Sugar sector likely to reel under pain as CCEA plans to increase sugarcane FRP
The Cabinet Committee on Economic Affairs (CCEA) is scheduled to meet today and is likely to consider a proposal to fix the Fair and Remunerative Price (FRP) for 2018-19 crop year. The expectation is that the cabinet would announce Rs20 hike in the sugarcane FRP to Rs275 per quintal required to be paid by sugar mills to cane growers.
The government recently also announced an increase in the minimum support price (MSP) of kharif crops including paddy. The current FRP stands at Rs255 per quintal for 2017-18 crop season.
Government approves Rs11,336cr capital infusion in five PSU Banks
The Finance Ministry yesterday approved infusion of Rs11,336cr in five state-owned lenders including PNB, Corporation Bank and Andhra Bank to help them meet regulatory capital requirements. The infusion would be part of remaining Rs65,000cr out of Rs 2.11 lakh cr capital infusion over two financial years. This is positive move for these state owned banks, and was due for this fiscal year. It shows the commitment of the government to improve the financial health of the state owned banks. The stocks to trade with positive bias today.
Sun Pharma gets first approval from Halol facility post EIR
Sun Pharmaceutical Industries announced that it has received final USFDA approval Infugem IV for intravenous use in a ready-to-administer (RTA) bag. This is the first USFDA product approval from Sun Pharma’s Halol facility after it recieved an Establishment Inspection Report (EIR) in June 2018.
Infugem (gemcitabine in 0.9% sodium chloride injection) 10 mg/mL is an oncology product. It uses a proprietary technology, which allows cytotoxic oncology products to be premixed in a sterile environment and supplied to the prescribers in RTA infusion bags.
Mylan signs agreement with AbbVie, will it be positive for Biocon?
Mylan has announced that it has entered in a patent license agreement with AbbVie over Mylan’s proposed Humira biosimilar. As per the agreement, AbbVie will grant Mylan exclusive licences on Humira’s intellectual properties on July 31, 2023 in the United States and various other countries but excluding Europe. Humira (Adalimumab) is a biologic drug which is indicated in the treatment of rheumatoid arthritis and Crohn’s disease. Humira reported sales of $18.4bn in 2017 and is bestselling drug in the world at the moment.
Ashok Leyland plunges more than 14% in intraday trade on truck axle loading concerns
India’s largest pure play listed commercial vehicle (CV) maker, Ashok Leyland Limited (ALL) plunged more than 14% in intraday trade today owing to concerns surrounding axle loading norms. The Ministry of Road Transport and Highways recently notified norms allowing for higher loading of trucks and trailers. This led to concerns that it would weaken demand for trucks and trailers, since a single truck could now carry more load. However, a large proportion (~40% as per industry sources) of trucks are already being overloaded, flouting existing loading norms. Hence, the blow could get softened, since trucks were anyway carrying that much load.
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