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L&T hits 52-week high after robust Q4 outcome
May 30,2017

The result was announced after market hours yesterday, 29 May 2017.

Meanwhile, the S&P BSE Sensex was down 37.05 points, or 0.12%, to 31,072.23.

On BSE, so far 46,000 shares were traded in the counter, compared with average daily volume of 1.90 lakh shares in the past one quarter. The stock hit a low of Rs 1,815.30 so far during the day. The stock hit a high of Rs 1,834 in intraday trade so far, which is 52-week high for the counter. The stock hit a 52-week low of Rs 1,295.30 on 9 November 2016.

The large-cap engineering & construction major has equity capital of Rs 186.65 crore. Face value per share is Rs 2.

L&Ts order intake rose 9.6% to Rs 47289 crore in Q4 March 2017 over Q4 March 2016. International order inflow during the quarter at Rs 9044 crore constituted 19% of the order inflow for the quarter.

Consolidated order book of the group stood at level of Rs 261341 crore as at 31 March 2017, higher by 5% on a y-o-y basis. International order book constituted 27% of the total order book.

Meanwhile, the companys board recommended issue of 1:2 (one bonus share for for every two held) bonus shares.

In its outlook L&T said that the company continues to focus on profitable execution of the large order book, selective order picking, on-time deliveries and operational excellence through digitalization. The company is also emphasizing on cost competitiveness, continuous optimization of working capital, restructuring of its business portfolio and value creation with an aim to enhance its return on equity (ROE).

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. Its products and systems are marketed in over 30 countries worldwide.

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NTPC declines after reporting lackluster Q4 results
May 29,2017

The result was announced during market hours today, 29 May 2017.

Meanwhile, the S&P BSE Sensex was up 120.25 points or 0.39% at 31,148.46.

On the BSE, 2.52 lakh shares were traded on the counter so far as against the average daily volumes of 2.65 lakh shares in the past one quarter. The stock had hit a high of Rs 157.50 and a low of Rs 153.30 so far during the day.

The stock had hit a 52-week high of Rs 177.80 on 27 January 2017 and a 52-week low of Rs 137.70 on 30 May 2016. The stock had underperformed the market over the past one month till 26 May 2017, declining 5.71% compared with 2.97% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 5.54% as against Sensexs 7.39% gains.

The large-cap company has equity capital of Rs 8245.46 crore. Face value per share is Rs 10.

NTPCs board of directors recommended final dividend of Rs 2.17 per share for the year ended 31 March 2017 (FY 2017).

NTPC, Indias largest power company, has presence in the entire value chain of power generation business. The government of India held 69.75% stake in the firm as on 31 March 2017, as per the shareholding pattern.

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Sweet pill for Wockhardt after getting GMP compliance certificate
May 29,2017

The announcement was made during market hours today, 29 May 2017.

Meanwhile, the S&P BSE Sensex was up 109.64 points, or 0.35% to 31,137.85. The S&P BSE Mid-Cap index was down 114.96 points, or 0.79% to 14,404.94.

On the BSE, 5.09 lakh shares were traded in the counter so far, compared with average daily volumes of 3.87 lakh shares in the past one quarter. The stock had hit a high of Rs 636.80 and a low of Rs 563.05 so far during the day. The stock hit a 52-week high of Rs 1,129 on 21 July 2016. The stock hit a 52-week low of Rs 558.25 on 25 May 2017.

The mid-cap company has equity capital of Rs 55.27 crore. Face value per share is Rs 5.

Wockhardt announced that Health Products Regulatory Authority of Ireland (HPRA) has granted Certificate of good manufacturing practices (GMP) compliance to the companys Shendra, Aurangabad facility based on inspection performed from 27 February 2017 to 3 March 2017.

Wockhardt reported consolidated net loss of Rs 174.72 crore in Q4 March 2017, sharply higher than net loss of Rs 5.38 crore in Q4 March 2016. Wockhardts consolidated total income fell 10.53% to Rs 919.82 crore in Q4 March 2017 over Q4 March 2016.

Wockhardt is a global pharmaceutical and biotech company with presence in USA, UK, Ireland, Mexico, Russia and many other countries. It has manufacturing and research facilities in India, USA & UK and a manufacturing facility in Ireland. Wockhardt has a significant presence in USA, Europe and India, with 62% of its global revenues coming from international businesses.

