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Friday, July 31, 2015

TOP CORPORATE NEWS-31 July 2015

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Sun Pharma to seek USFDA approval for 2-3 innovative products
Sun Pharma, like most Indian companies, have been selling generic drugs (copies of innovative products of MNC pharma companies going off patent) in US. However, Sun Pharma is hinted that it is close to fling approvals for three New Chemical Entities (NCE) or innovative products developed by its subsidiary SPARC and are in final stages of clinical trials. This confirms progress made by SPARC and its benefits to Sun Pharma as its parent and manufacturing and marketing arm of the group.

Crompton gains on winning contract in Portugal
Shares of Crompton Greaves rose 2% to Rs186.40 on NSE as the company has won a contract to supply ZIV single phase smart metres to Energias de Portugal (EDP), one of the major European operators in the energy sector. Crompton Greaves deployment of over 3 million ZIV units worldwide. The company offers ZIV meters, data concentrator units (DCUs), distribution automation solutions (DAS) and Substation Automation Systems (SAS).

Government plans to infuse Rs 70,000 crore capital in 4 Years
Government will infuse Rs70,000 crore into PSU Banks (Rs25000 crore each in FY16, FY17 and 1000 crore each in FY18, FY19) with 40% of the allocations going to top 6 banks (SBI, BOB, PNB, BOI, Canara Bank, IDBI Bank). The government also expects banks to raise another Rs1.1 lakh crore from market. Given some clarity emerging on capital infusion front it is sentimentally positive for PSU banks.

Kotak Mahindra falls as Q1 asset quality worsens
Kotak Mahindra Bank's Q1FY16 consolidated PAT declined 26% to Rs516.6 crore though it was the first quarter of the bank, which included ING Vysya earnings post merger effective from April 2015. Sharp spike in provisions and lower other income dented profitability of Bank. Given weak results and rise in NPAs there could be some correction in near term and it can be accumulated on dips for medium to long term perspective (we do not have rating on the stock).

LIC cuts stake in Maruti Suzuki by 2.03%
Life Insurance Corporation ( LIC) has cut stake in Maruti Suzuki by 2.03%. LIC now holds 6.217% stake in Maruti.

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