As RBI keeps rates unchanged, rupee breaches 74
The Indian rupee nosedived further, crossing the 74 mark against the dollar for the first time after the Reserve Bank of India (RBI) kept key rates unchanged. It was trading at an all-time low of 74.10 per dollar.
In its fourth bi-monthly policy review today, the RBI took the markets by surprise as it kept the repo rate unchanged at 6.50%. Investors were expecting a rate hike of about 25bps, especially given the ongoing concerns about rising crude prices, a weakening currency, and rising inflationary pressure. Further, the apex bank switched to a "calibrated tightening stance" from "neutral," suggesting rate hikes in the future.
Cadila receives final approval from USFDA for Exemestane tablets
Zydus Cadila has received an approval from the USFDA to market Exemestane tablets (US RLD, AROMASW tablets), 25 mg, the company said in a statement to the exchanges on Friday.
The company will produce these tablets in its formulations manufacturing facility at SEZ, Ahmedabad. "The estimated sales of Exemestane tablets are $68.6mn," said Cadila in a press note.
Reliance Health Insurance gets final approval from IRDAI to start operations
Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital, announced that it has received R3 approval from IRDAI for its new health insurance business.
The new company will commence operations by the December quarter of 2018.
Anmol Ambani, Executive Director, Reliance Capital said, "The scope of health insurance in India is massive and, given the current low penetration, is expected to grow multi-fold over the next few years. Setting up a standalone health insurance company with an extremely experienced and capable leadership will allow us to put the right kind of focus this segment requires.”
Dilip Buildcon bags orders worth Rs473.02cr
Dilip Buildcon has received a Letter of Acceptance (LoA) worth Rs473.02cr from Urban Administration and Development Department, Bhopal, the company said in a press note to the exchanges on Friday.
An order worth Rs247.06cr has been bagged for design and construction of elevated viaduct of 6.225km length between AIIMs and Subhash Nagar (excluding stations) including entry and exit ramp to depot for Bhopal and Indore Metro Rail project, Phase-1, the company said.
Sun Pharma gets NAI at Halol
USFDA has changed the status of Sun Pharma’s Halol manufacturing facility to NAI - No Action Indicated. This plant had received six form 483 observations from USFDA for the inspection done during August 27-31. The NAI at this plant means that the inspection is now closed at this plant. The attention will now move on to the launch and ramp-up of the market share in its specialty pipeline.
Post the August observations, we had expected that the inspection was a product pre-approval inspection. Note that on September 14, 2018, Sun Pharma received the USFDA approval for the New Drug Application (NDA) of Xelpros (latanoprost ophthalmic emulsion). The drug is indicated for the reduction of elevated intraocular pressure (IOP, or pressure inside the eye) in patients with open-angle glaucoma or ocular hypertension. The product approval and subsequent clearance to this plant means that this was indeed a product pre-approval inspection.
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