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Steel Strips Wheels gains after reporting decent Q4 results
May 29,2017

The result was announced during market hours today, 29 May 2017.

Meanwhile, the S&P BSE Sensex was up 137.96 points, or 0.44% at 31,166.17. The S&P BSE Small-Cap index was down 138.17 points, 0.92% at 14,948.09.

On the BSE, 2,549 shares were traded on the counter so far as against the average daily volumes of 4,037 shares in the past one quarter. The stock had hit a high of Rs 865 and a low of Rs 828 so far during the day.

The stock had hit a record high of Rs 952.90 on 24 April 2017 and a 52-week low of Rs 379.25 on 30 May 2016. The stock had underperformed the market over the past one month till 26 May 2017, declining 9.51% compared with the Sensexs 2.97% rise. The scrip had, however, outperformed the market over the past one quarter advancing 21.03% as against the Sensexs 7.39% rise.

The small-cap company has equity capital of Rs 15.56 crore. Face value per share is Rs 10.

Steel Strips Wheels board recommended a final dividend of Rs 3 per equity share for the year ended March 2017.

Steel Strips Wheels designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

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Videocon Industries extends recent sell-off on weak Q4 results
May 29,2017

The result was announced after market hours on Friday, 26 May 2017.

The stock has slumped 55.25% in six sessions to its ruling price of Rs 44.95, from a close of Rs 100.45 on 19 May 2017.

Meanwhile, the S&P BSE Sensex was up 154.11 points or 0.54% at 31,195.51. The S&P BSE Small-Cap index was down 132.58 points or 0.88% at 14,953.68.

On the BSE, 30,687 shares were traded on the counter so far as against the average daily volumes of 33,951 shares in the past one quarter. The stock was locked at a low of Rs 44.95, so far during the day, which is a 52-week low for the stock.

The stock had hit a 52-week high of Rs 114.90 on 6 October 2016. The stock had underperformed the market over the past one month till 26 May 2017, dropping 54.19% compared with 2.97% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 54.19% as against Sensexs 7.39% gains.

The small-cap company has equity capital of Rs 334.46 crore. Face value per share is Rs 10.

Videocon Industries total income dropped 31.9% to Rs 2071.28 crore in Q4 March 2017 over Q4 March 2016.

The recent sell-off in the stock has been triggered by media reports of escalating debt woes of the company. As per reports, Central Bank of India declared the company as a non-performing asset (NPA) in Q1 June 2017. Central Bank of India has one of the highest exposures to Videocon at Rs 2700 crore, reports added. Other banks are likely to soon follow suit in declaring the account as a bad loan or an NPA.

Dena Bank had recently announced that it had classified Videocons loan amounting to Rs 520 crore as a NPA. This has resulted into some negative publicity of the company and, accordingly, impacted its stock price, the company had issued the clarification.

Videocon Industries operates in four segments: consumer electronics and home appliances, crude oil and natural gas, telecommunications and power.

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Gravity grips IT stocks
May 29,2017

Tech Mahindra (down 11.94%), Larsen & Toubro Infotech (down 2.56%), L&T Technology Services (down 1.32%), Infosys (down 1.81%), TCS (down 0.44%), Wipro (down 1.35%), Persistent Systems (down 0.64%) and Hexaware Technologies (down 1.77%) edged lower.

HCL Technologies (up 0.14%), MindTree (up 0.06%), Oracle Financial Services Software (up 1.25%) and MphasiS (up 0.34%) edged higher.

The S&P BSE IT index was down 168.34 points, or 1.62% at 10,230.73. It underperformed the S&P BSE Sensex, which was up 47.19 points, or 0.15% at 31,075.40.

The S&P BSE IT index had outperformed the market over the past one month till 26 May 2017, rising 7.37% compared with 2.97% rise in the Sensex. The index, however, underperformed the market in past one quarter, gaining 0.2% as against Sensexs 7.39% gains.

IT stocks declined as investors sentiment for the sector dampened after Tech Mahindra reported weak Q4 earnings.

Tech Mahindras consolidated net profit dropped 31.2% to Rs 588 crore on 0.8% fall in revenue to Rs 7495 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours on Friday, 26 May 2017.

