Trackpad

SPARC grants exclusive license to Tripoint Therapeutics to commercialise Epilepsy tablets in USA 

Sun Pharma Advanced Research Company Ltd (SPARC) announced the grant of an exclusive license to Tripoint Therapeutics LLC, USA (Tripoint) to commercialise ElepsiaTM XR 1,000 mg and ElepsiaTM XR 1,500 mg tablets in the USA. 

Under the terms of the license agreement, SPARC will be eligible to receive tiered royalties ranging from 15 per cent to 50 per cent on net sales. Tripoint will be responsible for all the US regulatory submissions and the payment of annual PDUFA fees for ElepsiaTM XR 1,000 mg and ElepsiaTM XR 1,500 mg. The initial term of the agreement shall be 5 years and maybe further extended as per the mutual agreement between the parties. ElepsiaTM XR is an alternative treatment option for patients suffering from epilepsy.

A study conducted anticipates that the global Epilepsy market may reach USD 9,509.2 million towards the end of 2023. In addition, the report has further indicated that the market is expected to exhibit a CAGR of 8.20 per cent during the forecast period of 2018 to 2023. Epilepsy is a chronic neurological disorder with a patient population of about 50 million. The increasing prevalence of the diseases is projected to boost the growth pattern of the epilepsy market in the years to come. 

SAIL doubles crude steel production capacity 

The state-owned steel major, Steel Authority of India (SAIL), has nearly doubled its capacity in five of its plants. The modernisation drive undertaken by the government is a key step towards the target of 300 MTPA crude steel productions by 2030.

SAIL announced that it has undertaken modernisation and expansion at its five integrated steel plants that include Bhilai (Chhattisgarh), Bokaro (Jharkhand), Rourkela (Odisha), Durgapur (West Bengal), Burnpur (West Bengal), and a special steel plant at Salem (Tamil Nadu). It has now enhanced its crude steel capacity from 12.8 million tonnes per annum (MTPA) to 21.4 MTPA. Its Bhilai plant saw the highest increase in crude steel production capacity. It increased from 3.93 MTPA to 7 MTPA.

The government also has formed a ‘National Steel Policy’, which aims this achievement of 300 MTPA crude steel capacity by 2030. It has further taken certain steps toward fulfilling this goal. These steps include steel scrap policy, issuance of steel quality control orders for stopping non-standardised steel import, steel import monitoring system (SIMS) for advanced registration of steel imports, draft framework policy to promote setting up of steel clusters, having manufacturing units for valueadded steel, ancillaries, capital goods, contracts with Ministry of Mines and Ministry of Coal to ensure availability of raw material to the steel sector. Ministry of Steel has intended to work for setting up coking coal washeries by CIL/BCCL, auction/ allotment of coking coal mines and diversification of coking coal imports, etc.

Karda Constructions begin Destination One Mall building work 

Nashik-based real estate developer, Karda Constructions, commenced the construction work of ‘Destination One Mall’ building. The company has commenced the building construction work of Destination One Mall in Nashik, against the work order, worth Rs 33 crore, awarded by Shree Sainath Land & Development (India).

The company as on the current date has total contract orders worth Rs 183.5 crore in hand, including the above-mentioned contract. The forward integration to contractual construction enables the company to mitigate the risk of dependency on the cyclical nature of the real estate business and also widens its reach with minimal capital requirements.

The company came up with IPO in March 2018 to raise Rs 77 crore. The company's stock has delivered a significant return of 320 per cent on a YTD basis on BSE. 

The company is majorly engaged in real estate development (residential projects as well as residential-cumoffice space) and construction contracts. It has a presence across all segments-low, medium, and premium segments.

