Lupin in focus after getting OAI letter from USFDA for MP plant

Lupin has received a letter from the US Food and Drug Administration (USFDA) classifying the inspection conducted at the company's Mandideep (Unit 1) facility in December 2018 as 'Official Action Indicated' (OAI). The USFDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.

There are no new drug master files (DMF) and Abbreviated New Drug Applications (ANDA) pending review or approval from the Mandideep (Unit 1) facility and the company does not believe that this classification will have an impact on disruption of supplies or the existing revenues from operations of this facility. The company is in the process of sending further updates of its corrective actions to the USFDA and remains hopeful of a positive outcome. The announcement was made after market hours yesterday, 13 March 2019.

Sun Pharmaceutical Industries said that its wholly owned subsidiary has increased its shareholding in PJSC Biosintez, Russia, by purchasing 33,958 shares (30221 ordinary shares and 3737 preferred shares) equivalent to 11.86% of PJSC Biosintez under mandatory tender offer. Post completion of this purchase of shares, the total holding of wholly owned subsidiary company increased from 85.10% to 96.96% in PJSC Biosintez. The announcement was made after market hours yesterday, 13 March 2019.

Alembic Pharmaceuticals announced that a meeting of the NCD committee of the company will be held on Tuesday, 19 March 2019, to consider allotment of unsecured listed redeemable non-convertible debentures (NCDs) of upto Rs 150 crore on private placement basis under tranche III. The announcement was made after market hours yesterday, 13 March 2019.

Bajaj Consumer Care said it has engaged the services of Bain & Company. Bain, the renowned global management consultant, has helped many FMCG companies in India develop and execute winning strategies to grow their businesses. Bain will help the company in formulating a front-end strategy for growth and also help in implementing it. The announcement was made after market hours yesterday, 13 March 2019.

GE T&D India announced that it has been awarded a technology-driven grid modernization project by Rajasthan Rajya Vidyut Prasaran Nigam (RRVPL), as part of the utility's roadmap to implement grid initiatives and augmenting renewable energy in the state. Smart Transmission Network and Asset Management System (STNAMS), RRVPL's state-of-the-art power transmission roadmap, was designed to integrate large-scale renewable energy and support managing existing and future power structure. GE's Advanced Energy Management System (AEMS) will serve as a foundation for RRVPL's roadmap and enable the utility to alter production levels based on demand. The announcement was made after market hours yesterday, 13 March 2019.

Star Cement has received Rs 115.18 crore towards its freight subsidy claims from the Central Government and a further amount of Rs 42.55 crore is expected to be received within a week's time. The announcement was made after market hours yesterday, 13 March 2019.

HCL Technologies (HCL), a leading global technology company, announced the acquisition of Strong-Bridge Envision (SBE), a digital transformation consulting firm with offices in Seattle, Denver, Atlanta, and New York City. With this acquisition, SBE will become part of HCL's global Digital and Analytics business (HCL Mode 2 services). Strong-Bridge Envision, headquartered in Seattle, WA, is a digital consulting firm specializing in customer experience strategy, business transformation, and change management. The announcement was made after market hours yesterday, 13 March 2019.

Wipro will be watched. Azim Premji, chairman of Azim Premji Foundation, announced after market hours yesterday, 13 March 2019, that he has increased his commitment to philanthropy, by irrevocably renouncing more of his personal assets and earmarking them to the endowment, which supports the foundation's philanthropic activities. He has done this by additionally earmarking all economic benefits for philanthropic purposes, in approximately 34% of the shares in Wipro (current market value Rs 52,750 crore/$7.5 billion), held by certain entities controlled by him. This action is in addition to his earlier donations to philanthropy, which included Wipro's shares, as well as other assets owned by him. With this action, the total value of the philanthropic endowment corpus contributed by Premji is Rs 1,45,000 crore ($21 billion), which includes 67% of economic ownership of Wipro.

Powered by Capital Market - Live News