Dr Reddy clarifies on Chinese regulator nod
Shares of Dr Reddy gained 3% on Thursday after the company clarified that it received Chinese regulator nod for anti-blood clotting drug.
The company has received approval for the product Clopidogrel in China. "The company believes that the sales from this product will not be material in the current financial year i.e. FY2020," the company said in a press note on Thursday.
The update comes after the exchange sought a clarification from the company on a report carried by Business Standard, which stated that the company recently got an approval for a $1.6-billion anti-blood clotting drug from the Chinese regulator after an 11-year wait.
Maruti Suzuki India declines 2% as Q4FY19 PAT drops 4.6% yoy
Shares of Maruti Suzuki India declined 2% on Thursday after the company PAT for the final quarter of FY19 dropped 4.6% yoy to Rs1, 795.6cr.
The company revenue for the quarter under review rose 1.4% yoy at Rs21, 459cr. Margins for Q4FY19 stood at 10.5% vs. 14.2% a year ago. Further, EBITDA fell 24.9% yoy to Rs2, 263.14cr vs. Rs3, 015cr a year ago.
Besides, the company net profit for the year stood at Rs7, 500.6cr, lower by 2.9% compared to the same period in the previous year.
Zydus receives approval for Leflunomide Tablets USP
Zydus Cadila, in its press note to the exchanges on Thursday, informed that the company has received final approval from USFDA to market Leflunomide Tablets USP (US RLD-Arava Tablets), 10 mg and 20 mg.
The company will manufacture the drug at the group formulations manufacturing facility at Baddi, Cadila said in a press note.
This medication is used to treat rheumatoid arthritis, a condition affecting multiple small and large joints of the body. Leflunomide belongs to a class of medications called disease-modifying antirheumatic drugs (DMARDS). It helps to reduce joint damage/pain/swelling and helps in better joint movement, the company added.
UltraTech Cement gains 6% on strong Q4FY19 numbers
Shares of UltraTech Cement extended its gain and traded 6% higher on Thursday after the company reported a strong set of numbers for Q4FY19, ahead of estimates, on operating fronts.
The company has reported consolidated revenue growth of 17.4% yoy to Rs10, 905.2cr, broadly in-line with estimates. Power and freight costs were down as a percent of net sales by 221bps and 85bps respectively. It was partially offset by higher raw material costs. Thus, EBITDA reported a growth of 31% yoy to Rs2, 332.5cr; ~15% ahead of estimates. EBITDA margin expanded by 222bps yoy to 21.4% against an estimate of 19.2%. Profit before tax (PBT) was up 41.8% yoy.
IPCA Lab acquires Ramdev Chemical for Rs108.50cr
IPCA Lab, in its filing to the exchanges, informed that the company has acquired Ramdev Chemical (RCPL) for cash at Rs108.50cr.
RCPL is engaged in the business of manufacturing and marketing of advanced drug intermediates, fine chemicals, custom synthesis molecules and active pharmaceutical ingredients (APls), the company said in a press note after markets hours to the exchanges on Wednesday.
The acquisition of RCPL will help the company to grow its API business by adding new molecules in its products basket with possibility of forward integrating such products in its dosage formulations business for the world market, IPCA added.
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