TOP CORPORATE NEWS:- 7 Jul 2017

Corporate News

TOP Headlines Of The Day :- 7 Jul 2017

Glenmark gains on USFDA nod for generic drug
Tata Chemical to start operations at Haldia plant
RBL Bank drops on reporting gross NPAs of Rs208.05 cr
Bharat Forge up after signing pact with Israeli firm
Unichem Lab gets USFDA approval for Quetiapine Fumarate Tablets
Emami sets up subsidiary in Sri Lanka to expand operations

Glenmark gains on USFDA nod for generic drug
Glenmark Pharmaceuticals has announced that Glenmark Pharmaceuticals Inc., USA was granted final approval by the United States Food & Drug Administration (USFDA) for Amlodipine and Olmesartan Medoxomil Tablets, 5 mg/20 mg, 5 mg/40 mg, 10 mg/20 mg, and 10 mg/40 mg, the generic version of Azor Tablets, 5 mg/20 mg, 5 mg/40 mg, 10 mg/20 mg, and 10 mg/40 mg, of Daiichi Sankyo, Inc.

RBL Bank drops on reporting gross NPAs of Rs208.05 cr
Shares of RBL Bank dropped 2% to Rs515.50 on NSE as the bank had reported gross NPAs of Rs208.05 crore as on 31 March 2016, while its gross NPAs as assessed by RBI stood at Rs547.35 crore, a divergence of Rs339 crore.
This is negative read thru for the bank, since RBL Bank had provided Rs83.61 crore for bad loans in FY17 so provisions pressure during subsequent quarters may rise.

Tata Chemical to start operations at Haldia plant
The Central Pollution Control Board has asked Tata Chemicals to resume commercial operations at Haldia plant.
The board had in March asked the company to shut plant operations at the said plant under section 5 of the Environment Protection Act, 1986.
The company has resumed operations at the plant today.

Unichem Lab gets USFDA approval for Quetiapine Fumarate Tablets
Unichem Lab gets USFDA approval for Quetiapine Fumarate Tablets, used to treat certain mental/mood conditions (such as schizophrenia, bipolar disorder, sudden episodes of mania or depression associated with bipolar disorder) – Positive for Unichem.

Bharat Forge up after signing pact with Israeli firm
Bharat Forge announced that its subsidiary, Kalyani Strategic Systems, and Israel Aerospace Industries have signed a new memorandum of understanding (MoU) addressed to expand the joint venture that the companies are establishing. The new MoU covers the establishment of a maintenance center for selected advanced air defense systems at Hyderabad in Telangana. The two companies have also agreed on expanding their joint operations for development, manufacturing, and marketing of precise ammunition systems. In February 2017, Israel Aerospace Industries has inked a MoU with Kalyani Strategic Systems (KSSL) on establishing a joint venture that will develop, build, market and manufacture selected Air Defence Systems and light-weight special purpose munitions, in accordance with the Indian Government’s ‘Make in India’ policy.

Emami sets up subsidiary in Sri Lanka to expand operations
Emami sets up subsidiary in Sri Lanka to expand operations of its international business in the sable economy – positive from long term perspective
Emami is planning to expand operations in Sri Lanka. In line with the strategy, the company has recently set up a wholly-owned Sri Lankan subsidiary Emami Indo Lanka (Pvt) Ltd in wake to expand its international operations in politically stable markets in the SAARC region including Nepal and Sri Lanka (especially after Middle East saw fall in performance in the recent times).

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