• Cipla and Serum Institute enter in to agreement
Cipla has signed an agreement with Serum Institute of India (SII) to exclusively market flu vaccine Nasovac-S in India. Under this agreement, SII will develop and manufacture the vaccine, and Cipla will exclusively market it in India. The vaccine will be manufactured in Serum’s world class production facilities approved by the WHO. Earlier, Serum Institute entered in to agreement with Cipla to market vaccines in European markets.
• Chery JLR cuts April-June quarter sales target by 10-20%
As per media reports, JLR’s China joint venture i.e Chery JLR has cut April-June quarter sales target (primarily for Range Rover Evoque) by 10-20%. They have cited pressure on dealers as the reason for the cut. Negative for Tata Motors.
• Claris Life Science receives Form-483 on injectible facility
As per media report, Claris Life Science’s only USFDA approved facility underwent USFDA inspection between May 4 and 11.The facility has received a 483 observation letter, from USFDA containing five observations. This is big negative for the company, especially because the company was planning to sell this facility and companies like Lupin, Cadila Health etc were in race to acquire it.
•ITC: Chandigarh bans sale of loose cigarettes
The Chandigarh Administration has imposed a ban on sale of loose cigarettes, and other tobacco products that do not carry specified health warnings on it. The ban has been imposed in public interest with immediate effect. As highlighted in the ITC Q4FY2015 stock update report, we believe the overhang would continue to pressurize cigarette volume performance. We have Hold rating on the stock.
• Vedanta to buy up 5.33% stake in Cairn India
Vedanta, earlier known as Sesa Sterlite will be buying up to 5.33% stake in oil subsidiary Cairn India for a market price of Rs220.40 per share on June 3 (at a 15% premium to CMP Rs192).
• Arvind to introduce First Gap Store in India
Arvind Lifestyle Brands, a subsidiary of the Arvind, has annouced that, Arvind to launch first Gap Store in India on May 30, 2015 - First store to open in New Delhi at Select CITYWALK.
• RBI hikes FII investment limit in Gammon Infra to 49%
Reserve Bank of India (RBI) has increased foreign institutional investors' ( FIIs) investment limit in Gammon Infrastructure Projects to 49% of its paid-up capital. 'The FIIs/Registered Foreign Portfolios Investors ( RFPIs) can now invest up to 49% of the paid up capital of Gammon Infrastructure Projects under the Portfolio Investment Scheme (PIS),' RBI said.
• Tata Chemicals key take way of concall
Tata Chemicals key take way of concall: Organic chemicals profitability likely to remain stable, urea to improve post policy .Fertilizer subsidy of Rs1900 crore pending with government (pending subsidy is key issue for the sector). Net debt Rs6909 crore vs Rs6633 and cost of debt is 11%. Tata chemicals soda ash plant in North America is book for the year because of strong demand across the segment. Pricing of soda ash is strong in North America.
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