CORPORATE NEWS : 3 Mar 2017

corporate

Alembic Pharma’s partner launches depression treating drug
Vadodara-based drug maker Alembic Pharmaceuticals Ltd on Friday said that its partner Breckenridge Pharma has launched desvenlafaxine succinate extended release tablets used in the treatment of major depressive disorder.
Alembic Pharmaceuticals Limited announces launch of desvenlafaxine succinate extended release tablets 50 mg and 100 mg by its partner Breckenridge Pharmaceutical, Inc.
These are therapeutically equivalent to Pristiq of Pfizer.

GST Bill to make peak tax rate 40%, slabs intact for now
The GST levy may go up to 40 per cent after the GST Council proposed raising the peak rate in the Bill to 20 per cent, from the current 14 per cent, to obviate the need for approaching Parliament for any change in rates in future, reported PTI.
The model Goods and Services Tax Bill will replace the clause which states the tax rate ‘not exceeding 14 per cent, with ‘not exceeding 20 per cent’ when it comes up for debate in Parliament during the second phase of Budget session beginning next week.

Tata Motors (JLR) unveils new Range Rover “Velar
Tata Motors-owned Jaguar Land Rover has unveiled a new model Range Rover “Velar”. Built using JLR’s leading lightweight aluminium architecture and powered by the latest ultra-clean UK-built Ingenium petrol and diesel engines the new Velar is positioned between the Range Rover Evoque and the Range Rover Sport.
Velar is now open to orders from around the world, including India, and is priced at around 45,000 pounds. The Velar will be on display at the Design Museum in London until March 6 for customers who are eager to see the model before buying it. Positive for Tata Motors.

Reliance gains as management guides for EBITDA of over $11 bn by FY21
Reliance Industries: In the analyst meet, management has guided for EBITDA of over $11 bn by FY21 (margins of 50%) for JIO, much ahead of street estimates, positive read-thru
The stock is currently trading at Rs1275.70 up by 3.23% on NSE so far.
Meanwhile, the promoter group companies of Reliance Industries proposes to restructure their holding in RIL through internal transfer of shares among promoter group entities.
There will be transfer of 36.7% stake at a price of Rs1100.78/sh (11% down from previous close). The proposed internal transfer of shares will not change promoter group holding in RIL.

Raymond drops on misappropriation of capital allegation
Shares of Raymond dropped 4% to Rs584.50 on NSE as the company is again in news for misappropriation of capital allegation raised by minority shareholder.
The expenditure on luxury items assumed to be used by promoters is charged to company accounts as per the media reports

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