TOP CORPORATE NEWS:- 13 Dec 2017

top corporate news
TOP Headlines Of The Day:- 13 Dec 2017

Orchid Pharma surges 5% on USFDA approval for anti-psychotic drug
Cement companies rejoice in lifting of ban from usage of pet coke
Dredging Corporation gains after signing MoU with NHAI
Canara Bank to raise funds up to Rs1800cr
Neuland Laboratories acquires Arch Pharma Labs
Dr. Reddy’s gets USFDA nod for melphalan hydrochloride

Orchid Pharma surges 5% on USFDA approval for anti-psychotic drug
Chennai based Orchid Pharma Limited (Orchid), received ANDA (Abbreviated New Drug Application) approval from the United States Food and Drug Administration (USFDA) for anti-psychotic drug Aripiprazole orally disintegrating tablets. This was announced by the company to stock exchanges on December 13, 2017.
Orchid has a presence across segments like anti-infectives, anti-inflammatory, a central nervous system (CNS), cardiovascular segment (CVS), nutraceuticals and other oral and sterile products. Its pharmaceutical solutions include active pharmaceutical ingredients (API), finished dosage forms, new drug discovery (NDD), novel drug delivery systems (NDDS) and contract research and manufacturing services (CRAMS).

Cement companies rejoice on lifting of ban from usage of pet coke
Supreme Court has allowed the cement companies to use pet coke in today’s review. This move by SC will be welcomed by the cement companies, primarily, Shree Cement, JK Cement, JK Lakshmi Cement and Mangalam Cement, which were impacted the most post the ban declared on November 17, 2017.
Major cement stocks have already rallied and are trading higher following the announcement, JK Cement (+4.4%), Shree Cement (+3.2%), JK Lakshmi (+3%), India Cement (+2.7%), Mangalam Cement (2.5%), UltraTech Cement (2.2%), Ambuja (+2%), ACC (+1%).

Dredging Corporation gains after signing MoU with NHAI
Shares of Dredging Corporation of India (DCI) gained by 2% to Rs660 after the company signed an MoU with National Highways Authority of India (NHAI) for facilitating the supply of sand for highways construction work. Concessionaires working on highways projects have been facing a shortage of sand at many sites. The MoU aims to fill this gap by facilitating the availability of sand for these concessionaires.
DCI intends to do dredging operations at locations in South East Asia, generating large volumes of sand. This dredging will be done for the purpose of obtaining sand.
As per the MoU, business intermediaries will ship and store this sand at various ports in India and market it in India. NHAI will facilitate the process by displaying the availability of sand at various stockyards at the ports.

Canara Bank to raise funds up to Rs1800cr
Canara Bank has received an approval to raise capital funds through Additional Tier I instruments (AT-I Bonds) in rupee terms domestically for an amount not exceeding Rs1800cr in single or multiple tranches to maintain healthy CRAR during the current year. The Board of the company vide its order dated December 12, 2017 has permitted for the same.
The fundraising would act positively for the bank as it would aid it in improve its capital adequacy ratio, which in turn would partly fund its future loan growth besides help it to provide for its bad loans.

Neuland Laboratories acquires Arch Pharma Labs
Neuland Laboratories has informed the exchanges that the company completed the acquisition of Arch Pharma Labs Ltd located near Hyderabad on December 13, 2017.
The facility of Arch Pharma Labs is spread across approximately 12 acres and has a capacity of about 197 KL. It was inspected by the USFDA in 2015.
It is a multi-product facility and has five production blocks for advance intermediate and active pharma ingredients (API) manufacturing. It also has capabilities for on-site development, analytical method development, quality control laboratory and a pilot plant.
The acquisition of Arch Pharma Labs will provide operational flexibility and would help Neuland Laboratories meet its growth aspirations.

Dr. Reddy’s gets USFDA nod for melphalan hydrochloride
Dr. Reddy’s Laboratories has received USFDA’s approval for melphalan hydrochloride generic drug. The stock reacted positively to the news as it will consolidate Dr. Reddy’s position in the US generic market and improve its US Sales.
Further, its generic drug Doxil and Renvela are expected to contribute fully from 3QFY18E onwards, which should lead to sequential improvement in the US business going forward. Resolution of manufacturing compliance issues remains the number one priority for the company.

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