Government set to pump Rs2,345cr into Air India
The Government has sought Parliamentary approval to infuse Rs2, 300cr into Air India after a failed bid to sell off the airline in May. The Rs2, 300cr is an addition to the Rs27, 000cr already infused into the airline operator over a span of a decade. The cash-strapped airline has been running on taxpayer bailouts and has not made money for more than 10 years. Air India was set to be sold along with its debt of $5bn. However, the company found no takers so the Centre ambitious plans of privatizing the national airline came to a halt. Hence the Modi government took a decision to turn around the airline.
Sun Pharma secures USFDA approval for Elepsia
Sun Pharma said that its epilepsy drug Epilepsia XR has been approved by the USFDA. This is a New Drug Approval. EPILEPSIA is a novel formulation of Levetiracetam 1000mg and 1500mg and is indicated for adjunctive therapy in the treatment of partial onset seizures in patients 12 years of age. The drug is developed by Sun Pharma Advanced Research Company (SPARC). Sun Pharma has in-licensed this drug from SPARC in July 2016. Epilepsia XR had secured a USFDA approval in March 2015, however, due to compliance issues at Halol, Sun Pharma received a complete response letter (CRL) in September 2015. With the Halol clearance received in June 2018, this drug was expected to get a USFDA approval soon.
Aurobindo Pharma gets USFDA approval for Potassium Chloride ER tablets
Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Potassium Chloride extended-release tablets, 8 mEq (600 mg) and 10 mEq (750 mg).
Potassium Chloride Extended-Release tablets, a generic version of Upsher-Smith Klor-Con Extended-Release tablets, will be launched in January 2019. The approved product has an estimated market size of ~$60mn for the twelve months ending October 2018, according to CQ VIA.
Indiabulls Real Estate sells a stake in 2 projects in Gurugram
Indiabulls Real Estate shares were up 1% in early morning trade on Friday as the company announced in a BSE press release that it has signed a deal with subsidiaries owned by The Blackstone Group L.P., a globally renowned real estate private equity investor. The deal was signed so that IndiaBulls Real Estate could divest up to 50% stake in two office assets in Udyog Vihar, Gurugram, aggregating 784,000 sq.ft. Leasable office space.
Bosch announces the suspension of manufacturing operations at Bidadi plant for two days
Leading technology and auto ancillary company, Bosch Limited (Bosch), part of the Robert Bosch Group, announced that it was suspending manufacturing operations at its Bidadi (Karnataka) plant for two days i.e. December 28 and 29, 2018. The move is aimed at adjusting production with market demand. The company mentioned in its release to stock exchanges that the suspension was due to the fact that volumes at the plant had reduced due to a reduction in customers requirement. It also mentioned that there was no financial impact on account of the proposed suspension of operations. Bosch has a total of 8 manufacturing plants in India.
The Government has sought Parliamentary approval to infuse Rs2, 300cr into Air India after a failed bid to sell off the airline in May. The Rs2, 300cr is an addition to the Rs27, 000cr already infused into the airline operator over a span of a decade. The cash-strapped airline has been running on taxpayer bailouts and has not made money for more than 10 years. Air India was set to be sold along with its debt of $5bn. However, the company found no takers so the Centre ambitious plans of privatizing the national airline came to a halt. Hence the Modi government took a decision to turn around the airline.
Sun Pharma secures USFDA approval for Elepsia
Sun Pharma said that its epilepsy drug Epilepsia XR has been approved by the USFDA. This is a New Drug Approval. EPILEPSIA is a novel formulation of Levetiracetam 1000mg and 1500mg and is indicated for adjunctive therapy in the treatment of partial onset seizures in patients 12 years of age. The drug is developed by Sun Pharma Advanced Research Company (SPARC). Sun Pharma has in-licensed this drug from SPARC in July 2016. Epilepsia XR had secured a USFDA approval in March 2015, however, due to compliance issues at Halol, Sun Pharma received a complete response letter (CRL) in September 2015. With the Halol clearance received in June 2018, this drug was expected to get a USFDA approval soon.
Aurobindo Pharma gets USFDA approval for Potassium Chloride ER tablets
Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Potassium Chloride extended-release tablets, 8 mEq (600 mg) and 10 mEq (750 mg).
Potassium Chloride Extended-Release tablets, a generic version of Upsher-Smith Klor-Con Extended-Release tablets, will be launched in January 2019. The approved product has an estimated market size of ~$60mn for the twelve months ending October 2018, according to CQ VIA.
Indiabulls Real Estate sells a stake in 2 projects in Gurugram
Indiabulls Real Estate shares were up 1% in early morning trade on Friday as the company announced in a BSE press release that it has signed a deal with subsidiaries owned by The Blackstone Group L.P., a globally renowned real estate private equity investor. The deal was signed so that IndiaBulls Real Estate could divest up to 50% stake in two office assets in Udyog Vihar, Gurugram, aggregating 784,000 sq.ft. Leasable office space.
Bosch announces the suspension of manufacturing operations at Bidadi plant for two days
Leading technology and auto ancillary company, Bosch Limited (Bosch), part of the Robert Bosch Group, announced that it was suspending manufacturing operations at its Bidadi (Karnataka) plant for two days i.e. December 28 and 29, 2018. The move is aimed at adjusting production with market demand. The company mentioned in its release to stock exchanges that the suspension was due to the fact that volumes at the plant had reduced due to a reduction in customers requirement. It also mentioned that there was no financial impact on account of the proposed suspension of operations. Bosch has a total of 8 manufacturing plants in India.
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