CORPORATE NEWS @Capitalstars - 18 Apr 2018

Aurobindo’s Unit 1 undergoing USFDA audit

Aurobindo’s Unit 1 is undergoing a USFDA audit, as per media reports. Unit 1 is an API unit with manufacturing capabilities in CVS, CNS, Anti-allergics and non-sterile Cephalosporins.
The audit has started on April 16 and will last until 20 April 2018. The audit is being carried out by USFDA inspector Ms. Nicole E Knowlton. 
Investors/traders should watch the scrip as we are observing rise in the USFDA Form 483 observations in the recent audits of Dr. Reddy, Sun Pharma, Cipla, Alkem, Indoco Remedies and Aurobindo’s unit IV (injectable unit).

Mahindra launches refreshed XUV500 version priced at Rs12.32 lakh

One of India’s largest automakers, Mahindra and Mahindra Limited (M&M) launched the 2018 version of its Sports Utility Vehicle (SUV) XUV500 today. The model has been launched for India only as of now, and will be priced at Rs12.32 lakhs (ex-showroom Mumbai, price for W5 variant). The new XUV500 will be available in 5 diesel variants (W5, W7, W9, W11 & W11 OPT) and one gasoline (petrol) variant (G AT). It will be available in 7 colours (New Crimson Red, New Mystic Copper, Pearl White, Volcano Black, Moon dust Silver, Opulent Purple and Lake Side Brown).
As per the company press release, XUV500 will be powered by 114kW mHawk engine with torque of 360Nm. Models will be available across price range between Rs12 lakh and Rs18 lakh in India. Some of the safety features in the new XUV500 are 6 airbags, ABS with Electronic Brake Force Distribution (EBD), Electronic Stability Program (ESP) with Rollover mitigation, hill hold and hill descent control and disc brakes on all wheels.

Marico to acquire 22.5% stake in Revofit, a fitness app

Marico has announced a strategic investment in Revolutionary Fitness Private Ltd to acquire upto 22.5% equity stake, through primary and secondary infusions. Company has not disclosed the investment amount but has indicated that it is a very small investment. Revolutionary Fitness owns Revofit - an integrated fitness and holistic wellness solutions app, available on Android and iOS. Revofit provides a 360-degree approach to a healthy lifestyle. We believe this acquisition complements Marico’s aspiration to participate in the nutraceuticals and wellness space.
Marico already have a website under Saffola brand i.e. fitfoodie.in, which has various videos and recipes to enable consumers have a healthier lifestyle. This acquisition would further strengthen its presence in the nutrition space and increase customer involvement. It also bodes well with the nutritional and healthy proposition of Saffola Brand.

Glenmark receives approval for gProtopic

Glenmark Pharma Glenmark Pharmaceuticals has announced that it has been granted final USFDA approval for Tacrolimus Ointment, 0.1%. This is a generic version of Protopic Ointment, 0.1%, manufactured by Leo Pharma AS.
According to IQVIATM sales data, Protopic Ointment, 0.1% generated sales of $109mn for the 12-month period ending February 2018.
There are only two generic players in the Protopic Ointment, 0.1%. Both of them hold ~50% market share and Glenmark, being the latest entrant and with lower price should be able to gain market share from the both. This should help Glenmark to scale-up the volumes in this product.

Vedanta to acquire 90% stake in Electrosteel Steels

Under the terms of the its resolution plan for Electrosteel Steels, Vedanta would be acquiring a 90% stake in the company.  As part of the resolution plan, Vedanta would be paying Rs5,320cr to acquire the Electrosteel Steels through a mix of debt and equity. As part of the resolution plan, Vedanta will subscribe for the share capital of Electrosteel for an amount of Rs1,805cr and Rs3,515cr by way of debt. As a result of the implementation of the Resolution Plan, Vedanta would hold ~90% of the paid up share capital of Electrosteel (the "Transaction") with the remaining 10% consisting of Electrosteel's existing shareholders and the financial creditors. The funds received by Electrosteel would be used to settle the debts owed to the existing creditors of Electrosteel, by payment of Rs5,320cr.


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