October 21, 2017

TOP CORPORATE NEWS
·         Kotak Mahindra Bank revises base rate
Kotak Mahindra Bank has reduced its base rate to 9.85% per annum from current level of 10% per annum with effect from April 16, 2015.
All categories of loan (other than the exceptions permitted by the Reserve Bank of India) will be priced with reference to the revised base rate.
·         Torrent Pharma gets USFDA’s tentative approvals for Crestor
Torrent Pharma has got USFDA’s tentative approvals for rosuvastatin calcium (generic version of Crestor), which is used to control cholesterol. Crestor generates an annual sales of US$ US$5bn and it is going to lose patent protection in February 2021. Most of the top generic players  (including Torrent Pharma) are under litigation with the innovator AstraZeneca, while challenging patent of Crestor. Torrent Pharma may be able to launch this product either on patent expiry or on court invalidating the patent.
·         Strides Arcolab gets USFDA’s approvals for laxative drugs
Strides Arcolab has got USFDA’s approval for Polyethylene Glycol 3350, Sodium Bicarbonate and Potassium Chloride for oral solutions. The drug is used for bowl cleansing prior to colonoscopy. The market size of the drug is US$20mn.
·         IMF, World Bank expects India’s GDP growth rate to surpass China
According to IMF and World Bank, India’s economic growth clip in 2015 and 2016 will be better than previously assumed and may overtake China to become the world’s fastest growing major economy.
The lead in terms of growth will increase further in 2016. This is positive for Indian economy and markets as higher growth expectations could attract higher investments from overseas investors.
·         March CPI Inflation drops to 5.17%
The CPI Inflation for March 2015 declined to 5.17%  Vs 5.37% MoM which was lower than market expectations. This was largely driven by drop in foods inflation to 6.14% from 6.79% MoM, despite the unseasonal rains. The recent numbers suggests the disinflation in the economy continues which will add to RBIs comfort from monetary policy perspective.
·         Bajaj launches two new Pulsar variants
Bajaj Auto has launched two new models of Pulsar under the new adventure series i.e. AS150 and AS200. Both the models  have fairing. The AS200 has been priced at Rs91,500 (ex-showroom Delhi) while the smaller sibling AS150 has been priced at Rs79,000.
·         Havells gears up for smart city projects- Positive
Havells India plans to capitalise on government’s smart city projects by developing new technology-driven lighting products and home appliances. Its CMD Anil Rai Gupta said that the company was working on partnerships to procure software and network support from global firms for smart city projects.
·         KNR Constructions up on bagging new orders
KNR Constructions’ rose nearly 8%, touching to Rs474, after the company said it has bagged three state highway road upgradation contracts in Tamil Nadu together worth Rs729.05 crore.
KNR Constructions said that the Project Director of Tamil Nadu Road Sector, Project II, Chennai has awarded these three contracts.
·         TV 18 Broadcast Q4 Improves operational performance
Consolidated revenues were up by 11.8% yoy to Rs629.7 crore, led by media operations (TV channels ), up by 14.3% yoy, while film production and distribution revenues were down by 67% yoy to Rs4.8 crore.Operating margins improved by 66bps yoy to 13.1%, led by lower marketing and distribution expenses down by 870bps yoy.

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