TOP CORPORATE NEWS: 22, June 2017

Corporate News

TOP HEADLINES: 22, June 2017

•Grasim surges on approval for demerger with ABFSL
•PVR to invest Rs1, 000 crore to open 400 screens by 2020
•Alembic Pharma gets USFDA nod for Amantadine hydrochloride capsules
•Lupin drops as Pithampur plant gets 6 observations
•Prism Cement strengthens after JV completes expansion

Grasim surges on approval for demerger with ABFSL
Grasim Industries: The Merger committee of the board of directors of Grasim and that of Aditya Birla Financial Services have approved of 4th July 2017 to be the effective date for the demerger of the financial services business of Grasim and transfer the same to ABFSL.

PVR to invest Rs1, 000 crore to open 400 screens by 2020
PVR Cinemas plans to invest Rs1, 000 crores to open 400 screens by 2020.
The expansion will focus more on tier-II and tier-III cities (screen will involve investment of Rs2.5crore per screen) – positive read through for
stock.

Alembic Pharma gets USFDA nod for Amantadine hydrochloride capsules
Alembic Pharmaceuticals has received approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Amantadine Hydrochloride Capsules, USP, 100 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product Symmetrel Capsules, 100 mg of Endo Pharmaceuticals Inc.
Amantadine Hydrochloride Capsules USP, 100 mg are indicated for the prophylaxis and treatment of signs and symptoms of infection caused by various strains of influenza A virus. The drug is also indicated in the treatment of parkinsonism and drug-induced extrapyramidal reactions.

Lupin drops as Pithampur plant gets 6 observations
Lupin in focus with shares trading over 2% down at Rs1070.60 on NSE after the media reports suggested that the company’s Pithampur plant (Unit 2 –
gets 6 observations & Unit 3 – gets 5 observation) gets a Form 483.
This is sentimentally negative for Lupin; Pithampur plant is one of the important plant as a company has filed oral contraceptives from this site.

Prism Cement strengthens after JV completes expansion
Prism Cement surged over 4% to Rs121.8, after the company said that a step-down joint venture of the company successfully completed the expansion at it is Dhruva plant.
Prism Cement said that Sanskar Ceramic (Sanskar), a step-down joint venture of the company has successfully completed the expansion of 4.2 million square meters
(MSM) per annum vitrified tiles capacity at its Dhuva plant, Morbi, Gujarat. The commercial production has commenced from June 21,
2017.
With this expansion, the company would be able to reduce outsourcing of vitrified tiles from third party sources and become more self-reliant. The a capacity of Sanskar now stands at 2.3 MSM of wall tiles and 4.2 MSM of Vitrified Tiles.

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