Piramal Enterprises mulls selling of pharma biz
Piramal Enterprises gained 3% on Tuesday after media reports said that the company is mulling sale of its contract pharmaceutical operations, which may fetch the company $1bn.
As per reports, Ajay Piramal, Chairman of the Piramal Group, is working with advisers to weigh interest in its contract development and manufacturing organization, Piramal Pharma Solutions. The company has already shared preliminary marketing materials with potential buyers.
ICICI Bank gains on RBI's approval of Sandeep Bakshi's appointment as MD & CEO
Shares of ICICI Bank were trading higher by 2.75% in Tuesday's session after the Reserve Bank of India (RBI) approved the appointment of Sandeep Bakhshi as MD & CEO of the bank.
The bank, in its BSE filing on Tuesday, stated that the RBI had approved the appointment of Sandeep Bakhshi as Managing Director & CEO of the bank for three years effective from October 15, 2018.
Alembic receives tentative USFDA approval for gNesina
Alembic Pharma has said that it has received tentative USFDA approval for its Alogliptin tablets, 6.25mg/12.5mg/25mg. Alogliptin is therapeutically equivalent to Takeda’s Nesina.
Alogliptin tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus.
The USFDA approved Nesina in January 2013 and has seen a slower start after the launch. The drug was estimated to reach peak sales of ~$2.6bn by 2016 but has not even reached $100mn in the fifth year since its launch. According to IQVIA data, Nesina tablets had a market size of ~$65.6mn in CY2017.
Rakesh Jhunjhunwala raises stake in DHFL
Taking advantage of the ~60% drop in Dewan Housing Finance Corporation Ltd's (DHFL) stock late last month, seasoned investor Rakesh Jhunjhunwala raised his stake in the financial services company by 0.4%. With this, the ace investor now holds a 3.19% stake in the troubled housing finance company.
DHFL has been in the news recently after the company's shares plummeted on September 21, 2018, after its debt securities were reportedly sold at a higher yield. This had caused widespread panic in the market, especially on the back of the IL&FS meltdown, and led to a massive sell-off in DHFL stock.
Mukesh’s Reliance to buy stake in Hathway Cable, DEN Networks
Mukesh Ambani-led Reliance Industries (RIL) is all set to buy stake in Hathway Cable and Datacom and DEN Networks, as per an ET report.
RIL is investing in two of India’s largest cable TV and broadband service providers to fulfill its vision of ramping up coverage in its ambitious high-speed broadband network. The news reports added that RIL will probably acquire close to 25% in each of the boards allowing it to get a seat on the board and influence management decisions. What’s more, on the back of these developments, promoter stake in both firms are likely to drop which could lead to open offers.
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