Yes Bank shares jump to a two-year high after multiple large transactions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Yes Bank” isinid=”INE528G01035″ bseid=”532648″ nseid=”YESBANK” sector=”Banks – Private Sector” exchange=”nse”]

Shares of Yes Bank gained as much as 15 percent on Friday to surge to their highest level in two years after close to 1 percent equity exchanged hands in multiple large transactions.

Data reveals that close to 25.6 crore shares of the lender exchanged hands in over 140 transactions, resulting in a spike in trading volumes.

Yes Bank was in focus on Friday after media reports suggested that the lender has moved the National Company Law Tribunal (NCLT) to initiate a corporate insolvency resolution process against Zee Learn Ltd.’s wholly-owned unit Digital Ventures Pvt. Ltd. The NCLT, thereafter, issued a notice to Digital Ventures.

According to the report, Yes Bank filed the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), which allows a financial creditor to file an application for initiating the process.

Yes Bank was also in the news after the Reserve Bank of India (RBI) last week conditionally approved the sale of securities worth Rs 8,898 crore to global private equity players Carlyle and Advent groups.

Further, the investors and the bank will engage with the RBI to seek an early resolution of the conditions to procure the final approval on this matter.

CA Basque Investments, a part of the Carlyle Group and Verventa Holdings, an affiliate of funds managed by Advent, will be offered a little over 184.80 crore shares each at a price of Rs 13.78 apiece. Likewise, they will get more than 128.37 crore warrants each at a price of Rs 14.82.

Yes Bank shares ended 11.8 percent higher at Rs 19.85. The stock was the most traded Indian stock by value and volume on Friday.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Alembic Pharma receives EIR for Gujarat unit and approval for skin infection cream from USFDA

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Alembic Pharma” isinid=”INE901L01018″ bseid=”533573″ nseid=”APLLTD” sector=”Pharmaceuticals” exchange=”nse”]

Alembic Pharmaceuticals has received an Establishment Inspection Report (EIR) for its oncology injectable formulation facility in Panelav, Gujarat, and approval for a skin infection cream, Desonide, from the United States Food and Drug Administration (USFDA).

The inspection at the Panelav facility was carried out by the US drug regulator from October 4 to October 14. This was a pre-approval inspection in order to cover the company’s oncology injectable drug products for which it had already filed the required abbreviated new drug applications (ANDAs) with USFDA.

The pharma major has also received final approval for Desonide Cream 0.05 percent from the USFDA. Desonide Cream is a low-potency corticosteroid used in the treatment of skin conditions such as redness, swelling, itching, and allergies.

The ANDA for Desonide Cream 0.05 percent was filed by Aleor Dermaceuticals Ltd., which was amalgamated with Alembic Pharma. The company informed that the approved ANDA is therapeutically equivalent to Desonide Cream, 0.05 percent, of Padagis US LLC.

According to IQVIA data, Desonide cream 0.05 percent has an estimated market size of $12 million for the 12 months that ended in September 2022.

Alembic has received a cumulative total of 178 ANDA approvals comprising 155 final approvals and 23 tentative approvals from the USFDA.

Earlier this month, Alembic Pharma also received approval from the US drug regulator for Diclofenac Sodium Topical Solution, which is used to treat pain caused by osteoarthritis.

In November, Alembic obtained approval from the USFDA for Nifedipine extended-release tablets, Cyclophosphamide Capsules, Ketorolac Tromethamine Injection USP,  Glycopyrrolate Injection USP, and Mesalamine Extended capsules.

The Alembic Pharmaceuticals stock ended 0.89 percent lower at Rs 594.40 on Friday.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Finance ministry allows vivo to take back smartphones held over suspected violations

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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An Indian state agency released nearly 27,000 Vivo Mobile Communications Co smartphones for export after withholding the shipment for more than a week over alleged rule violations.

The Union finance ministry’s revenue intelligence unit on Wednesday allowed the Chinese company to collect the devices it was holding at the New Delhi Airport over an alleged misdeclaration of phone models and their value, people familiar with the matter said, asking not to be named discussing a sensitive matter. Vivo had sought to export the devices to neighbouring markets.

The government agency passed the order to release the smartphones a day after Bloomberg News reported that the devices were being withheld for inspection. It wasn’t immediately clear if the revenue intelligence unit will be pressing charges against Vivo.

The shipment, worth nearly $15 million, is unlikely to be exported as the packaging of many of the phones was damaged and the devices were switched on to check unique ID numbers, the people said.

The finance ministry and Vivo didn’t respond to emailed requests for comment.

An industry lobby group called the seisure of the phones “unilateral and preposterous,” urging India’s technology ministry to help and warning that such moves could hit India’s ambitious plans to become an export hub.