Managing Director and CEO of the company CP Gurnani, said that the IT industry is going through a paradigm shift amid changing demand pattern from the clients, technological changes and requirement for significant skill enhancement. The company has responded to these changes proactively by reimagining the business, imbibing a culture of innovation, encouraging reskilling and retraining workforce wherever necessary, he added.

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Bank stocks drop amid reports of under-reporting of bad loans
May 29,2017

Meanwhile, the S&P BSE Sensex was up 63.87 points or 0.21% at 31,092.08. The S&P BSE Bankex was down 150.47 points or 0.57% at 26,344.77.

Among public sector bank stocks, State Bank of India (SBI) (down 0.81%), Canara Bank (down 1.49%), Union Bank of India (down 3.01%), UCO Bank (down 7.35%), Bank of India (down 2.25%), Punjab National Bank (down 2.22%) Syndicate Bank (down 2.35%), Indian Overseas Bank (down 1.74%), Bank of Baroda (down 1.64%), Andhra Bank (down 1.66%), Oriental Bank of Commerce (down 3.33%), Dena Bank (down 2.38%), and Indian Bank (down 1.1%), declined.

Among private sector banks, Axis Bank (down 1.29%), ICICI Bank (down 1.2%), Kotak Mahindra Bank (down 0.36%), and Yes Bank (down 2.28%) declined. IndusInd Bank rose 1.09%. HDFC Bank gained 0.42%.

The BSE Bankex had outperformed the market over the past one month till 26 May 2017, rising 5.11% compared with 2.97% rise in the Sensex. The index had also outperformed the market in past one quarter, gaining 11.21% as against Sensexs 7.39% gains.

The Institute of Chartered Accountants of India (ICAI) has reportedly written to the Reserve Bank of India (RBI), seeking information on the divergence in bad-loan estimates by some lenders and the central bank.

ICAIs financial reporting review board (FRRB) will also review the 2015-16 financial statements of Axis Bank and Yes Bank, the accounting body reportedly said. ICICI Banks financial statement would also be reviewed, report added.

ICAIs disciplinary directorate reportedly wrote to RBI on 24 May 2017 seeking specific information/details such as details of inspection by RBI with relevant documents to be made available to ICAI and further requesting them to file a formal complaint, if they so desire. Based on the central banks response, ICAI could consider further course of action in terms of the disciplinary provisions prescribed under the Chartered Accountants Act, 1949.

ICAIs inquiries come after three private sector banks reported a sharp divergence between their asset quality classifications and provisioning for 2015-16 and what the RBI deemed necessary. On 18 April, the regulator had told banks to make a disclosure in their financial statements if the divergence exceeded 15%.

ICAI has also directed its FRRB to engage with the banks auditors to understand the reasons behind the difference between the findings of the statutory audit and the RBI audit.

Meanwhile, the Reserve Bank is reportedly likely to announce within a fortnight the guidelines to operationalise non performing assets (NPA) ordinance so as to expedite the recovery of bad loans which have crossed Rs 8 lakh crore in the public sector banks.

The RBI top brass has been batting for a number of ways to resolve public sector bank problems. The deputy governor Viral Acharya had suggested options like raising private capital, mergers, and divestments for the public sector banks. RBI governor Urjit Patel, in the Third Kotak Family Distinguished Lecture delivered at Columbia University, stated that the system would be better off if public sector banks are consolidated into fewer but healthier banks.

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Nalco shines after good Q4 result
May 29,2017

The result was announced on Saturday, 27 May 2017.

Meanwhile, the S&P BSE Sensex was up 27.36 points or 0.09% at 31,055.57.

On the BSE, 5.46 lakh shares were traded on the counter so far as against the average daily volumes of 4.19 lakh shares in the past one quarter. The stock had hit a high of Rs 71.40 and a low of Rs 68.50 so far during the day. The stock had hit a 52-week high of Rs 79.85 on 7 March 2017 and a 52-week low of Rs 40.70 on 24 June 2016.

The stock had underperformed the market over the past one month till 26 May 2017, rising 1.79% compared with 2.97% rise in the Sensex. The scrip also underperformed the market in past one quarter, gaining 3.8% as against Sensexs 7.39% gains.

The large-cap company has equity capital of Rs 966.46 crore. Face value per share is Rs 5.

