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Sun Pharma drops 8.14% in six sessions
Apr 24,2017

The clarification was issued by the company on Saturday, 22 April 2017.

The stock had dropped 2.41% to Rs 640.05 on Friday, 21 April 2017 after a report suggested that the company has received 11 observations from the US drug regulator for its Dadra unit.

Meanwhile, the S&P BSE Sensex was up 115.59 points, or 0.39% to 29,480.89.

The stock has declined 8.14% in six sessions to its ruling price of Rs 635.90, from a close of Rs 692.30 on 13 April 2017.

On the BSE, 1.53 lakh shares were traded in the counter so far, compared with average daily volumes of 3.74 lakh shares in the past one quarter. The stock had hit a high of Rs 645 and a low of Rs 632.55 so far during the day. The stock had hit a 52-week high of Rs 854.50 on 5 August 2016. The stock had hit a 52-week low of Rs 572.40 on 9 November 2016.

The stock had underperformed the market over the past one month till 21 April 2017, declining 8.47% compared with 0.41% drop in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 0.13% as against Sensexs 8.62% rise.

The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Re 1.

With respect to news article titled FDA issues 11 observations for Dadra unit, Sun Pharmaceutical Industries clarified that companys Dadra facility underwent an inspection by United States Food & Drug Administration (USFDA) recently. This inspection was completed on 13 April 2017.

A Form-483 observation letter was issued by the USFDA post the inspection, listing 11 observations. The company is currently in the process of responding to the said letter to the USFDA within the stipulated timeline of 15 days.

It added that Sun Pharma and its subsidiaries have many facilities which supply products to the US market. These facilities undergo periodic routine inspection by the USFDA in normal course of business. As indicated above, the company is in the process of responding to the USFDA for the Form-483 observation letter issued for the Dadra facility.

If there are any material developments related to this inspection, the company will promptly inform the stock exchanges, Sun Pharma added.

On a consolidated basis, Sun Pharmaceuticals Industries net profit declined 11.2% to Rs 1721.85 crore on 8.4% rise in net sales to Rs 7683.24 crore in Q3 December 2016 over Q3 December 2015.

Sun Pharma is a specialty generic pharmaceutical company and Indias top pharmaceutical company.

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White Organic Agro receives license for manufacture of medicinal and nutritional products
Apr 24,2017

White Organic Agro has received license from Joint Commissioner, Food and Medical Controls Department for production of Medicinal and Nutritional Products at its Manufacturing Unit. Since a long time the management had been striving hard to procure Manufacturing license for various organic medicinal and Nutritional products (viz :- Ayurvedic and Herbal tablets, capsules and churna for oral consumption), as well as few cosmetic application for external application. For which, the company had applied for permission for manufacturing of the same at its Manufacturing facility at Rajkot, Gujarat. Now, the Joint Commissioner, Food and Medical Controls Department has granted the company to start its commercial production of various External preparation, Capsule, Oral Liquid categories at its manufacturing unit.

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Board of Mahindra Lifespace Developers recommends final dividend
Apr 24,2017

Mahindra Lifespace Developers announced that the Board of Directors of the Company at its meeting held on 22 April 2017, inter alia, have recommended the final dividend of Rs 6 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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Mahindra Lifespace Developers to hold AGM
Apr 24,2017

Mahindra Lifespace Developers announced that the 18th Annual General Meeting (AGM) of the company will be held on 25 July 2017.

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Chankya Investments to hold EGM
Apr 24,2017

Chankya Investments announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 22 May 2017 .

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Board of Aro Granite Industries recommends final dividend
Apr 24,2017

Aro Granite Industries announced that the Board of Directors of the Company at its meeting held on 22 April 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of International Travel House recommends final dividend
Apr 24,2017

International Travel House announced that the Board of Directors of the Company at its meeting held on 22 April 2017, inter alia, have recommended the final dividend of Rs 4.25 per equity Share (i.e. 42.5%) , subject to the approval of the shareholders.

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Board of Gujarat Hotels recommends final dividend
Apr 24,2017

Gujarat Hotels announced that the Board of Directors of the Company at its meeting held on 22 April 2017, inter alia, have recommended the final dividend of Rs 3.5 per equity Share (i.e. 35%) , subject to the approval of the shareholders.

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Board of CRISIL recommends dividend
Apr 24,2017

CRISIL announced that the Board of Directors of the Company at its meeting held on 20 April 2017, inter alia, have recommended the dividend of Rs 6 per equity Share (i.e. 600%) , subject to the approval of the shareholders.

