TOP CORPORATE NEWS - 08 JULY 2016

Lupin: USFDA reports two minor 483s

Lupin: USFDA audit at Lupin’s Dabhasa Facility (29th June – 06th July 2016) reported two minor 483s; Voluntary Action Indicated (VAI) means that obs are technical in nature and not serious or related to data – Sentimentally negative; stock is down 1%.

Cadila's Moraiya mfg facility receives EIR from USFDA

Cadila: Company's Moraiya manufacturing facility has received an Establishment Inspection Report (EIR) from the USFDA. This receipt of EIR only indicates closure of the inspection points (483s) raised based on the inspection carried out between August 28, 2014 and September 05, 2014.

Though this is a positive step towards the resolution of the warning letter issued by the USFDA, it does not in itself indicate resolution of the warning letter. The company is in constant follow up with the USFDA for resolution of the warning letter.

BOI raises Rs1500 cr via Basel-III bonds

State-owned Bank of India said that it has raised Rs 1500 crore through bonds that comply with Basel-III norms for capital adequacy.

The Bank has raised Rs1, 500 Crore by issue of Basel-III compliant Tier II Bonds (Series-XII).

The Bonds have been rated as AA (+) by CRISIL and AA (+) by Brickwork. The bonds bear coupon rate of 8.57% p.a.

Govt grants exemption of export duty to sugar refining companies

Sugar Industry: Exemption of export duty to sugar refining companies

The government has granted an exemption from a 20% export duty levied in June 2016, to export focused sugar Refinery Company. The clarification states that export of imported raw sugar, after refining, will not attract any duty.

This paves the way for movement of various shipments (200,000 ton of sugar) that were stuck at ports, due to ambiguity.

This is positive for sugar companies like Renuka sugars, Eid Parry and Simbhaoli Sugar, which also has refinery units to convert raw sugar into the refined white sugar.

BGR Energy receives nod for execution of Rs2,300 cr project

BGR Energy Systems has received a Letter of Intent from the Andhra Pradesh Power Generation Corporation (APGENCO) for execution of a project valued at Rs2,300 crore.

The project period is expected to be executed 36 months. The development was announced in market hour yestarday and the stock has already reacted.
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