• Cipla gains as partner Sandoz gets USFDA nod
Shares of Mumbai based pharmaceutical company Cipla rose 3% on the BSE after its partner Sandoz received a USFDA nod to launch a generic version of Pulmicort respules (budesonide).
The stock opened at Rs685.10 and touched a high of Rs707.90 on the NSE. Budesonide is a glucocorticoid steroid for the treatment of asthma, non-infectious rhinitis (including hay fever and other allergies), and for treatment and prevention of nasal polyposis. Additionally, it is used for Crohn's disease (inflammatory bowel disease).
• IndusInd Bank marks fresh high on acquisition of RBS
Shares of IndusInd Bank gained over 1% at Rs968, extending their 2% gain in the past two trading sessions on the BSE, after the private sector lender announced that it has completed the acquisition of the diamond and jewellery financing business and related deposit portfolio of Royal Bank of Scotland ( RBS). The stock has touched a record high of Rs 971 on the BSE in intra-day trades today. It has rallied 9% from Rs894 on July 10, after the company posted a 25% rise in net profit at Rs525 crore for the quarter ended June 30, compared to Rs 421 crore in the year-ago quarter, on the back of strong growth in net interest income.
• ILFS Transport wins Rs1,886 cr contract from NHAI
IL&FS Transportation Networks won a Rs1,885.74 crore road project in Maharashtra from National Highways Authority of India ( NHAI).
• Cabinet approves amendments to GST Bill
The Union Cabinet approved the amendments to the GST Constitutional Amendment Bill, and also approved setting up of the Rs20,000 crore National Investment & Infrastructure Fund which was announced in the Budget this year – Passage of GST positive for stocks like Century Plyboards, Supreme Industries, Relaxo Footwear, KKCL from our coverage universe.
• NTPC to sign fresh PPAs with buyers, bundle thermal, solar in 85:15 ratio
NTPC to sign fresh PPAs with buyers, bundle thermal, solar in 85:15 ratio – Positive for Solar sector. NTPC has decided to sign fresh power purchase agreements (PPAs) with existing customers and bundle thermal power with solar power in 85:15 ratio. The utilities will have to compulsorily abide by the arrangement and the ones that decline to take solar power will not be allocated any thermal power.
• PSU Banks to get private occupants for top posts
As per media reports PS Jayakumar of VBHC is likely to become head of BoB and Mr Rakesh Sharma (Laxmi Vilas bank) could head Canara Bank. This would be seen as reform in PSU banks which may open room for more hiring of competitive candidates from outside and therefore gives positive signal for long term.
• Maruti Suzuki DZire attains 10 lakh cumulative sales mark this month
Maruti Suzuki India announced that Maruti Suzuki DZire attained the 10 lakh cumulative sales mark this month. Launched in 2008, Maruti Suzuki DZire has been a category leader and has helped Maruti Suzuki strengthen its presence in the entry sedan segment. With this milestone, Swift DZire now enters `the elite million club' comprising models such as Alto, Swift and Wagon R.
• Nava Bharat arm achieves financial closure of coal project
Nava Bharat Ventures step-down subsidiary Maamba Collieries (MCL) has achieved financial closure of its integrated coal & power project of an estimated cost of approx. Rs5,300 crore.
• JSW Energy subsidiary sells 26% stake in South African firm
JSW Energy’s subsidiary JSW Energy Natural Resources South Africa (PTY) has sold 26% stake in South African Coal Mining Holdings Ltd (SACMH) to meet regulatory norms.
After the stake sale, PTY's stake in SACMH will reduce to 67.25% from 93.27%.
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