On a consolidated basis, National Aluminium Companys (Nalco) net profit decreased 15.17% to Rs 667.72 crore on 6.36% rise in total income to Rs 7951.31 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

National Aluminium Company (Nalco) said that the company has been riding on its overall growth in production, improving productivity and sales performance to register a profit in FY 2017. This was despite sluggishness in the metal market across the globe, fluctuating prices in the LME and increase in input costs of raw materials, Nalco said.

Nalco reported significant growth in the FY 2017 in the areas of production and sales. The company achieved 7.65 % growth in bauxite production by recording 100% capacity utilization of 6.825 million tonnes in FY 2017, the highest since inception. The company recorded stellar performance in its refinery segment with a record production of 2.1 million tonne Alumina Hydrate, which represented a jump of 7.53%.

Nalco registered a 4.03% increase in production of metal to 3.87 lakh tonnes at smelter plant in Angul. The company captive power plant also witnessed an increase in power generation at 6066 MU, representing an increase of 3.85% in FY 2017 over FY 2016.

State-run Nalco has integrated and diversified operations in mining, metal and power. The GoI held 74.58% stake in Nalco as per the shareholding pattern as on 31 March 2017.

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Vivimed Labs moves higher after reporting stellar Q4 numbers
May 29,2017

The result was announced on Saturday, 27 May 2017.

Meanwhile, the S&P BSE Sensex was up 68.81 points, or 0.22% at 31,097.02. The S&P BSE Small-Cap index was down 138.51 points, or 0.92% at 14,947.75.

High volumes were witnessed on the counter. On the BSE, 5.04 lakh shares were traded on the counter so far as against the average daily volumes of 2.74 lakh shares in the past one quarter. The stock had hit a high of Rs 127.90 and a low of Rs 114.20 so far during the day.

The stock had hit a record high of Rs 136.40 on 20 April 2017 and hit a 52-week low of Rs 68 on 9 August 2016. The stock had underperformed the market over the past one month till 26 May 2017, declining 5.97% compared with the Sensexs 2.97% rise. The scrip had also underperformed the market over the past one quarter advancing 6.78% as against the Sensexs 7.39% rise.

The small-cap company has equity capital of Rs 16.40 crore. Face value per share is Rs 2.

Vivimed Labs is a niche specialty chemicals and pharmaceuticals company.

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RCom nosedives on reverse turnaround in Q4
May 29,2017

The result was announced on Saturday, 27 May 2017.

Meanwhile, the S&P BSE Sensex was up 51.25 points, or 0.17% to 31,079.46. The S&P BSE Mid-Cap index was down 113.43 points, or 0.78% to 14,406.47.

Spurt in volumes was witnessed on the counter. On the BSE, 45.58 lakh shares were traded in the counter so far, compared with average daily volumes of 24.65 lakh shares in the past one quarter. The stock had hit a low of Rs 21.95 so far during the day, which is a record low for the stock. The stock had hit a high of Rs 25.65 in intraday trade.

The stock had hit a 52-week high of Rs 55.40 on 31 August 2016. The stock had underperformed the market over the past one month till 26 May 2017, sliding 24.67% compared with 2.97% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 30.08% as against Sensexs 7.39% gains.

The mid-cap company has equity capital of Rs 1244.49 crore. Face value per share is Rs 5.

Reliance Communications (RCom)s consolidated total income fell 24.34% to Rs 4524 crore in Q4 March 2017 over Q4 March 2016. Revenues in Q4 fell in line with industry trends, and led by the impact of free offers, disruptive pricing and unprecedented competitive intensity in the industry.

The proposed merger of SSTLs wireless operations with RCom, marking the 1st in-country consolidation in the Indian telecom industry, has received all approvals, and is expected to be completed in June, 2017. The merger will add highly valuable 30 MHz of 850 band spectrum in 8 key circles, and will extend validity of spectrum in these circles for an additional period of 12 years, till 2033.

The proposed transaction for sale of the tower infrastructure owned by RCom to Brookfield has received requisite approvals from Competition Commission of India (CCI). The business demerger and transfer scheme has been filed with the National Company Law Tribunal (NCLT). Shareholders approvals have been received in the NCLT convened meeting during April 2017, and lenders and other consents are expected in the next few months.

