Sun Pharma in focus as Halol facility gets 8 USFDA observations

Sun Pharmaceutical Industries in an exchange filing after market hours on Friday, 13 December 2019, said that the US Food and Drug Administration (USFDA) conducted a Good Manufacturing Practices (GMP) inspection at the company's Halol facility in Gujarat from 3-13 December 2019. At the conclusion of the inspection, the agency issued a Form 483, with eight observations.

The company said it is preparing the response to the observations, which will be submitted to the USFDA within 15 business days. The firm is committed to addressing these observations promptly. The company remains committed to working closely with the USFDA and continues to enhance its GMP compliance on an ongoing basis, it said.

Reliance Industries (RIL)'s subsidiary, Reliance Strategic Business Ventures (RSBVL), acquired 57.18% equity stake in Asteria Aerospace for Rs 23.12 crore. RSBVL proposed to make a further investment of up to Rs 125 crore provided Asteria Aerospace achieves set milestones. The further investment is expected to be completed by December 2021. Post the further investment, RSBVL's shareholding will increase to 87.3% of the equity share capital of Asteria. Asteria Aerospace is a full-stack drone technology company with in-house drone manufacturing capabilities and also offers software solutions to provide actionable insights from aerial data, intending to deliver "drone-as-a-service" digital platform. The announcement was made after trading hours on Friday, 13 December 2019.

Adani Ports & Special Economic Zone incorporated a wholly-owned subsidiary, Adani Pipelines, on 12 December 2019 and it is yet to commence its business operations. Adani Pipelines was incorporated as a wholly owned subsidiary of the company for carrying out business of transportation of crude, oil, gas, petroleum products through rail, road pipeline, sea, waterways & other related activities. The announcement was made after market hours on Friday, 13 December 2019.

Adani Transmission (ATL) has received the Letter of Intent (LOI) from Maharashtra State Electricity Transmission Company (MSETCL) to build, own, operate and maintain a transmission project in Maharashtra for a period of 35 years. This will be first ever 400 kilovolt (kV) substation facility in the city of Mumbai, the company said in an exchange filing made on Saturday, 14 December 2019.

Future Retail announced that Brickwork Ratings India's rating for commercial paper (proposed) has been reaffirmed as BWR A1+ and for non-convertible debentures (NCDs) (proposed) has been reaffirmed at BWR AA with change in outlook from stable to negative. The announcement was made after market hours on Friday, 13 December 2019.

Punjab National Bank (PNB) said that the bank under-reported its non-performing assets by Rs 2617 crore for the year ended 31 March 2019. The announcement was made on Saturday, 14 December 2019.

Aster DM Healthcare said after market hours on Friday, 13 December 2019 that its subsidiary operated three clinics in Philippines. The clinics were loss-making hence the company decided to close its operations in Philippines. It is estimated to close the operations of all the clinics by 31 December 2019.

Granules India has entered into an agreement with Hubei Biocause Heilen Pharmaceutical Co., joint venture partner, for sale of 3.30 crore equity shares of 1 renminbi (RMB) each fully paid-up held by the company in Granules-Biocause Pharmaceutical Co. for a consideration of RMB 109 million. Conclusion of this transaction is subject to fulfillment of certain closing conditions as well as applicable regulatory approvals. The announcement was made after market hours on Friday, 13 December 2019.

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