Vivo exported its first batch of India-made smartphones in early November to markets such as Saudi Arabia and Thailand. But the latest snag could cloud its future in the world’s second-biggest smartphone market, where the company is already under scrutiny for alleged money laundering, a claim that has yet to be proven in court.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Lupin launches generic version of knee pain relief drug in the United States

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Lupin” isinid=”INE326A01037″ bseid=”500257″ nseid=”LUPIN” sector=”Pharmaceuticals” exchange=”nse”]

Mumbai-based global pharma major Lupin Ltd. (Lupin) has launched an authorised generic version of PENNSAID (Diclofenac Sodium Topical Solution) 2 percent w/w of Horizon Pharma Therapeutics in the United States.

PENNSAID (diclofenac sodium topical solution) is used for the treatment of inflammatory diseases like gout and osteoarthritis to relieve pain in the knee and other joints.

Diclofenac Sodium Topical Solution 2 percent w/w (RLD PENNSAID) had estimated annual sales of $509 million in the United States market, for the 12-month period ending October 2022.

Lupin on Thursday appointed Spiro Gavaris as president for its US generics business. Spiro is responsible for the overall strategy, implementation, and growth of Lupin’s US generics business.

Spiro has experience in the branded, generic, and biotech industries. He most recently served as president of the specialty generics business at Mallinckrodt Pharmaceuticals and the president of US Injectables at Hikma.

Lupin also recently launched Rufinamide Tablets USP, 200 mg and 400 mg, to market a generic equivalent of Banzel tablets, 200 mg and 400 mg, of Eisai Inc. Rufinamide Tablets had estimated annual sales of $138 million in the US market.

Lupin develops and commercialises a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the US, India, South Africa, and across the Asia-Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.

The Lupin Ltd. stock ended 0.51 percent lower at Rs 751 on Friday.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NCLT Chennai approves merger of 3 IDFC wholly-owned arms with parent

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mumbai-based IDFC Ltd on Friday, December 9, said the Chennai bench of the National Company Law Tribunal (NCLT) has approved the merger of IDFC Alternatives, IDFC Trustee, and IDFC Projects with a private lender. “The Scheme of Amalgamation of IDFC Alternatives, IDFC Trustee Company and IDFC Projects (wholly owned subsidiary Companies) into IDFC was approved and sanctioned by the National Company Law Tribunal, Chennai bench vide Order dated November 22, 2022,” the lender said in an exchange filing.

Last year, the board of IDFC Ltd also approved the merger of its three wholly-owned subsidiaries into the company, as part of a simplification process.

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The board, as part of a simplification of corporate structure, has approved the merger of IDFC Alternatives Limited, IDFC Trustee Company Limited and IDFC Projects Limited (wholly-owned subsidiary companies) into IDFC Limited subject to regulatory approvals from various authorities, it said earlier last year.

Earlier in July last year, the Reserve Bank of India (RBI) allowed IDFC Ltd to exit as the promoter of IDFC First Bank as the five-year lock-in period ended, and paved the way for a potential reverse merger between the two entities.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Carborundum Universal shares end higher after Kotak Securities upgrades to buy

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Carborundum” isinid=”INE120A01034″ bseid=”513375″ nseid=”CARBORUNIV” sector=”Abrasives” exchange=”nse”]

Shares of leading materials sciences engineering solutions provider Carborundum Universal Ltd. (CUMI) ended higher on Friday after Kotak Securities upgraded its rating on the stock from buy to add and raised the target price to Rs 975 from Rs 897.

The Murugappa group company is a mine-to-market conglomerate with integrated operations in mining, power generation, fusion, manufacturing, marketing, and distribution.

Kotak Securities in a research note said that it expects the company to continue adding and acquiring capabilities across segments.

The brokerage firm stated that CUMI, which produces products like abrasives, ceramics, refractories, and machine tools among others, is considering investing and accelerating its growth. The brokerage however cautioned on timing and prioritising investments.

Kotak Securities also expects the acquisitions in the abrasives segment to contribute to growth.

Carborundum Universal in February this year announced acquisitions of two Germany-based abrasives companies for a total of Rs 532 crore.

Kotak Securities mentioned that the company has meaningfully reduced energy and water consumption for brown-fused alumina and has increased yields, which would reduce cost and carbon footprint.

It also sees that benefits from linked businesses have started to flow through and will accelerate.

The Murugappa Group enterprise reported an 8 percent decline in consolidated net profit to Rs 93.69 crore in the September quarter compared to Rs 102.68 crore during the year-ago quarter. Consolidated sales were up by 34 percent at Rs 1,117 crore from Rs 834 crore in the year-ago period.

