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Footwear stocks gain after GST rate revision
Shares of footwear companies were trading higher in today’s trade with Relaxo Footwear and Bata India gaining over 5-7% each on the NSE.
Footwear stocks jumped after the GST Council lowered GST rates on footwear below Rs1,000 to 5% from 18% earlier (footwear having a retail sale price up to Rs500/pair is already covered under 5% rate). The changes in tax rate would come into effect from July 27, 2018, said a press release issued by the Ministry of Finance.
Asian Paints and Havells India surge after GST council cuts rate
Asian Paints and Havells India advanced ~3% and ~9%, respectively after the Goods and Services Tax (GST) council approved reduction in the rate on paints and electrical equipment.
The council has slashed rates on about 88 consumer durable items. Of these, GST on paints, refrigerators, washing machines, vacuum cleaners, water heaters, and small TVs was reduced from 28% to 18%.
UPL stock surges after $4.2bn deal to acquire Arysta Lifescience
Shares of UPL Limited rallied over 6.5% in the morning trade on the NSE. The company has entered into an agreement with Platform Specialty Products Corporation to fully acquire Arysta LifeScience and its subsidiaries for ~US$4.2bn.
The all-cash acquisition will be carried out through UPL’s wholly-owned subsidiary UPL Corporation Limited (UPL Corp).
Arysta is a global provider of crop protection solutions, including bio-solutions and seed treatment. The deal of $4.2bn is to be executed in cash consideration, subject to customary closing conditions and regulatory approvals.
Jubilant receives investigation report from Anti-Profiteering Authority; stock down 3%
Jubilant FoodWorks (JFL) has informed the exchange that the company has received a copy of the investigation report submitted by the Director General Anti Profiteering (DG) to the National Anti-Profiteering Authority (NAA) in respect of the investigation carried out by DG that the company has profiteered by not passing on the reduction in GST. The company believes that it has passed on the GST benefits to the customers and will be representing its case before NAA.
Cadila receives final approval for Acetylcysteine Injection
Cadila Healthcare has received final USFDA approval to market Acetylcysteine Injection 6g/30ml (200 mg/ml). Acetylcysteine Injection is sold by Cumberland Pharmaceuticals under the brand Acetadote Injection. Acetylcysteine is an antidote for acetaminophen overdose.
Akorn, Aurobindo, Fresenius Kabi, Mylan, and Sagent Pharmaceuticals also have final USFDA approval on this drug in the US market.
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