Upon completion of the Aircel merger with the company and sale of the tower business, RComs debt will stand reduced by around Rs 25000 crore. Upon completion, the company will hold highly valuable stakes of 50% in the Aircel joint venture and 49% economic upside in the towers business, providing future monetisation opportunities for significant further deleveraging.

RCom will also continue to own and operate its existing high growth and higher margin businesses in the domestic enterprise segment, data centers, optical fibre and international business in GCX.

RCom said that the telecom sector in India has been very adversely impacted during the financial year ended 31 March 2017 (FY 2017) by competitive intensity on a scale never witnessed before in the country.

For the first time in over 20 years, the telecom sector registered de-growth in revenues, leading to a reduction in the Governments share in revenues, sharp drop in operating margins, accompanied by increased interest costs arising from a staggering industry debt burden, and higher depreciation and amortisation charges as a result of higher spectrum purchase costs.

Steep declines in profitability and/or net losses have been reported for the past two quarters by all telecom operators in the country without exception, and a couple of operators have shut down their entire operations in the country, company added.

RCom is an integrated telecommunications service provider.

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Dull debut for PSP Projects
May 29,2017

Meanwhile, the S&P BSE Sensex was up 25.41 points or 0.08% at 31,053.62. The S&P BSE Small-Cap index was down 147.50 points or 0.98% at 14,938.76.

The stock debuted at Rs 199, a discount of 5.24% from its initial public offer (IPO) price. So far the stock hit a high of Rs 208.95 and low of Rs 189.05. On BSE, so far 1.68 lakh shares were traded on the counter.

The IPO of PSP Projects received bids for 4.75 crore shares compared with 55.44 lakh shares on offer, as per NSE data. The IPO was subscribed 8.58 times. The price band for the IPO was fixed at Rs 205-210 per share. The issue opened on 17 May 2017 and closed on 19 May 2017.

The qualified institutional buyers (QIBs) category was subscribed 8.38 times. The non institutional investors category was subscribed 10.39 times. The retail individual investors (RIIs) category was subscribed 6.47 times.

The IPO committee of PSP Projects at a meeting held on 16 May 2017 allocated 45.36 lakh shares to nine anchor investors at Rs 210 per share aggregating to Rs 95.25 crore.

PSP Projects had reported net profit of Rs 21.48 crore on net sales of Rs 239.10 crore in nine months ended 31 December 2016.

PSP Projects is a multidisciplinary company developing industrial, institutional, government, government residential and residential projects in India. Services offered are across the construction value chain, ranging from planning and design to construction and post-construction activities to private and public sector enterprises.

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Mahanagar Gas sizzles after good Q4 performance
May 29,2017

The result was announced after market hours on Friday, 26 May 2017.

Meanwhile, the S&P BSE Sensex was up 24.87 points or 0.08% at 31,053.08. The S&P BSE Mid-Cap index was down 107.57 points or 0.74% at 14,412.33.

On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 19,929 shares in the past one quarter. The stock had hit a high of Rs 988 and a low of Rs 966 so far during the day. The stock had hit a record high of Rs 1053.20 on 28 April 2017 and a record low of Rs 493.20 on 13 July 2016.

The stock had underperformed the market over the past one month till 26 May 2017, sliding 6.01% compared with 2.97% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 10.77% as against Sensexs 7.39% gains.

The mid-cap company has equity capital of Rs 98.78 crore. Face value per share is Rs 10.

Mahanagar Gas said that the board of directors of the company has recommended a final dividend of Rs 11 per equity share for the financial year ended 31 March 2017.

Mahanagar Gas (MGL) is one of Indias leading natural gas distribution companies. MGL is a joint venture between GAIL (India) and BGAPH (a subsidiary of Royal Dutch Shell Plc).

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FDC advances after reporting decent Q4 earnings
May 29,2017

The result was announced after market hours on Friday, 26 May 2017.

Meanwhile, the S&P BSE Sensex was down 8.19 points, or 0.03% at 31,020.02.The S&P BSE Mid-Cap Index was down 158.88 points, or 1.09% at 14,361.02.

On the BSE, 9,026 shares were traded on the counter so far as against the average daily volumes of 4.63 lakh shares in the past on quarter. The stock had hit a high of Rs 184.40 and a low of Rs 178 so far during the day.

