Stocks in Focus on July 22: Bosch, Dr Reddy’s to BHEL; here are the 5 Newsmakers of the Day
Certain stocks came in news after the market was closed for the day. These stocks can have an impact on the indices after the market is opened for trading purposes on Monday, July 22, 2019.
The domestic markets closed steeply lower on Friday, July 19, 2019, amid broad-based selling pressure. Both the indices, Sensex and Nifty, declined around 1.50 per cent. However, certain stocks came in news after the market was closed for the day. These stocks can have an impact on the indices after the market is opened for trading purposes on Monday, July 22, 2019. Here is a list of five such stocks:
Bosch Limited: The company in its regulatory filing has informed that it will suspend all manufacturing operations at the company’s Gangaikondan Plant in Tamil Nadu from July 23 to July 27, 2019. The decision was taken in view to adjust production to meet the demand for products and to avoid unnecessary build-up of inventory.
Dr Reddy's Laboratories: The drug major Dr Reddy’s said on July 20, 2019, that it has completed the sale of its US and select territory rights for two neurology products, for Zembrace Symtouch (sumatriptan injection) 3 mg and Tosymra (sumatriptan nasal spray) 10 mg, to Upsher-Smith Laboratories. As per the agreement, Dr Reddy’s will receive Rs490 crore (USD 70 million) as upfront consideration. Rs280 crore (USD 40.5 million) in near term milestones and additional financial considerations including, existing contractual obligation and inventory. Subsequently, Dr Reddy's was also to receive sales-based royalties quarterly. Upsher-Smith Laboratories is a US pharmaceutical company that has brought generics and brands to a wide array of customers, backed by service and industry relationships.
Cipla: The pharmaceutical company Cipla has announced that the USFDA has conducted a routine 'cGMP inspection' at Cipla's API manufacturing facility in Virgonangar, Bengaluru. from 15 July 2019 to 19 July 2019. Post-inspection, the US health regulator has issued seven observations none of which were a repeat or related to data integrity. Besides, the company will be raising funds up to Rs3,000 crores by the issue of non-convertible debentures (in form of bonds or otherwise) or bonds through a public issue or a private placement under the provisions of the applicable law.
Strides Pharma Science Limited: The drug firm said on Saturday that its formulation facility in Bengaluru was inspected by the US health regulator, USFDA. The inspection was completed successfully with a Voluntary Action Indicated (VAI) classification, said the company. The inspection ended on May 24, 2019. As per USFDA, VAI means that though "objectionable practices were found, but the agency is not prepared to take or recommend any administrative or regulatory action.
BHEL: State-owned BHEL on Sunday said it has secured an order worth Rs486 crore from Nuclear Power Corporation of India Ltd (NPCIL) to erect the reactor side equipment of 2x1000 MWe in unit 3 and 4 of Kudankulam Nuclear Power Project in Tamil Nadu.