All-time high attained on growth forecasts
The market surged after the government said it expected the economy to grow 9.2% in the financial year ending March 2007, above RBI’s forecast range of 8.5% to 9%.
At 12:21 IST the Sensex was up 94.60 points (0.65%), to 14,572.79. It rose as many as 101.40 points, to a lifetime high of 14,579.59. The Sensex surpassed its earlier all-time high of 14,564.80, which it had struck only on Tuesday (6 February 2007).
Bajaj Auto jumped 6% to Rs 2995, on a verdict in Sri Lanka regarding imitation of its bike Pulsar 180, going in favour of the company. Bajaj sells about 5,000-6,000 motorcycles per month in Sri Lanka. Of this, 1,000 units comprise of the Pulsar 180 models.
Lupin celebrates USFDA nod for anti-depressant
Lupin rose 3.17% to Rs 635.80, after the US FDA okayed its sertraline hydrochloride tablets.The counter clocked a total volume of 44,552 shares on the BSE.
In the last few weeks, the scrip has surged from Rs 578.05 on 25 January to Rs 616.35 by 6 February 2007. Earlier, the scrip had slipped from a high of Rs 615.70 on 28 December 2007, to Rs 560.80 by 10 January 2007. Thereafter, the scrip fluctuated between Rs 568 and Rs 590, during 10 January - 25 January 2007.
At the current market price of Rs 635.80, Lupin trades at 23.20 times its Apil - December 2006 annualized EPS of Rs 27.40.
Lupin today received approval from the US FDA for its abbreviated new drug ppplication (ANDA), sertraline hydrochloride tablets (25mg, 50mg and 100mg). Sertraline Hydrochloride is indicated for the treatment of major depressive disorder.
Sertraline is a AB-rated generic equivalent of Pfizer's Zoloft tablets, which had an annual sales of approximately $ 2.1 billion for the 12-month period ended December 2006.
Post-approval, Lupin has 18 ANDAs approved by the US FDA.In December 2006, Lupin had received a tentative approval from US FDA for its generic hypertension drug, Trandolapril tablets. Lupin's Trandolapril tablets is a AB-rated generic equivalent of Abbott's Mavik tablets. The product's annual sales in the US were approximately $ 53 million for the twelve months ended July 2006.
In the last two months, Lupin had mutually severed ties with three of its collaborators. In January, Lupin along with Aspen Pharmacare Holding, South Africa, decided not to pursue the agreement signed in February 2006, to establish a 50:50 joint venture for the development, manufacture and global marketing (except US, South Africa & India Trade) of a range of anti-tuberculosis products. However, they would continue to collaborate for turberculosis related products market in South Africa, as per the agreement signed in September 2005.
In December 2006, Lupin and Cornerstone BioPharma ended their co-development agreement for anti-infective drugs for the US market. Both companies had inked the agreement in May 2005. The company plans to continue the product development programme, and will seek a partner to market the products to primary care physicians in the US.
Similarly, Lupin and Chester Valley Pharmaceuticals also agreed mutually to end their March 2006 agreement to promote Atopiclair Nonsteroidal cream to pediatricians in the USA.
Lupin is a leading player in anti-tuberculosis, cephalosporins (anti-infectives) and cardiovascular drugs (prils and statins), and has a strong presence in diabetology and asthma. It has a programme for developing NCEs (new chemical entities) at its research and development centre in Pune.
The company had posted a net profit growth of 27% to Rs 56.03 crore (Rs 44.19 crore) in Q3 December 2006. Net sales for the quarter rose by 14% to Rs 496.71 crore (Rs 435.15 crore).
Punjab Tractors flies on reports of M&M's bid for stake
Punjab Tractors surged 13% to Rs 321, on reports that Mahindra & Mahindra had submitted a non-binding bid to buy a stake in the company.
