Capitalstars Updates: Top Corporate News :- 2 Feb 2018

top corporate news

Top Headlines Of The Day:- 2 Feb 2018

Hero MotoCorp stock down more than 3% despite robust 32% yoy volume growth in January 2018
Lupin launches generic Clobex Lotion in the US
Dr. Reddy’s launches gXenazine
PC Jeweller recovered after seeing 60% intraday price fall
L&T Construction wins orders worth Rs2, 275cr

 

Hero MotoCorp stock down more than 3% despite robust 32% yoy volume growth in January 2018
Hero MotoCorp Limited (HMCL), the world’s largest two-wheeler manufacturer, reported sales of 6, 41,501 units for the month of January 2018 against 4, 87,088 units in January 2017, and growth of 32% yoy. Sales volumes were 33% higher compared to December 2017 sales of 4, 72,731 units.
For Q2FY18, Motorcycles comprised 88% of total volumes and Scooters 12%. The company is largest seller of Motorcycles in India; however, it stands at 3rd position in scooters — after Honda Motorcycles and Scooters and TVS Motor Company. Exports comprise only 2.3% of total volumes. Despite Hero being a late entrant into the export market, it plans to double the number of countries that it exports to, from 20 to 40 over next few years. The very size of 2W markets in developing countries presents a huge growth opportunity for Hero.

Lupin launches generic Clobex Lotion in the US
Pharma major Lupin announced the launch of its Clobetasol Propionate Lotion 0.05% having received an approval from the United States Food and Drug Administration (FDA) earlier.
Clobetasol Propionate Lotion 0.05% had annual sales of approximately USD 12.6 million in the US (IQVIA MAT December 2017).

Dr Reddy’s launches gXenazine
Dr. Reddy’s has reported that it has launched Tetrabenazine (gXenazine) tablets in the US market. The launch is in the strengths 12.5mg and 25mg. Xenazine is a brand marketed by Valeant Pharma. Tetrabenazine (including brand Xenazine) reported sales of $322mn in 2017 as per IMS data.
More than five companies already have the approval to Tetrabenazine ANDA including companies like Sun Pharma.
Considering that this is a small drug and already has several generic players, this is not a significant opportunity for Dr. Reddy’s Laboratories.

PC Jeweller recovered after seeing 60% intraday price fall
PC Jeweller Ltd (PCJ) slipped almost 60% intraday, saw the biggest ever fall since listing. The stock fell as investors feared on the back of the share price movement in the Vakrangee. As per media reports, Vakrangee has come under SEBI’s investigation for alleged price and volume manipulation of its own stock on BSE and NSE. On January 25, 2018, Vakrangee Ltd, a banking and financial services provider purchased 20 lakh shares of PCJ for ~Rs112cr through an open market transaction. The shares were acquired at an average price of Rs561.71. The shares amounted to ~0.51% stake in the company.
However, the stock soon recovered from the day’s low after Sanjeev Bhatia, Chief Financial Officer (CFO), PCJ, said in an interview on CNBC-TV18 “This is more of a panic reaction. The company remains very strong on fundamentals and our expansion plans are on track and as planned. Further, we have no business agreement with Vakrangee and none of our promoters have sold any stake in the firm.”

L&T Construction wins orders worth Rs2, 275cr
The construction arm of Larsen & Toubro has won orders worth Rs2, 275cr across the following business segments:
Water & Effluent Treatment business has won orders worth Rs1, 255cr.
Power Transmission & Distribution business has bagged major solar engineering procurement construction orders worth Rs590cr.
Buildings & Factories business has won an order worth Rs430cr.

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