Lupin announced that it has received notification that the inspection carried out by the USFDA in April 2017 at its Aurangabad facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding USFDA inspections at Lupin's Aurangabad facility. The announcement was made after market hours yesterday, 21 August 2017.
ONGC said that the company's board of directors considered the proposal for acquisition of 51.11% of share of HPCL from the Government of India and given the 'in principle approval' for the same. Further, the board has constituted a Committee of Directors to examine various aspects of the proposal and to provide its recommendations to the board of directors. The announcement was made after market hours yesterday, 21 August 2017.
Biocon announced the transfer of the Biosimilars business of the company by way of a slump sale as going concern to Biocon Biologics, a step down subsidiary of the company. The announcement was made after market hours yesterday, 21 August 2017.
GTPL said that a special committee of the board of directors approved the acquisition of remaining 49% stake in GTPL Deesha Cable Net, making it a wholly owned subsidiary of the company. The announcement was made after market hours yesterday, 21 August 2017.
Aarti Drugs said that goods and services tax (GST) transition affected the domestic sales heavily in June quarter leading to decline in local sales to the extent of approximately 18%. However, there was good demand growth in export markets recording the volume growth of around 20.5% and the value growth of around 5.5% due to lower foreign exchange rate.
Consolidated profit after tax for the quarter ended June 2017 is Rs 11.38 crore and consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended June 2017 is Rs 35.46 crore. Despite of the lower profit due to GST transition impact, debt/equity ratio was maintained at 1.13 as of June 2017. Lower domestic sales affected the absolute gross contribution due to which operating margins were affected temporarily in this quarter.
The company is confident to face US Food and Drug Administration (USFDA) audit in recent future. Approvals for three of its products for European markets and marketing authorization of Zolpidem and Celecoxib tablets in UK and Ireland will positively impact the exports in future. The company has just commissioned centralized multiple effect evaporator systems to reduce the effluent streams, thus positively contributing towards the cleaner environment. The announcement was made after market hours yesterday, 21 August 2017.
Reliance Capital will be watched. Reliance Home Finance is proposed to be independently listed on stock exchange, subject to regulatory approvals. Nearly 1 million shareholders of Reliance Capital will be allotted one free share of Reliance Home Finance for every one share held in Reliance Capital. The announcement was made after market hours yesterday, 21 August 2017.
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