CORPORATE NEWS – 9 Jan 2017

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SEBI queries Tata firms on Cyrus Mistry, Nusli Wadia allegations

SEBI queries Tata firms (including Tata Motors) on Cyrus Mistry, Nusli Wadia allegations; sentimentally negative Regulator Sebi has sought detailed explanations from some listed Tata firms (including Tata Motors) on alleged violations of corporate governance
and insider trading norms flagged by ousted directors Cyrus Mistry and Nusli Wadia.
The fresh queries have been raised by the capital markets watchdog following receipt of letters from Mistry, who was ousted as Chairman of over $100 billion conglomerate, as also from Wadia who has also been removed as independent director from various Tata firms.

Tata Steel Q3 sales up 27.45%

Tata Steel has announced that its total sales rose 27.45% to 29.94 lakh tonne in Q3 December 2016 over Q3 December 2015.
Tata Steel said that the growth in sales was enabled by higher sales in the automotive segment, branded products and value-added products & scaling up of sales in new segments.

Divis Lab responses to USFDA’s 483 observation letter

Divis Lab has submitted their response to the USFDA for the recent 483 observation letter received (at Unit 2). Management has further commented that they have the capability to transfer API manufacturing to different units.
Also unit 1&2 (3 months and 1 month ago) have been inspected and cleared by UK MHRA – Sentimentally positive; We await the USFDA’s outcome on the response submitted; avoid buying till clarity emerges.

Granules drops on receiving 11 observations from Infarmed

Shares of Granules India declined nearly 13% to Rs97.8, after the pharmaceutical company said it has received 11 observations from Infarmed (InstitutoNacional da Farmacia E Do Medicamento), the Portuguese drug regulator, for its facility located at Gagillapur, Telangana.
Granules India has received the inspection report from INFARMED (InstitutoNacional da Farmacia E Do Medicamento), Portugal with 11 observations. The Gagillapur facility manufactures Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages (FDs). INFARMED Portugal had conducted a renewal inspection on the company’s facility located at Gagillapur, Telangana, India.

Aurobindo to buy Portugal’s Generis for 135 mn euro

Aurobindo Pharma to acquire Portugal’s Generis Farmaceutica SA from Magnum Capital Partners for a consideration of 135 million Euros (around Rs969 crore).
Generis produces and sells pharma products in Portugal. The acquisition deal includes the Generis’s manufacturing facility in Amadora, Portugal which has a capacity to produce 1.2 billion tablets/capsules/sachets annually.
Aurobindo will now have a portfolio of 271 products in the European nation – Long term positive for Aurobindo; company will have concall today (January 09, 2017) to discuss the acquisition in detail.

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