Varun Beverages gets CCI nod for acquisition of franchise rights from PepsiCo India
Varun Beverages received approval from the Competition Commission of India (CCI) for the proposed acquisition of franchise rights in South and West regions from PepsiCo India Holding. Despite this, shares of the company were trading 0.5% down on Monday. The company had already received board approval to enter into a binding agreement with PepsiCo to acquire franchise rights in South and West regions from PepsiCo for a national bottling, sales and distribution footprint in 7 states and 5 Union Territories. With this, the company has franchise rights in South and West regions from PepsiCo for a national bottling, sales and distribution footprint in 7 states and 5 Union Territories. Varun Beverages Ltd's share price is currently at Rs802, down by Rs7.45 or 0.92%, from its previous closing of Rs809.45 on the BSE.
Sun Pharma clarifies on Baska facility inspection report; stock down 2%
Sun Pharma in its filing to the NSE on Monday clarified on a media report regarding US Food and Drug Administration (USFDA) observation for Baska facility by claiming that there will be no material impact of this article on the company. Despite this, shares of the company were trading 2% down on the NSE. MonyControl on March 21, Thursday, had reported that the US health regulator issued one observation for company's Baska facility. According to a media report, the USFDA inspected the company's Baska facility, in Gujarat, from January 28 to February 5. After that exchanges had sought a clarification from the company. In exchange, the company said that the USFDA conducted a Pre-Approval Inspection (PAI) of Sun Pharmaceutical Industries Ltd's Baska facility (Gujarat) from January 28 to February 5, 2019. At the conclusion of the inspection, the USFDA issued a Form 483, with one observation for which the company has submitted the response to the USFDA.
Jet Airways gains 6% amid reports of founder to exit today
Shares of Jet Airways were trading 6% higher on Monday after media reports suggested that founder and Chairman Naresh Goyal along with his wife Anita Goyal will exit the board today. As per media reports, the current CEO Vinay Dube of the debt-ridden airline company is expected to stay on and steer Jet out of the current crisis. Jet lenders consortium may invoke the entire 51% stake of Naresh Goyal in the airline, and start looking for a new buyer in the weeks to come. Earlier, the lenders consortium led by State Bank of India (SBI) had shown confidence in solving Jet Airways crisis by March end.
Lupin gets FDA approval for Sildenafil Tablets USP
Pharma major Lupin Limited (Lupin) announced that it has received approval for its Sildenafil Tablets USP, 25 mg, 50 mg, and 100 mg from the United States Food and Drug Administration (FDA) to market a generic version of Pfizer Inc Viagra Tablets, 25 mg, 50 mg, and 100 mg. Lupin Sildenafil Tablets USP, 25 mg, 50 mg, and 100 mg, is the generic version of Pfizer Inc Viagra Tablets, 25 mg, 50 mg, and 100 mg. Sildenafil Tablets are a phosphodiesterase-5 (PDE5) inhibitor indicated for the treatment of erectile dysfunction (ED). Sildenafil Tablets USP, 25 mg, 50 mg, and 100 mg had an annual sales of approximately USD 611 million in the US (IQVIA MAT December 2018).
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