M&M surges after Feb 2016 sales up 15.7% YoY
Shares of Mahindra & Mahindra surged over 3% to Rs1268 on NSE post February 2016 Auto division sales which came up by 15.7% YoY to 44,002 units. Mahindra & Mahindra automotive division volumes in February 2016 were up 15.7% YoY to 44,002 units. The utility vehicles segment volumes were up 27 % YoY to 22,612 units.
Axis Bank rises on buying 4.99% stake in Max Life Insurance
Max Financial Services & Mitsui Sumitomo sells 4.99% stake in Max Life to Axis Bank
Max Financial Services and MSI have collectively sold 9.5 crore or 4.99% equity stake, in Max life (MLIC) to Axis Bank for a cash consideration of Rs10 per share (95.75 crore).
Post the transaction Max Financial Services holds 68% stake in Max Life followed by 25% stake by Mitsui Sumitomo, and 6% by Axis Bank.
Maruti Suzuki spurts post February 2016 volumes
Shares of Maruti Suzuki surged over 6% to Rs3240 on NSE post February 2016 volumes which wer down by 0.9% YoY to 117,451 units but the domestic sales grew marginally which were in line with our estimates.Maruti Suzuki reported a decline of 0.9% YoY in dispatches for the month of February to 117,451 units. Domestic volumes grew marginally by 0.2% YoY to 108,115 units, despite a shutdowns at both the plants.
Aurobindo Pharma bags approval for Acetylcysteine Injection
Leading pharma company, Aurobindo Pharma Limited has said that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Acetylcysteine Injection, 6g/30 mL (200 mg/mL) single-dose vials.
The product is expected to be launched in Q1 FY16-17. The approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Acetadote® Injection, 6 g/30 mL, of Cumberland Pharmaceuticals, Inc.
BEML jumps on Rs900 crore Kolkata Metro order
Shares of BEML jumped over 3% to Rs976 on NSE on back of reports that the company has bagged a order valued at Rs900 crore for the supply of Metro Coaches to Kolkata East-West Metro Line-positive.
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