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Nestle India soars 5% as brokerages expect co. to be included in Nifty
Nestle India soared by 5% to its record high in afternoon trade after brokerages said that the scrip could be included in the Nifty index.Brokerages expect the stock to be included on the index after the NSE announced changes to the criteria for inclusion of stocks on the Nifty index.The revised criteria says that all equity shares traded whether they are listed and traded or not listed but permitted to trade on the NSE were eligible for inclusion in the Nifty.
India's GDP set to slow further in Apr-Jun quarter of FY20 to 5.7%
India's economic growth is set to slow further in the April-June quarter of this year to 5.7% amid contraction in consumption, weak investments and an under-performing service sector, says a Nomura report.According to the global financial services major, even though growth is set to slow further in Q2 (April-June) the economy is expected to see some recovery in the July-September quarter."High-frequency indicators continue to show familiar pain points a deep contraction in consumption, weak investment, a slowing external sector and an under-performing services sector," Nomura said in a research note.
Zydus Cadila receives final approval from USFDA for Ranolazine Extended-Release Tablets
Zydus Cadila has received the final approval from the USFDA to market Ranolazine ExtendedRelease Tablets (US RLD Ranexa), 500 mg and 1.000 mg.Shares of the company are currently trading down by 1%.The drug is used to treat chronic angina and may be used with other medicines that are used for heart problems and blood pressure control.
Biocon spurts 2% on reports of domestic, foreign firms eyeing stake in subsidiary
Shares of Biocon gained 2% in the afternoon session amid media reports citing that some domestic, as well as foreign firms, are eyeing a stake in company's subsidiary Biocon Biologics India.The unit may be valued upwards of $4bn (Rs28, 000cr) but this could not be independently verified, the media report added.
Dr. Reddy's says USFDA audit of Duvvada completed with 8 observations
Dr. Reddy Laboratories said in the press note on Tuesday after market hours that it has received eight Form 483 observations by USFDA in the audit of formulations manufacturing plant at Duvvada, Vishakapatnam.The audit of the company formulations manufacturing plant (Vizag SEZ Plant 1) at Duvvada, Visakhapatnam by the USFDA, has been completed on Tuesday, and it has been issued a Form 483 with 8 observations. We will address them comprehensively within the stipulated timeline, the company said in the filing.
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