Shares of CUMI ended 1.76 percent higher at Rs 852.70 on Friday.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SIP contributions at record high as investors looks convinced with wealth creation opportunities

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The contributions to systematic investment plans (SIPs) – where investors make periodic, equal payments into a mutual fund – rose for the fourth consecutive month to a record Rs 13,307 crore in November, according to the data released by the Association of Mutual Funds in India (AMFI). The mutual fund SIP accounts went up to 6.05 crores as of October 31, 2022, compared to 5.93 crores as of October 31, 2022.

For the second straight month, the SIP flow was above Rs 13,000 crore mark.

The SIP assets under management (AUM) stood at Rs 6.83 crore for November, when the number of new SIPs increased by 21.77 lakh.

The inflows through SIPs have been above the Rs 12,000-crore mark since May. It was at Rs 12,140 crore in July, Rs 12,276 crore in June and Rs 12,286 crore in May. Before that, it was at Rs 11,863 crore in April.

Let’s look at the key reasons for this rise

The increase in the amount of SIP collected shows that retail investors are taking a disciplined approach to their mutual fund investment.

Akhil Chaturvedi, Chief Business Officer at Motilal Oswal Asset Management Company, thinks that SIP contribution remaining above Rs 13,000 indicates better awareness among retail investors about the long-term orientation of equity investments and wealth creation opportunities from India’s growth trajectory.

“Investors now see short-term volatility as part and parcel of equity investing. Instead of reading too much into a month-on-month dip in net equity inflows, the heartening thing to note is that net equity inflow has remained relatively resilient, and investors are willing to look past short-term trends and instead focus on long-term fundamentals,” Chaturvedi said.

NS Venkatesh, chief executive officer at AMFI, believes that the healthy trend in SIP numbers will continue to grow.

This is because the interest of the retail investors in the markets is actually going up day by day, and the markets are also doing reasonably well.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Wheat acreage jumps by 25% so far for this rabi season at 255.76 lakh hectare

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Wheat acreage has increased by 25 percent so far in the ongoing rabi season at 255.76 lakh hectares mainly on higher sowing area in Uttar Pradesh and Madhya Pradesh, the government data showed. The area under coverage for wheat, which is the major crop in rabi (winter-sown) season, stood at 203.91 lakh hectares in the same period last year.

Sowing of rabi crops starts from October. Higher area has been reported from Uttar Pradesh (20.09 lakh hectares), Madhya Pradesh (13.48 lakh hectares), Rajasthan (5.32 lakh hectares), Gujarat (2.61 lakh hectares), Maharashtra (2.43 lakh hectares), Bihar (2.24 lakh hectares), Punjab (1.32 lakh hectares) and Haryana (1.28 lakh hectares).

Increase in wheat sowing area augurs well for the country as the domestic production had fallen to 106.84 million tonnes in the 2021-22 crop year (July-June) from 106.84 million tonnes in the previous year.

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In May this year, the government banned exports of wheat to boost domestic supplies and control prices. Wheat procurement by state-owned FCI fell to 187.92 lakh tonnes in 2022-23 marketing year from 434.44 lakh tonnes due to fall in domestic output and aggressive purchase by private parties.

According to data as on December 9, paddy acreage has increased to 11.86 lakh hectares so far from 10.42 lakh hectares.

Pulses have been sown in 127.07 lakh hectares so far as against 123.77 lakh hectare, with area under gram rising to 89.42 lakh hectares from 87.28 lakh hectares.

Area under coverage for coarse cereals has risen to 36.39 lakh hectares from 32.05 lakh hectares.

In non-foodgrain category, area under coverage for oilseeds has increased to 95.19 lakh hectares from 87.65 lakh hectares. Mustard, the main oilseeds crop in rabi season, rose to 87.95 lakh hectares from 80.78 lakh hectares.

India imports about 60 percent of its edible oils requirement. Therefore, the increase in the mustard seeds acreage will boost domestic output of mustard oil.

Total sowing area under rabi crops has increased to 526.27 lakh hecatres so far from 457.80 lakh hectares in the corresponding period of the last year.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

13.92 lakh cancer cases in India in 2020, projected to increase by 12.8%, says Health Minister Mandaviya

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The estimated number of cancer cases in the country in 2020 was 13,92,179 and it is projected to increase by 12.8 percent, Union Health Minister Mansukh Mandaviya informed Lok Sabha on Friday citing National Cancer Registry Programme data.

Responding to a question, Mandaviya said patients with cancer are getting treatment at various health facilities, including district hospitals, medical colleges, central institutes like AIIMS and private hospitals.

Relevant data related to patients registered for treatment is maintained by the institutions and hospitals concerned at their own level. Under the Rashtriya Arogya Nidhi (RAN), financial assistance is provided to poor patients belonging to families living below the poverty line, suffering from major life-threatening diseases for medical treatment at any of the super speciality hospitals/institutes or other government hospitals, Mandaviya said.