On 5 February 2007, Punjab Tractors surged 12.52% to Rs 279.15, amid reports that several auto cos were interested in bidding for private equity firm Actis’ 29% stake in the north-India based tractor company. The scrip rose 1.56% to Rs 283.50, a day later, as buying continued amidst speculation over stake sale.
As many as 3.90 lakh shares changed hands in the counter on BSE. The stock surged to a high of Rs 324.90, in intra-day trade.
Actis had given financial services firm, Citi, the mandate to call bids from potential buyers for its stake in Punjab Tractors (PTL). Other players who have evinced interest for Actis' stake include Mahindra & Mahindra, TAFE and Sonalika Tractors, reports inform.
Reports about Actis looking to exit PTL have also been doing the rounds for a while now. Yet, after trading within a range, PTL spurted only on Monday (5 February 2007). PTL surged 12.5% on Monday to Rs 279.15. The stock moved between Rs 220 - Rs 254 from 20 November 2006 to 2 February 2007.
Another large shareholder, the Burman family, which runs consumer products maker Dabur India, is also considering selling its 14% stake in Punjab Tractors.
However, one newspaper quoted a Tata Motors' official as saying, "There is no such proposal before the board, and we cannot comment on reports that are speculative."
Actis had acquired 29% stake from the Punjab state government in mid-2003 for $60 million during a divestment programme.
The Burman family and Actis, who jointly hold around 43% stake, acting in concert successfully ousted PTL CEO Yash Mahajan from the company. Mahajan had a frosty relationship with Actis. Both of them, the Burmans and Actis, were also successful in getting Burman nominee, PD Narang, appointed Chairman.
PTL, which has a dominant presence in North India, also holds 14% stake in commercial vehicles maker Swaraj Mazda. Earlier this year, the tractor company had appointed consulting firm, Accenture, to review the firm's strategy and organisational structure.
PTL’s net profit (adjusted for extra-ordinary items) declined 0.5% in the December 2006 quarter to Rs 20.70 crore. Net sales during the same period rose 2.3% to Rs 263.40 crore over the year ago period.
At 12:21 IST the Sensex was up 94.60 points (0.65%), to 14,572.79. It rose as many as 101.40 points, to a lifetime high of 14,579.59. The Sensex surpassed its earlier all-time high of 14,564.80, which it had struck only on Tuesday (6 February 2007).
Bajaj Auto jumped 6% to Rs 2995, on a verdict in Sri Lanka regarding imitation of its bike Pulsar 180, going in favour of the company. Bajaj sells about 5,000-6,000 motorcycles per month in Sri Lanka. Of this, 1,000 units comprise of the Pulsar 180 models.
Lupin celebrates USFDA nod for anti-depressant
Lupin rose 3.17% to Rs 635.80, after the US FDA okayed its sertraline hydrochloride tablets.The counter clocked a total volume of 44,552 shares on the BSE.
In the last few weeks, the scrip has surged from Rs 578.05 on 25 January to Rs 616.35 by 6 February 2007. Earlier, the scrip had slipped from a high of Rs 615.70 on 28 December 2007, to Rs 560.80 by 10 January 2007. Thereafter, the scrip fluctuated between Rs 568 and Rs 590, during 10 January - 25 January 2007.
At the current market price of Rs 635.80, Lupin trades at 23.20 times its Apil - December 2006 annualized EPS of Rs 27.40.
Lupin today received approval from the US FDA for its abbreviated new drug ppplication (ANDA), sertraline hydrochloride tablets (25mg, 50mg and 100mg). Sertraline Hydrochloride is indicated for the treatment of major depressive disorder.
Sertraline is a AB-rated generic equivalent of Pfizer's Zoloft tablets, which had an annual sales of approximately $ 2.1 billion for the 12-month period ended December 2006.
Post-approval, Lupin has 18 ANDAs approved by the US FDA.In December 2006, Lupin had received a tentative approval from US FDA for its generic hypertension drug, Trandolapril tablets. Lupin's Trandolapril tablets is a AB-rated generic equivalent of Abbott's Mavik tablets. The product's annual sales in the US were approximately $ 53 million for the twelve months ended July 2006.
