TOP CORPORATE NEWS - 01 JUNE 2016

Petrol price up Rs2.58, Diesel hiked by Rs2.26 per litre

HPCL, BPCL, and IOC: Petrol price was hiked by Rs2.58 a litre and diesel by Rs2.26 per litre, the second increase in rates this month.

Petrol will cost Rs 65.60 per litre in DELHI after the increase while diesel will cost Rs53.93/litre.

RBI allows Axis Bank raise foreign shareholding to up to 62%

Reserve Bank of India (RBI) has allowed Axis Bank to raise foreign shareholding to up to 62%, from the earlier limit of 49%, as per reports.

Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest from the existing 49% up to 62% of the paid-up capital of Axis Bank under the Portfolio Investment Scheme (PIS), RBI said in a notification.

Strong Q4 FY16 GDP growth of 7.9%

The Q4 GDP growth were also strong at 7.9% with Farm sector up 2.3% against (-1%) qoq while the GVA was at 7.2%.

The Q2 FY16 GDP nos have been revised to 7.5% from 7.6% and Q3 FY16 GDP nos have been revised to 7.2% from 7.3%.

Manufacturing grew 9.3% while Construction grew by 4.5%.

Zydus gets USFDA nod for Amantadine Capsules

Leading pharma company, Zydus Cadila has said that it has received the final approval from the USFDA to market Amantadine Hydrochloride Capsules USP, 100 mg.

The estimated sale for Amantadine Hydrochloride Capsules USP as per IMS (MAT April 2016) is $ 40.1 million. The drug which is used in the treatment of Parkinson's disease and select viral infections will be produced at the group's formulations manufacturing facility at the Pharma SEZ in Ahmedabad.

Eicher Motors May 2016: 2 wheelers Sales Volumes grow by 37.5%

Eicher Motors: May 2016 2 wheelers Sales Volumes grow by 37.5%: In line with estimates.

Eicher Motors 2 wheelers division (Royal Enfield) sales volumes for the month of May 2016 were up 37.5% YoY. The numbers were broadly in line with our estimates.

The strong demand for cruiser bikes, a segment where the company is a market leader has resulted in a strong monthly volumes.

                                      

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