Capitalstars Updates: Top Corporate News :- 26 Feb 2018

top corporate news

Top Headlines Of The Day:- 26 Feb 2018

Sterlite Tech zooms 7% on bagging Rs3, 500cr order from Indian Navy
Dr. Reddy’s receives unfavorable EIR for its Srikakulam plant
Hindustan Zinc to commission two mills with joint capacity of 3mn tonnes for Rs600cr
Jindal Steel planning to open 1mtpa iron ore mine in Namibia
Lupin launches generic Axiron topical solution in the US

Sterlite Tech zooms 7% on bagging Rs3, 500cr order from Indian Navy
Sterlite Technologies Ltd. has won an order to design, build and manage the Indian Navy’s communications network. The order is of great significance as this is the first time that an integrated naval communications network at such a scale is being built in India. The scope requires Sterlite Tech to also manage the communications network for over a decade through its system integration capabilities. The company is of the opinion that its experience with creating an intrusion-proof communication network for the Indian Army in Jammu & Kashmir will be leveraged for the Navy’s communications network.
Out of Rs3,500cr, 75% of the order value is to build the network and 25% for maintenance of the order. The order is likely to be executed over a period of 3-4 years. The current order book of the company is ~Rs4,600cr. This order, once finalized, will boost the order book significantly to ~Rs8,100cr.

Dr. Reddy’s receives unfavorable EIR for its Srikakulam plant
Dr. Reddy’s has announced that the company has received an unfavorable Established Inspection Report (EIR) for its API facility in Srikakulam. The EIR mentions of OAI (official action indicated) meaning that company will have to provide more details to the USFDA. This means that the plant will continue to remain under the warning letter and one has to see the next course of the action by USFDA.
The OAI is issued when there are objectionable conditions found at the manufacturing facility.
The company has indicated that the company continues to market drugs in the US markets despite the warning letter, however, it has implications for the future drug approvals. Srikakulam plant has two dosages i.e. oral solid and topicals. The company has launched gRenvela from this site while gCopaxone has also been filed from this site.

Hindustan Zinc to commission two mills with joint capacity of 3mn tonnes for Rs600cr
Hindustan Zinc Ltd (HZL) is set to commission two new ore treatment mills in Rajasthan with a total capacity of 3mn tonnes, as per media reports. The total investment for the new mills stands at ~Rs600cr. The commissioning of the new mills will increase the ore treatment capacity of the company from 14.5mn tonnes to 17.5mn tonnes. This decision is part of a medium-term goal to increase metal production to 1.5mn tonnes from 1.2mn tonnes at present.
The management of the company expects the new mills to be commissioned by Q3FY19. The first mill would be commissioned at Zawar mines, while the second mill would be commissioned at Sindesar Khurd mine. Both new mills would have a treatment capacity of 1.5mn tonnes each. Zawar’s current ore treatment capacity stands at 2.5mn tonnes and would expand to 4mn tonnes. The Sindesar Khurd mine’s current ore treatment capacity stands at 4.5mn tonnes, which would increase to 6mn tonnes after commissioning of the mill.

Jindal Steel planning to open 1mtpa iron ore mine in Namibia
Jindal Steel and Power Ltd (JSPL) is planning on setting up an iron ore mine in Namibia. The mine is expected to have a production capacity of 1mtpa with the potential to increase production to 10mtpa, according to media reports. The mine is expected to have a potential lifespan of 40 years. The grade of the iron ore is estimated at ~70% iron. The project would also have an estimated power demand of 15 MW and would be sourced from local power producers.
This potential development is a positive for the long-term raw material security for JSPL. At present, the company has a domestic iron ore mining capacity of 3.11mtpa. This new iron ore capacity gives significant scope for cost reduction for the company, with the high grade of the iron ore (~70%) being an added bonus. Domestic iron ore producer NMDC typically produces iron ore at ~66% iron content.

Lupin launches generic Axiron topical solution in the US
Pharma major Lupin announced the launch of its Testosterone Topical Solution, 30 mg per actuation having received an approval from the United States Food and Drug Administration (FDA) earlier.
Lupin’s Testosterone Topical Solution, 30 mg per actuation is the generic equivalent of Eli Li lly and Company’s Axiron Topical Solution, 30 mg per actuation. It is indicated for replacement therapy in males for conditions associated with a deficiency or absence of endogenous testosterone.
Testosterone Topical Solution, 30 mg per actuation had annual sales of approximately $179 million in the US (IQVIA MAT December 2017).

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