• Cipla rises on USFDA approval for innovative AIDS drug
Shares of Cipla rose 1% to Rs639 on NSE as the company has received USFDA approval for an innovative formulation — Lopinavir/ ritonavir (LPV/r) 40mg/ 10 mg oral pellets — for paediatric specific treatment for infants. Cipla has been developing this drug in collaboration with UK based research houses for many years and this drug has been approved by USFDA under the President’s Emergency Plan for AIDS Relief (PEPFAR) program.
• Jaypee group to divest Rs22,000 crore assets
As per media reports, Jaypee Group has initiated steps for disinvestment of assets of over Rs22,000 crore which are either being successfully concluded or are on the track and to be completed by September 2015.
The company further alleged that some unscrupulous elements are at play planting fabricated stories about the group ranging from share revocation, defaults in repayment obligations, etc
• Oil marketing space to witness differential pricing
Oil marketing space to witness differential pricing; pricing competition may emerge in future .The established oil marketing companies (IOC/HPCL/BPCL) are considering a differential pricing option in the wake of increasing competition, as new entrants like Mangalore Refinery and Petrochemicals Ltd (MRPL) are coming with competitive pricing strategy.
• S&P cuts Bank of India's credit profile rating
Rating company Standard and Poor's has cut Bank of India's standalone credit profile grade by one notch to BB+ from BBB- earlier. S&P expects Bank of India's asset quality to remain weak over the next 12 months, while its sizable exposure to the infrastructure and metal sectors is seen as high risk as those sectors are yet to come out of the woods.
• PFS gains on raising Rs213.5 crore via NCDs
Shares of PFS gained over 2% to Rs40.95 on NSE in otherwise weak markets as the company raises Rs213.5 crore via NCDs from IFC which is sentimentally positive.PFS has raised Rs213.5 crore through issuance of Non-Convertible Debentures (NCDs) which are redeemable over a period of 10 years. The issue has been fully subscribed by International Finance Corporation ( IFC). Since the NCDs will augment the long term resources of the company and will help in lowering the cost of funds and hence margin accretive.
• SBI associate Banks protest against merger
SBI associate Banks protest against merger – sentimentally negative for SBI. Bank unions of SBI Associate Banks have called for a nationwide strike on June 24n an attempt to block future attempts to merge SBI and its subsidiaries. They are demanding that associate banks be delinked from the SBI Act and allowed to function under the Banking Regulation Act. The protests could potentially delay and increase the cost of merger of its associate banks which is negative for the stock.
• Bayer Crop Science gains on plans to purchase 12.6 lakh shares
Shares of Bayer Crop Science surged 2% to Rs3792 on the National Stock Exchange (NSE) after the company's board of directors approved a share buyback proposal on a proportionate basis from shareholders of the company. The stock opened at Rs3806, touched a high of Rs3839.95 on the NSE. The Company announced a buyback proposal to purchase 12.6 lakh shares (representing 3.45% of the total equity capital) at a price of Rs4000 per share aggregating to Rs506 crore. Current market price of the share is Rs3709 buyback price is 8% higher than current market price.
• Ministry asks RPower to cut production
Coal Ministry asks Reliance Power to cut production from Sasan’s coal mines; negative for Rpower .The Ministry of Coal has asked Reliance Power to revise the production plan from two mines allocated to the Sasan ultra mega power project to 16 million tonne per annum and present a new mining plan for the same. The mining plan for the two mines – Moher and Moher Amlohri Extn – is currently 20 million tonne per annum.
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