TOP CORPORATE NEWS:- 20 Nov 2017

top corporate news
TOP Headlines Of The Day:- 20 Nov 2017

DCB Bank raises Rs 300 cr on private placement basis
Cipla receives final approval for Generic Dacogen
Biocon rallies 4% after Bengaluru unit gets cleared by US FDA
Moody’s assigns Baa2 to RIL’s proposed dollar-denominated bonds
Divi’s Lab seen up as USFDA clears Vizag Unit-II

DCB Bank raises Rs 300 cr on private placement basis
The Capital Raising Committee (CRC) of Board of Directors of DCB Bank, by a resolution passed in the meeting held on November 18, 2017 , as issued and allotted 30,000 Non-Convertible, Redeemable, Unsecured, Basel III Compliant Tier 2 Bonds, for inclusion in Tier 2 Capital of the Bank in the nature of debentures of the face value of Rs 1 lakh each (Bonds) at par aggregating to Rs 300 crore in dematerialized form to the identified
investor(s) on private placement basis with interest of 9.85% per annum for a period of 10 years from November 17, 2017 (the Deemed Date of Allotment).
This piece of news is positive for DCB Bank as it would strengthen the capital adequacy ratio of the bank which would aid it to expand its loan book going ahead. In addition it will also be able to comply with the new capital adequacy norms by FY19E.

Cipla receives final approval for Generic Dacogen
Cipla has announced that it has received final approval for its Abbreviated New Drug Application (ANDA) for Decitabine Injection 50 mg single-use sterile vial from the United States Food and Drug Administration (US FDA) to market a generic version of Otsuka America Pharmaceutical Inc.’s Dacogen.
The generic equivalent Decitabine Injection 50 mg/vial is indicated for the treatment of patients with myelodysplastic syndromes (MDS). The company citing IMS Health stated that Dacogen® and its generic equivalents had U.S. sales of approximately $180M for the 12-month period ending September 2017 and that the product is available for shipping immediately.

Biocon rallies 4% after Bengaluru unit gets cleared by US FDA
The US Food and Drug Administration (FDA) issued an Establishment Inspection Report (EIR) in relation to the inspection of Biocon’s Bengaluru unit.
The EIR stated the outcome of the inspection as “Voluntary action indicated” and that the inspection is closed.
The US FDA had previously issued a report in which they issued 10 observations on Biocon’s Bengaluru plant. This outcome is likely to have a positive impact on the stock of the company.

Moody’s assigns Baa2 to RIL’s proposed dollar-denominated bonds
Moody’s Investors Service has today assigned a Baa2 rating to the proposed USD-denominated senior unsecured bonds of Reliance Industries Ltd (RIL).
The outlook on the rating is stable. The bond proceeds will be used for refinancing. The proposed bond will rank pari passu with all of RIL’s other existing and future unsecured and unsubordinated obligations.
“RIL’s Baa2 ratings reflects the company’s strong ability to generate operating cash flows, with annual EBITDA exceeding $10 billion from its large-scale integrated refining and petrochemical operations which generate strong margins and the company’s nascent but growing digital services business.

Divi’s Lab seen up as USFDA clears Vizag Unit-II
Divi’s Laboratories is likely to witness positive traction in the stock as the US Food and Drug Administration has cleared the company’s unit-II in Vishakhapatnam, Andhra Pradesh.
The company’s unit-II was issued a warning letter and was subsequently placed under an import alert by the US drug regulator earlier this year.
The unit is an important facility for the company and makes high-value active pharmaceutical ingredients for the export market.

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