The stock had hit a 52-week high of Rs 240 on 10 November 2016 and a 52-week low of Rs 165.50 on 24 June 2016. The stock had underperformed the market over the past one month till 26 May 2017, declining 9.91% compared with the Sensexs 2.97% rise. The scrip had also underperformed the market over the past one quarter declining 16.95% as against the Sensexs 7.39% rise.

The mid-cap company has equity capital of Rs 17.78 crore. Face value per share is Rs 1.

FDCs board of directors recommended a dividend of Rs 2.25 per equity share for the year ended March 2017.

FDC is a pharmaceutical company. The company is engaged in manufacture of specialized formulations, and oral rehydration salts (ORS).

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Sun Pharma tanks after posting dismal Q4 results
May 29,2017

The result was announced after market hours on Friday, 26 May 2017.

The stock has skidded 23.49% in seven sessions to its ruling price of Rs 500.25, from a close of Rs 653.90 on 18 May 2017.

Meanwhile, the S&P BSE Sensex was almost unchanged at 31,027.26.

Spurt in volume was witnessed on the counter. On the BSE, 27.24 lakh shares were traded on the counter so far as against the average daily volumes of 3.89 lakh shares in the past one quarter. The stock had hit a low of Rs 493 so far during the day, its lowest level since 28 August 2013. The stock had hit a high of Rs 532.80 in intraday trade.

The stock had hit a 52-week high of Rs 854.50 on 5 August 2016. The stock had underperformed the market over the past one month till 26 May 2017, sliding 11.53% compared with 2.97% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 15.82% as against Sensexs 7.39% gains.

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

Sun Pharmaceutical Industries board of directors recommended dividend of Rs 3.5 per share for the year ended 31 March 2017 (FY 2017).

India sales rose 10% at Rs 1916 crore in Q4 March 2017 over Q4 March 2016. Other operating income for the quarter stood at Rs 312 crore which includes a milestone payment from Almirall S.A (Spain) as part of the licensing agreement for the development and commercialization of Tildrakizumab for psoriasis in Europe.

Dilip Shanghvi, Managing Director of the company said that Q4 performance reflects the impact of the challenging generic pricing environment in the US. Despite this, the company continued to invest strong cash flows in enhancing specialty pipeline.

In Q4, the company announced the acceptance of Tildrakizumab filing by EMA for European markets and for US market in May 2017. The company will be gradually filing Tildrakizumab in all key markets in the next few quarters. The company recently had a pre-new drug application (NDA) meeting with the United States Food & Drug Administration (USFDA) for Seciera and the company is on track to file this NDA by Q3 December 2017. The company continues to evaluate filing Seciera in other markets.

During the quarter, the USFDA lifted the import alert on the Mohali facility while remediation efforts are on-going to bring back the Halol facility into full cGMP compliance, he added.

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

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Tech Mahindra slumps after dismal Q4 results
May 29,2017

The result was announced after market hours on Friday, 26 May 2017.

The stock had gained 4.23% in four sessions to settle at Rs 429.35 on 26 May 2017 from a close of Rs 411.90 on 22 May 2017 ahead of the Q4 results.

Meanwhile, the S&P BSE Sensex was down 16.32 points or 0.05% at 31,011.89.

Huge volumes were witnessed on the counter. On the BSE, 13.01 lakh shares were traded in the counter so far as against average daily volume of 4.31 lakh shares in the past one quarter. The stock had hit a low of Rs 357.60 in intraday trade, which is a 52-week low for the stock. The stock had hit a high of Rs 395 so far during the day. The stock had hit a 52-week high of Rs 563.75 on 30 May 2016.

The stock had underperformed the market over the past one month till 26 May 2017, rising 0.3% compared with 2.97% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 14.68% as against Sensexs 7.39% gains.

The large-cap company has equity capital of Rs 487.29 crore. Face value per share is Rs 5.

Tech Mahindras board of directors recommended a dividend of Rs 9 per share for the year ended 31 March 2017 (FY 2017).

Managing Director and CEO CP Gurnani said that the IT industry is going through a paradigm shift amid changing demand pattern from the clients, technological changes and requirement for significant skill enhancement.The company has responded to these changes proactively by reimagining the business, imbibing a culture of innovation, encouraging reskilling and retraining workforce wherever necessary, he added.

Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions.

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