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| CapitalStars Investment Adviser |
Federal Bank stock rallies 19% as PAT rises in Q1FY19
Shares of Federal Bank were trading higher over 19% on the NSE on Tuesday. The stock rallied after the lender announced its results for Q1FY19. The stock is the top gainer in the mid-cap index.
As per the results, the bank's NII came in at Rs980cr as against Rs800.7cr, which is up 22.4% yoy. The bank’s Q1FY19 net profit, which has increased by 25% yoy to Rs262.7cr, was above estimates.
Ajanta Pharma in green after clarification on Safetab drugs
Following media reports on regulatory inquiries on Ajanta Pharma, the drug maker has clarified that there is no such action from the office of Drug Controller General of India (DGCA). The company has disproved the allegations made against it in the media articles.
Media reports, earlier on Tuesday, had claimed that the company is under regulatory lens due to its alleged engagement in the marketing of unapproved drugs in India. These drugs (fixed-dose combinations) are manufactured by Safetab Life Sciences. The company clarified that it is only marketing the drugs, but manufacturing is with Safetab Life Sciences.
Adani Ports' stock rises after subsidiary forms JV with NYK Auto Logistics
Adani Logistics, a subsidiary of Adani Ports & Special Economic Zone (APSEZ) has signed an agreement with NYK Auto Logistics. The agreement is to form a joint venture (JV) which specializes in the transportation of finished vehicles using automobile freight trains and concluded an agreement for the establishment of this joint venture.
This JV will participate in the AFTO Policy of the Ministry of Railways and offer its automobile freight trains for transporting vehicles across India in a more efficient manner to contribute towards 'Green India'.
Cadila gets approval to market Clindamycin Phosphate Topical Solution
Zydus Cadila has received final approval from the USFDA to market Clindamycin Phosphate Topical Solution USP 1%. Clindamycin Phosphate Topical is sold by Pharmacia under the brand name Cleocin T.
The drug already has generics in the US market and companies like Taro, Perrigo, among others, sell this drug. The drug's market size (branded+generic) is $40-50mn.
NBCC (India) gets approval for India Pavilion at Dubai Expo
NBCC (India) Ltd has received approval from the Department of Commerce, Ministry of Commerce & Industry, Government of India, to conceptualize, design, and construct the 'India Pavilion' at World Expo-2020. The event will be held in Dubai and will begin from October 2020 and last until April 2021. The likely cost of the project is ~Rs400cr.
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