Lupin gets USFDA nod for gLatuda
Pharma major Lupin, on Monday, announced that it has received approval for its generic Lurasidone Hydrochloride (Latuda) tablets from the United States Food and Drug Administration (USFDA). The approval is to market the generic version of Sunovion Pharmaceuticals Inc's Latuda tablets (20 mg, 40 mg, 60 mg, 80 mg, and 120 mg). Latuda tablets (20 mg, 40 mg, 60 mg, 80 mg, and 120 mg) had sales of approximately $3.22bn in the US in the twelve months to September 2018, as per IQVIA MAT data.
BHEL gains 2% on commissioning the super-critical thermal plant in record time
Shares of Bharat Heavy Electricals (BHEL) were trading 2% higher on Monday after the company commissioned an 800MW super-critical thermal plant in the record time of 46 months. "The 800 MW set has been commissioned at Kothagudem Thermal Power Station (KTPS) of Telangana State Power Generation Corporation (TSGENCO)," the company said in a press note to the exchanges on Saturday. The company has executed this project on Engineering, Procurement and Construction (EPC) basis, it added.
Bandhan Bank slips 3% after reports of Gruh Finance acquisition
Shares of Bandhan Bank were trading 3% down on Monday after media reports said that the bank is set to acquire Gruh Finance via a share swap arrangement with an aim to trim holdings of its promoter.
As per media reports, shareholders of Gruh Finance will receive three shares of Bandhan Bank for every five shares held in the home financier. The proposed transaction would help Bandhan to cut its promoter holding in the lender from the existing 82.28% to 60.27%. However, as per the Reserve Bank of Indias banking license rules, promoters need to bring down their stake to 40%.
Bharat Forge under pressure after CLSA downgrades the stock to sell
Shares of Bharat Forge are trading at a 52-week low on the NSE at Rs470, the lowest since February 2017. As per media reports, global brokerage house CLSA has downgraded Bharat Forge to "sell" from outperform, with a cut in the target price to Rs420 from Rs680. This implies a downside of 38%.
The brokerage believes cyclical pressures are lined up ahead, and it has cut FY20-21 EPS estimates by 16-24%.
The stock is also under pressure on the back of lower Class 8 trucks sales in the US, which is a major business segment of Bharat Forge.
TCS up ~1.10% on clarification regarding Bridgepoint acquisition
Shares of TCS were in the green on Monday morning. Shares prices climbed ~1.5% as the Tech major clarified on the acquisition of select assets of Bridgepoint Group LLC. This acquisition augments TCS' financial services and insurance domain knowledge, particularly in the area of US retirement services, mentioned the company in an exchange filing on Sunday. TCS has not acquired any shareholding/control in BridgePoint. It has purchased select company assets such as intellectual property and movable assets. The transaction consideration is in cash. The transaction has been completed on November 27, 2018.
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