SBI Cards collaborates with Google 

SBI Cards & Payment Services Limited (SBI Card) has entered into a collaboration with Google to enable cardholders to use their SBI credit cards on the Google Pay platform. SBI Credit Card users will now be able to make card payments using Google Pay app on their Android smartphones. Cardholders can make safe and secure payments using Google Pay in three modes- via 'tap & pay' at NFC-enabled PoS terminals, by scanning Bharat QR code at the merchant as well as online payments, without using the physical credit card. This launch is in line with SBI Card’s endeavour to promote zero contact, digital forms of payments for safe and enhanced customer experience.

SBI Cards & Payment Services is the second-largest credit card issuer in India with a market share of around 18 per cent, followed by HDFC Bank (market share of 27 per cent).

In the recent quarter (Q1FY21), the company’s NPA declined by 33 bps, and credit cost declined by 552 bps QoQ. The company also beat the estimates with a jump in profit, supported by a strong net interest income (NII), lower operating expenses, and lower-than-expected provisioning.

On capital adequacy, the company's capital-to-risk ratio, consisting of tier I and tier II capital was 24.4 per cent as against to 18.9 per cent by June 2019, which was higher than the regulatory requirement. The company's focus on non-discretionary and digital spends translated into healthy loans to Rs 23,300 crore.

A reduction was seen in the debtmoratorium accounts, both in terms of value and volume. In June 2020, the total number of moratorium accounts declined to 1.5 lakh from 12 lakh in April 2020. 

Shipping industry records 9 per cent increase in tonnage capacity

Ministry of Shipping recently announced the growth rate of Indian industries. The data released by the Ministry stated that the tonnages of vessels under the Indian flag saw an increase of 9.7 per cent from 11.55 MT to 12.68 MT between March 2017 and March 2020.

The gains were largely led by a few important government initiatives intended towards incentivising the shipping sector. These measures included a reduction in GST from 18 per cent to 5 per cent on bunker fuel used in Indian flag vessels, providing cargo support to the Indian shipping industry through the right of first refusal (RoFR), allowing shipping enterprises based in India to acquire ships abroad and flag them in the country of their convenience, bringing the parity in the tax structure of Indian seafarers, removal of licensing requirements for chartering of foreign-registered ships for encouraging coastal movement of agriculture and other commodities, fertilisers, EXIM-laden transshipment containers, and empty containers, etc.

The growth in tonnage carrying capacity is also expected to strengthen the shipbuilding sector. Ministry of Shipping in this month directed the major ports of India to procure tug boats from Indian made sources. These procurements under the ‘Make in India’ initiative, would promote shipbuilding in India. The ministry further proposed to set up a Standing Specifications Committee under managing directors of Indian Ports Association, comprising representatives from Cochin Ship Yard Limited (CSL), Shipping Corporation of India (SCI), Indian Register of Shipping (IRS), and Director General of Shipping.

Recently, Cochin Shipyard did a successful order booking for two automated vessels from Norwegian Government. These will be the first-of-its-kind unmanned vessels. Various decisions taken by Ministry of Shipping will turn around the shipbuilding sector in the near future. 

Dhanuka Agritech approved buyback of equity shares

Dhanuka Agritech Limited, is one of India's leading agrochemical companies. The company approved buyback for not more than 10,00,000 equity shares at a final buyback price of Rs 1,000 per equity share, which is payable in cash for an aggregate amount up to Rs 100 crore.

Dhanuka Agritech product portfolio includes herbicides, insecticides, fungicides & bio-stimulants and with over 350 active SKUs, it has one of the most extensive market penetrations in the agrochemical industry. On the financial front, the company’s consolidated net profit for June quarter for the financial year 2020 surged over 252 per cent YoY to Rs 51.8 crore compared to Rs 14.7 crore it reported for the same quarter last year. The company’s sales grew as much as 71 per cent YoY to Rs 374 crore.

EBITDA surged 229 per cent to Rs 65 crore from Rs 19.8 crore in the corresponding quarter last year, with a margin expansion of 8.4 per cent YoY. EBITDA margin for this quarter stood at 17.46 per cent.