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Tuesday 23 July 2019

CAPITALSTARS TUESDAY CORPORATE NEWS UPDATE : 23 JULY 2019

CapitalStars Investment Adviser


Dr Reddys launches Ramelteon Tablets in the US
Dr. Reddy's Laboratories Ltd., along with its subsidiaries together today post market hours announced the launch of Ramelteon Tablets, 8 mg, a therapeutically equivalent generic version of Rozerem (ramelteon, 8 mg) Tablets, approved by the US Food and Drug Administration (USFDA).The Rozerem brand had US sales of ~$91.3mn MAT for the most recent twelve months ending in May 2019 according to IQVIA Health.Dr. Reddy's Ramelteon Tablets, are available as 8 mg tablets in bottle count sizes of 30, 100, and 1000. Rozerem is a trademark of Takeda Pharmaceutical Company Limited.

HDFC Life Insurance Q1FY20 PAT up 11.7% yoy at Rs424.6cr
HDFC Life Insurance Company Limited (formerly HDFC Standard Life Insurance Company Limited) posted a net profit of Rs424.6cr, up 11.7% yoy in Q1FY20.The individual annualized premium equivalent (APE) was up by 64% yoy to Rs1,378cr in Q1. The new business premium rose by 47% yoy to Rs3,926cr in the June quarter.The company said in a press note,We are one of the leading fund managers in India with an AUM of around Rs1.3 lakh cr; debt/equity mix as on June 30, 2019, is 62:38. Almost 96% of debt investments are in GSecs and AAA bonds as on June 30, 2019.

PNB Housing Finance to consider raising Tier-I capital on July 30
Shares of PNB Housing Finance are trading flat with a positive bias as the company announced that it would consider raising tier-I capital.The company in its filing on the NSE said, "...We wish to further inform you that in the same Meeting, the Board shall also consider the approval of raising of tier-1 capital by issue of Equity Shares and/or any other financial instruments through preferential issue, qualified institutions placement, rights issue or through any other permissible mode and/or combination thereof as may be considered appropriate, subject to such approvals as may be required including the approval of the shareholders at a general meeting or through postal ballot and further subject to such other statutory/regulatory approvals, as applicable." 

DHFL spikes 16% on investor proposals to buy stake; final resolution plan to be approved by July end.
Dewan Housing Finance Corporation (DHFL) shares are up 16% intraday with the lender receiving investor proposals for buying stake in the company.The company said in a filing on the exchanges, "There have been discussions for stake sale by the promoters to a strategic partner with further equity infusion, it added.DHFL promoters currently hold 40%.

Alembic Pharma up 2% on receiving USFDA tentative approval for Dapagliflozin tablets
Alembic Pharmaceuticals Limited today announced that the Company has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Dapagliflozin Tablets, 5 mg and 10 mg.Shares of the company are trading 2% higher post the announcement.The approved ANDA is therapeutically equivalent to the reference listed drug (RLD) Farxiga Tablets, 5 mg and 10 mg, of AstraZeneca AB (AstraZeneca).

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