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USFDA grants approval to Alembic Pharma for Fenofibrate capsules

Alembic Pharmaceuticals has received a final USFDA approval for its abbreviated new drug application (ANDA) Fenofibrate capsules USP, 67 mg, 134 mg, and 200 mg. The approved ANDA is medicinally equal to the reference listed drug product (RLD), Tricor Micronized capsules, 67 mg, 134 mg, and 200 mg, of AbbVie Inc . Fenofibrate capsules are used to help lower ‘bad’ cholesterol and fats (such as LDL, triglycerides) and raise ‘good’ cholesterol (HDL) in the blood along with a proper diet. Alembic Pharma has a cumulative total of 133 ANDA approvals (115 final approvals and 18 tentative approvals) from USFDA.

In the recent quarter ended June 30, 2020, Alembic pharma’s consolidated revenue for Q1FY21 came in at Rs 1,341.32 crore as against Rs 948.91 crore in the corresponding quarter last year, registering a 41.4 per cent YoY increase. EBITDA for the quarter grew by 81.1 per cent YoY to Rs 407.35 crore as against Rs 224.92 crore in the corresponding quarter last year, with a corresponding margin expansion of 667 bps. EBITDA margin for the quarter stood at 30.4 per cent. PAT for the quarter came in at Rs 292.73 crore as against Rs 119.08 crore in the corresponding quarter last year, with a YoY increase of 145.8 per cent. 

Motherson Sumi Systems to acquire electrical wiring interconnection systems business in Mexico

Motherson Sumi Systems Limited (MSSL) via its Mexican subsidiary, Motherson Rolling Stocks S de RL de CV (MRS), has signed an asset sale and purchase agreement to acquire the electrical wiring interconnection systems (EWIS) business of Bombardier Transportation, Mexico (BT Ensambles México). Earlier in 2019, the company through its subsidiary, Motherson Rolling Stock Systems GB Limited, UK (MRSS) acquired Bombardier’s UK rolling stock electrical component and systems business in Derby. Now, with this deal, the relationship will further expand to Mexico.

The transaction includes the transfer of assets, employees and inventories, on a debt-free and cash-free basis and is valued at approximately USD 10 million approx. (subject to customary adjustments). The revenue of the said business was USD 25 million for the calendar year 2019. The transaction is expected to complete in Q4FY20-21. BT Electrical Wiring Interconnection Systems (EWIS) provides harness and electrical assembly based on standard solutions. MRS will continue manufacturing the same electrical harness product as today at the Huehuetoca site in Mexico with enhanced efficiency in time-to-market, on-time delivery, and cost structure. The wiring and harness segment contributed nearly 25.3 per cent of the revenue in FY20. This share has reduced from 27.5 per cent in FY15. The company is trying to reduce the contribution of various countries and components in the overall business mix. It calls this a 5-year plan: ‘Vision 2025’ 3CX10 - No country, customer, or component should contribute more than 10 per cent to revenues.

Cipla launches Nintib to treat idiopathic pulmonary fibrosis

The pharma major, Cipla Limited announced that it has launched generic Nintedanib for the treatment of idiopathic pulmonary fibrosis (IPF), under the brand name, 'Nintib'. The drug will be made available in the form of 100 mg and 150 mg capsules.

IPF is a rare lung disease that impacts one in ten lakh people and this launch marks a significant milestone in Cipla’s commitment to treat this disease. Cipla’s journey in IPF began in 2010 with the introduction of Pirfenex, the world’s first generic Pirfenidone, and the first-ever approved drug for IPF in India. The company had further reduced the cost of its IPF therapy by 40 per cent in 2013 to provide patient-access to this critical treatment.

In line with its endeavour of enabling effective and affordable management of IPF, Cipla’s Nintib is priced at Rs 69 (100 mg) and Rs 85 (150 mg) per capsule.

IPF has an average survival rate of three to five years if left untreated. It is characterised by scarring in the lungs, wherein the lung tissue becomes stiff and thick.

Veridify Security partners with Happiest Minds Technologies for systems integration

Veridify Security announced Happiest Minds Technologies as a global systems integrator partner. Happiest Minds will implement Veridify’s security tools as well as the company’s secure zero-touch onboarding, device ownership, management, and enrollment platform-DOME. These implementations will focus on industries like the internet of things (IoT), industrial, automotive, and building automation applications.

Happiest Minds and Veridify Security will also partner globally to provide public-key security solutions. Happiest Minds is an IT company, which applies agile methodologies to enable digital transformation for enterprises and technology providers. Veridify Security delivers public-key security tools for low resource processors powering the internet of things.

Sunteck Realty acquires around 50 acres of land for residential project

Mumbai-based premium housing construction player, Sunteck Realty has informed the bourses that it has acquired a land of approximately 50 acres in the posh location of Vasind (Thane). Under this project, the company is planning to develop a residential township of around 2.6 million sq. ft under the brand ‘SunteckWorld’. Looking at the revenue aspect, this project is likely to generate revenue to the tune of around Rs 1,250 crore over the next four to five years. Going ahead, this would result in further strengthening the cash flow as well as the balance sheet of the company.

This project is mainly targeted to cater to the affordable residential segment, particularly post the COVID-19 scenario. Earlier in July 2020, the company had acquired a prime project of approximately 50 acres in the posh location of Vasai (West) with a targeted revenue of Rs 5,000 crore. During Q2FY21, the company witnessed substantial growth in pre-sales at Rs 200 crore, up by 98 per cent on a QoQ basis and up by 96 per cent on a YoY basis. The company also witnessed strong growth in collections on a QoQ basis by 117 per cent in Q2FY21. However, collections have been declined on a YoY basis by 24 per cent in Q2FY21.

Dr Reddy’s gets nod from DCGI for Sputnik V vaccine trial

Dr Reddy’s Laboratories, a leading multinational pharmaceutical company and Russian Direct Investment Fund (RDIF) announced that it has received approval to conduct an adaptive phase 2/3 human clinical trial for the Sputnik V vaccine in India from Drug Control General of India (DCGI).

Dr Reddy’s and RDIF entered into a partnership in early September 2020 to conduct clinical trials and distribution of Sputnik V vaccine in India and as a part of it, RDIF would be delivering 100 million doses of the vaccine to Dr Reddy’s after receiving regulatory approval in India.

Sputnik V vaccine is the world’s first registered vaccine against COVID-19 based on the human adenoviral vectors platform, which was developed on August 11, 2020, by Gamaleya National Research Institute of Epidemiology & Microbiology and was registered by the Ministry of Health (Russia).

Indo Count Industries Ltd forays into bed linen markets

The company has entered into a new business of the Indian bed linen market with total market size of Rs 12,000 crore. It has forayed with its new brand, ‘Layers’.

After the success of the company’s premium range of bed linen products from ‘Boutique Living’, Indo Count believes that this brand would prove to be a winning combination in the value-driven market.

Looking at the industrial front, China has a 39 per cent share in home textile exports with USD 19 billion, followed by India at 11 per cent with USD 5 billion. India, being the second largest home textile exporter as well as the largest producer of cotton in the world, is expected to benefit from this structural shift.

Indo Count Industries’ product portfolio includes bedsheets, utility bedding, fashion bedding, and institutional bedding. It exports to 54 countries across five continents and is looking forward to widening its geographical footprint in the long-run.

 

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