Sun Pharma may gain after announcing buyback of shares

Sun Pharmaceutical Industries announced after market hours yesterday, 23 June 2016, that its board approved buyback of the company's equity shares. The company will buyback 75 lakh shares from the public at a price of Rs 900 each. The buyback price is 19.73% above the company's last traded price of Rs.751.70 on the BSE. The company said that the buyback aims to return surplus funds to shareholders and enhance overall returns for them. The record date for the buyback is 15 July 2016. Under Securities and Exchange Board of India (Sebi) guidelines, 15% of the buyback offer is reserved for small investors holding shares worth not more than Rs 2 lakh as on the record date.

State Bank of India (SBI) announced after market hours yesterday, 23 June 2016, that a meeting of the executive committee of the central board of the bank is scheduled to be held on 29 June 2016 at Mumbai. The committee will examine the status and decide on long term fund raising in single/multiple tranches up to $1500 million through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during the financial year 2016-2017.

Sector specific action could be witnessed after early results of Brexit referendum showed that the Britain is on its course to leave the European Union. IT, auto and steel sector could witness selling pressure as they derive good amount of revenue from the European Union.

Glenmark Pharmaceuticals announced before market hours today, 24 June 2016 that it has received tentative ANDA approval from the USFDA for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg.

Separately, Glenmark Pharmaceuticals announced it has received ANDA approval from the USFDA for Nystatin and Triamcinolone Acetonide Ointment USP, 100,000 units/1 mg per gram.

Omax Autos said that railway division of the company has secured order for supply of railway parts from Indian Railways for order value estimated between Rs 90-100 crore. Formal purchase order would be received by the company in due course of time, Omax Autos said. The announcement was made after market hours yesterday, 23 June 2016.

Ruchira Papers said that the credit rating of the company has been upgraded from CARE BBB- (TRIPLE B -) to CARE BBB (TRIPLE B) assigned to Long term facilities and CARE BBB/CARE A3+(TRIPLE B/ A THREE PLUS) assigned to short term facilities of the company. The announcement was made after market hours yesterday, 23 June 2016.

Shilpa Medicare said that a meeting of the board of directors of the company will be held on 27 June 2016, to consider a proposal of merger of Navya Boilogicals with the company. Navya Biologicals (NBPL) is a company incorporated under the Companies Act, is engaged on research and development activities in the field of biologicals. NBPL has specifically been in the development of bio-similars and product process technologies. The announcement was made after market hours yesterday, 23 June 2016.

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