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IndusInd Bank expands presence in Rajasthan
Apr 24,2017

IndusInd Bank recently inaugurated its first branch in Bhinder, known for its silver and cloth market. The branch is located at ground floor, Plot No. 04, outside Rampole Darwaja, Station Road, Bhinder, Udaipur, Rajasthan - 313603. With the inauguration of this branch, the Bank now has 94 branches in the state of Rajasthan.

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Tinplate moves north after strong Q4 numbers
Apr 24,2017

The result was announced after market hours on Friday, 21 April 2017.

Meanwhile, the S&P BSE Sensex was up 136.47 points or 0.46% at 29,501.77.

On the BSE, 2.31 lakh shares were traded on the counter so far as against the average daily volumes of 80,154 shares in the past one quarter. The stock had hit a high of Rs 94.60 and a low of Rs 91.40 so far during the day.

The stock had hit a 52-week high of Rs 107.70 on 21 July 2016 and a 52-week low of Rs 64 on 9 November 2016. It had outperformed the market over the past one month till 21 April 2017, advancing 10.57% compared with the Sensexs 0.41% fall. The scrip had also outperformed the market over the past one quarter, gaining 9.2% as against the Sensexs 8.62% rise.

The small-cap company has equity capital of Rs 104.67 crore. Face value per share is Rs 10.

Tinplate Company of India is one of the leading indigenous producers of tin coated and tin free steel sheets in India.

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Fitch: RBI Strengthens Tools to Intervene in Ailing Indian Banks
Apr 24,2017

The Reserve Bank of Indias (RBI) updated prompt corrective action (PCA) framework could suggest a greater willingness to take regulatory action to address problems at struggling banks, but its implementation is only likely to be effective if it is matched by credible plans to address banks significant asset quality issues and capital shortages, says Fitch Ratings.

The RBI has tightened the thresholds - for capital ratios, NPLs, profitability and leverage - at which banks enter the PCA framework. This appears to be an acknowledgement of the significant asset quality stress in the system and that more banks are in need of regulatory intervention. PCA was previously viewed as an extraordinary step, which the RBI urged banks to make great efforts to avoid. That now looks likely to change. More than half of state-owned banks would breach at least one of the new thresholds, mainly owing to high NPLs, based on their latest financial reports. The new PCA framework will be invoked on the basis of the banks FY17 financials, which they are still reporting.

The RBI has also given itself greater discretion in terms of the measures it can use to intervene in banks once they fall under the PCA framework, which suggests it has recognised a need to take corrective action at an earlier stage when banks run into difficulties. The previous PCA, in contrast, explicitly reserved the most interventionist actions for banks that had breached more extreme thresholds. It is possible that intervention could involve forcing banks to conserve capital, if other actions do not address problems. The risk of non-performance on bank capital instruments may therefore have risen.

The actual impact of the new PCA rules will depend on how the RBI uses them. Two circulars released on Tuesday, which pressure banks to make provisions above the regulatory minimum and require further disclosures on NPLs, point to the RBIs seriousness. These circulars might weigh on bank earnings in the next round of reports. Should the additional disclosures reveal weaknesses that are greater than expected there could be further pressure on the banks Viability Ratings.

The RBI primarily limited itself to restricting bank lending under the previous PCA framework. The scope for possible regulatory actions has been broadened under the amended framework, but it remains uncertain to what extent the RBI will use the tools it has just made available.

Moreover, the RBI will not be able to address problems in the banking sector on its own. Significant efforts to resolve bad loans, for example, would leave banks in need of recapitalisation, given that haircuts and increased provisions would be required. State banks are generally in a poor position to raise new capital, which makes them largely reliant on the government for recapitalisation.

The RBI may use the PCA framework to identify weak banks as candidates for mergers. State Bank of India took over five smaller lenders earlier this month, and further consolidation could be part of the overall strategy to clean up the banking system. However, mergers would also require the support of the government.

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JHS Svendgaard Laboratories settles disputes with Procter & Gamble
Apr 24,2017

JHS Svendgaard Laboratories announced that the on-going disputes at various courts between the company and various group companies of Procter & Gamble Inc. in India, have been settled with mutual consent and concluded positive for JHS. The settlement clears contingent liabilities to the tune of Rs 206.15 crore, from the balance sheet of JHS.

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Shares of Parmeshwari Silk Mills get listed
Apr 24,2017

The equity shares of Parmeshwari Silk Mills (Scrip Code: 540467) are listed effective 24 April 2017 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Shares of KMS Medisurgi get listed
Apr 24,2017

The equity shares of KMS Medisurgi (Scrip Code: 540468) are listed effective 24 April 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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