In the last two months, Lupin had mutually severed ties with three of its collaborators. In January, Lupin along with Aspen Pharmacare Holding, South Africa, decided not to pursue the agreement signed in February 2006, to establish a 50:50 joint venture for the development, manufacture and global marketing (except US, South Africa & India Trade) of a range of anti-tuberculosis products. However, they would continue to collaborate for turberculosis related products market in South Africa, as per the agreement signed in September 2005.
In December 2006, Lupin and Cornerstone BioPharma ended their co-development agreement for anti-infective drugs for the US market. Both companies had inked the agreement in May 2005. The company plans to continue the product development programme, and will seek a partner to market the products to primary care physicians in the US.
Similarly, Lupin and Chester Valley Pharmaceuticals also agreed mutually to end their March 2006 agreement to promote Atopiclair Nonsteroidal cream to pediatricians in the USA.
Lupin is a leading player in anti-tuberculosis, cephalosporins (anti-infectives) and cardiovascular drugs (prils and statins), and has a strong presence in diabetology and asthma. It has a programme for developing NCEs (new chemical entities) at its research and development centre in Pune.
The company had posted a net profit growth of 27% to Rs 56.03 crore (Rs 44.19 crore) in Q3 December 2006. Net sales for the quarter rose by 14% to Rs 496.71 crore (Rs 435.15 crore).
Punjab Tractors flies on reports of M&M's bid for stake
Punjab Tractors surged 13% to Rs 321, on reports that Mahindra & Mahindra had submitted a non-binding bid to buy a stake in the company.
On 5 February 2007, Punjab Tractors surged 12.52% to Rs 279.15, amid reports that several auto cos were interested in bidding for private equity firm Actis’ 29% stake in the north-India based tractor company. The scrip rose 1.56% to Rs 283.50, a day later, as buying continued amidst speculation over stake sale.
As many as 3.90 lakh shares changed hands in the counter on BSE. The stock surged to a high of Rs 324.90, in intra-day trade.
Actis had given financial services firm, Citi, the mandate to call bids from potential buyers for its stake in Punjab Tractors (PTL). Other players who have evinced interest for Actis' stake include Mahindra & Mahindra, TAFE and Sonalika Tractors, reports inform.
Reports about Actis looking to exit PTL have also been doing the rounds for a while now. Yet, after trading within a range, PTL spurted only on Monday (5 February 2007). PTL surged 12.5% on Monday to Rs 279.15. The stock moved between Rs 220 - Rs 254 from 20 November 2006 to 2 February 2007.
Another large shareholder, the Burman family, which runs consumer products maker Dabur India, is also considering selling its 14% stake in Punjab Tractors.
However, one newspaper quoted a Tata Motors' official as saying, "There is no such proposal before the board, and we cannot comment on reports that are speculative."
Actis had acquired 29% stake from the Punjab state government in mid-2003 for $60 million during a divestment programme.
The Burman family and Actis, who jointly hold around 43% stake, acting in concert successfully ousted PTL CEO Yash Mahajan from the company. Mahajan had a frosty relationship with Actis. Both of them, the Burmans and Actis, were also successful in getting Burman nominee, PD Narang, appointed Chairman.
PTL, which has a dominant presence in North India, also holds 14% stake in commercial vehicles maker Swaraj Mazda. Earlier this year, the tractor company had appointed consulting firm, Accenture, to review the firm's strategy and organisational structure.
PTL’s net profit (adjusted for extra-ordinary items) declined 0.5% in the December 2006 quarter to Rs 20.70 crore. Net sales during the same period rose 2.3% to Rs 263.40 crore over the year ago period.
Labels: Lupin, Punjab tractors
posted by SY at 1:51 PM
0 Comments:
Post a Comment
<< Home