Weekly Sector Updates from SMC
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- Ajanta Pharma has cleared that there is no import alert by the USFDA on the company's manufacturing unit in Aurangabad and it continues to supply to the US market. There has been media reports saying the company has got import alert from US FDAfor its Paithan unit at Aurangabad.
- Biocon has bagged a MYR 300-million (about `460.5 crore) contract from the Ministry of Health, Malaysia, to supply recombinant human insulin formulations for a period of three years. The drug, manufactured by Biocon at its large scale biopharmaceutical facility in Johor, Malaysia, is the country's first locally manufactured biosimilar biologic product.
- Natco Pharma said the US health regulator has made six observations after the completion of inspection of its Kothur formulation facility in Telangana. The United States Food and Drug Administration (USFDA) had inspected the Kothur formulation facility between January 16-24, 2017. The company, however, added that all observations are correctable and procedural and it believes are minor in nature.
- Suven Life Sciences has been granted a patent by Australia for a drug used in the treatment of neuro-degenerative diseases. The patent is valid till 2033, with this new patent, Suven has a total of 25 granted patents from Australia.
- Cyient has confirmed that its subsidiary has signed a definitive agreement to acquire 100 per cent equity in the US-based Certon Software Inc. in an allcash deal, the transaction will further strengthen the automation in its key vertical Aerospace and Defence in line with strategy for growth.
- Tata Motors launched a fully electric bus and a hybrid one, with indicative prices ranging between 1.6 crore and 2 crore. The company, which is leader in the commercial vehicles space in the country with a market share of around 45 per cent, also showcased its LNG powered bus.
- Suzlon Group has bagged orders to supply and install wind turbines totalling 50.40 mw for a Gujarat project, the company said in a statement. The company did not disclose the name of the client but said it is a repeat order from a “leading utility”. The project would be located in Kutch and is scheduled to be completed by March 2017.
Metal & Mining
- Steel Authority of India Limited (SAIL) had increased its rail production capacity to 2 million tonne per annum (mtpa). The development is significant as it would help the country's largest integrated steel maker to meet the demand of Indian Railways (IR) besides upgrading its export portfolio. The IR had been procuring rails only from the SAIL though private steel makers were also in the race for supply.
- Reliance Industries is in talks to raise as much as $2.25 billion ( 15,300 crore) in what could be one of the biggest offshore debt issues by an Indian corporate as the energy-to-retail conglomerate seeks to replace existing high-cost borrowings as well as build a war chest for its aggressive expansion strategy in telecom.
- Bharti Airtel is in talks with rival Millicom International Cellular for a possible merger in Ghana, as India's No. 1 telecom operator, embroiled in a brutal tariff war in its home market, tries to find ways to improve operations in Africa where it has yet to make a profit since entering the continent in 2010.
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