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| CapitalStars Investment Adviser |
Cement stocks rally after SC’s conditional nod to petcoke import
Cement stocks firmed up during Thursday’s afternoon trade after reports emerged that the SC has given its conditional approval to petcoke import. Incidentally, petcoke is used as an alternative to coal in cement manufacturing.
Ambuja Cement (+7%), Ramco Cement (+4%), Heidelberg (+3%), ACC (+3%), and Ultratech Cement (+2%) surged following this announcement.
Dr.Reddy's Labs launches Hervycta in India
Dr.Reddy's Labs today announced its decision to launch Hervycta (Trastuzumab), a biosimilar of Roche's Herceptin in India. This is mainly for the treatment of HER2-positive cancers (early breast cancer, metastatic breast cancer, and metastatic gastric cancer).
Dr.Reddy's Hervycta is available in strengths of 150mg and 440mg multiple dose vials. Commenting on the launch, MV Ramana, CEO- Branded Markets (India and emerging markets), Dr.Reddy's Labs, said, "We strive every day to do what matters most for patients. Hervycta is a step forward in our effort to accelerate access to cancer patients in India, in the oncology biosimilar space."
Yes Bank stock slips 4% to land among top Nifty losers
Shares of Yes Bank slipped 4% on the NSE to land among the top Nifty losers for the day despite the lender posting a 30.5% yoy rise in profit at Rs1, 260.36cr for the quarter ended June 2018. The bank had posted a net profit of Rs965.52cr in the corresponding quarter last year.
Yes Bank's NII has increased 22.67% yoy to Rs2219.14cr in Q1FY19 over Rs1, 808.93cr in Q1FY18.
Gross non-performing assets (GNPA) stood at 1.31% in Q1FY19 over 1.28% in Q4FY18, whereas net NPA (NNPA) eased to 0.59% from 0.64% during the same period.
Glenmark announces positive phase I results of biosimilar Xolair
Glenmark has announced Phase I results of biosimilar Xolair. The studies conducted by Glenmark have shown similarity in pharmacokinetic, pharmacodynamic, safety and immunogenicity profiles between Glenmark’s GBR 310 (proposed Xolair biosimilar) and the reference product omalizumab (brand name Xolair).
GBR 310 is a recombinant DNA-derived monoclonal antibody which is proposed to indicate in the treatment of allergic asthma and chronic idiopathic urticaria (CIU).
Liberty House to finally take over Amtek Auto
Troubled auto component maker, Amtek Auto Limited (AAL) will finally be taken over by UK-based Liberty House. The National Company Law Tribunal (NCLT) approved Liberty’s resolution plan. As per the plan, Liberty will pay Rs3, 225cr to financial creditors and will infuse another Rs500cr into AAL for stabilizing the latter’s operations. Lenders to AAL will have to take a 65% haircut. Against outstanding dues of Rs12, 603cr, they will have to settle for only Rs4, 404cr. According to a release by AAL to the stock exchanges, liquidation value of AAL has been determined at Rs4, 119cr.
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