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Under the Health Minister’s Cancer Patient Fund (a component of RAN), Rs 216. 98 lakh was utilised for 40 beneficiaries as on December 5, 2022, in the 2022-23 fiscal.

In the previous financial year, Rs 585.05 lakh was used for 64 beneficiaries while in 2020-21, 1,573 lakh was used for 196 patients and in 2019-20, 2,677.08 lakh was utilised for 470 patients, he stated.

The treatment for cancer in government hospitals is either free or highly subsidised for the poor and needy. The central government is also implementing a centrally sponsored scheme, “Strengthening of Tertiary Cancer Care Centres Facilities Scheme”, in order to enhance the facilities for tertiary care of cancer.

Nineteen State Cancer Institutes (SCIs) and 20 Tertiary Cancer Care Centres (TCCCs) have been approved so far under the scheme. There is also a focus on developing oncology facilities in its various aspects in case of new AIIMS and many upgraded institutions under the Pradhan Mantri Swasthya Suraksha Yojna (PMSSY), the minister said.

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A cancer treatment facility has been envisaged in all 22 AIIMS. These AIIMS have been provided with state-of-art diagnostic, medical and surgical care facilities. Cancer treatment facilities have also been planned in 13 state government medical colleges which have been taken up for upgradation under PMSSY.

Setting up of the National Cancer Institute in Jhajjar (Haryana) and the second campus of Chittaranjan National Cancer Institute, Kolkata, are also steps to enhance the capacity for the treatment of cancer in the country, Mandaviya said.

Treatment of cancer is also available under Ayushman Bharat — Pradhan Mantri Jan Arogya Yojana (PMJAY). Besides, quality generic medicines are made available at affordable prices to all, under Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) in collaboration with the state governments.

Affordable Medicines and Reliable Implants for Treatment (AMRIT) Pharmacy stores have been set up in some hospitals and institutions, with an objective to make available cancer drugs at a substantial discount vis-à-vis the maximum retail price, Mandaviya said.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

What does Cyclone Mandous mean and who named it ‘treasure box’?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Cyclone Mandous, a cyclonic storm, is predicted to bring heavy rainfall in parts of Tamil Nadu on Friday, according to the Indian Meteorological Department (IMD). Several areas are on red alert and over 10 flights have been delayed at the Chennai airport.

In a tweet on Friday morning, the IMD clarified that Mandous had weakened from a severe cyclonic storm to a cyclonic storm and would cross Tamil Nadu, Puducherry and Andhra Pradesh in the early hours of December 10.

Let’s take a look at how cyclones are named and who is it’s significance:

SCS Mandous weakened into CS about 180km NE of https://t.co/aRLAsS6um2 cross north TN, Puducherry and adjoining south Andhra Pradesh coasts between Puducherry and Sriharikota around Mamallapuram(Mahabalipuram)during midnight of 9Dec to early hours of 10Dec. pic.twitter.com/TrberzMHw1

— India Meteorological Department (@Indiametdept) December 9, 2022

Who names cyclones?

Cyclones are named by the World Meteorological Organisation (WMO), which maintains a list of rotating names. On April 28, 2020, the IMD tweeted a list of names for future tropical cyclones that develop over the north Indian Ocean.

Also read: Cyclone Mandous: Over 10 flights cancelled in Chennai, NDRF on standby amid heavy rain | Latest updates

The Indian Meterological Department has said that ‘Mandous’ was a name submitted by WMO member United Arab Emirates and is pronounced as ‘Man-Dous.’ It means ‘treasure box’ in Arabic.

IMD issues new list of Names of Tropical Cyclones over north Indian Ocean. The current list has a total of 169 names including 13 names each from 13 WMO/ESCAP member countries. Detailed Press Release available at https://t.co/dArV0Ug8nh and https://t.co/wRl94BzRXr pic.twitter.com/ge0oVz4riD

— India Meteorological Department (@Indiametdept) April 28, 2020

Meanwhile, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Thursday directed Collectors of various districts to be vigilant in view of the cyclonic storm in the Bay of Bengal. According to the India Meteorological Department heavy rainfall is predicted over several parts of the state as cyclone ‘Mandous’ over the Bay of Bengal is expected to cross the coast between Puducherry and Sriharikota in AP on the midnight of December 9.

The Chief Minister held a review meeting with the officials concerned here over the cyclone, an official release said. He said adequate precautions should be taken by the authorities reviewing the impact of the storm from time to time.

What is cyclonic storm?

All tropical cyclones that originate within north Indian Ocean between 100 degrees East and 45 degrees East are monitored by the IMD and classified on the basis of their intensity. A cyclonic storm has 3-minute sustained wind speeds of between 63-88 km/h. The speed bracket for a severe cyclonic storm is 89-117 km/h.

With inputs from PTI.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow