Dr. Reddy's, Vedanta in focus on Sensex rejig

The S&P BSE Sensex will be reconstituted today, 18 June 2018. As a part of the rejig, Vedanta will replace Dr Reddy's Laboratories in the Sensex pack. Any change in index weights can result in portfolio churns for major funds.

Dr. Reddy's Laboratories announced that following the launch of its generic Buprenorphine and Naloxone Sublingual Film in the US Market, the US District Court for the District of New Jersey has received and reviewed an emergency application from the plaintiffs in the current patent litigation for a temporary restraining order and preliminary injunction against Dr. Reddy's Laboratories. The announcement was made on Saturday, 16 June 2018.

Pending a hearing and decision on the injunction application, the court has issued a temporary restraining order against Dr. Reddy's with respect to further sales and commercialization of Buprenorphine and Naloxone Sublingual Film within the U.S. The court order does not include a prohibition on commercial manufacturing of the product. The plaintiffs will be required to post a bond or other security totaling $18 million (USO) to satisfy any losses or damages incurred by Dr. Reddy's during the period of the temporary restraining order. The court has scheduled an expedited hearing of the preliminary injunction for Thursday, June 28, and a ruling is expected soon thereafter. The proceeding only involves one patent. Dr. Reddy's remains confident in its legal positions on this patent and believes it will prevail on the issues raised with respect to the application for injunction.

Panacea Biotec along with its partner, Apotex Inc. and Apotex Corp. (Apotex) have entered into a settlement agreement dated 13 June 2018, with Celgene Corporation, a global biopharmaceutical company headquartered in USA and its subsidiary Abraxis BioScience, LLC, for settlement of disputes regarding patents covering Abraxane drug product and the company's Abbreviated New Drug Application (ANDA) for paclitaxel protein bound particles for injectable suspension, 100mg/vial, a generic version of Abraxane. The announcement was made after market hours on Friday, 15 June 2018.

PNC Infratech announced the decision of UP Government to re-invite bids for Purvanchal Expressway. The company has earlier informed on 24 May 2018 that it was declared as L1 (lowest) bidder for the 4th package of the Purvanchal Expressway Project on EPC basis for a quoted price of Rs 1738.44 crore, which now stands cancelled. The announcement was made after market hours on Friday, 15 June 2018.

Kanoria Chemicals & Industries is setting up a Formaldehyde plant with a capacity of 1,00,000 TPA at Naidupeta, District Nellore in Andhra Pradesh. The company has received the Environmental Clearance for the same from the Ministry of Environment, Forests & Climate Change, Government of India. The announcement was made after market hours on Friday, 15 June 2018.

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