week-low as well as a 33-month low in Thursday's trade. The bank's stock plunged after Moody’s downgraded its instruments and changed its outlook from stable to negative on Tuesday. Domestic ratings agency ICRA had also downgraded its long-term outlook for Yes Bank on Wednesday.
Yes Bank's exiting MD-CEO Rana Kapoor wants to be named as the bank’s non-executive chairman once his term ends on January 31, as per media sources.
Oil marketing companies decline on recovery in global crude oil prices
Shares of Indian oil marketing companies (OMCs) were trading down on Friday amid a recovery in global crude oil prices. Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), Indian Oil (IOCL), and Oil India (OIL) dropped on the indices.
Accordingly, shares of HPCL slumped 4%, while those of BPCL and IOCL dropped ~2%. Meanwhile, shares of OIL plunged 7% on the dual impact of rising crude oil prices and a stock buyback announcement.
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