Ipca Laboratories shares hit fresh 52-week low of Rs 480 on Friday, falling 14 percent intraday after Geneva-based fund decided not to source any anti-malaria drug from the company. "....following a risk consideration exercise post USFDA warning letter to company, The Global Fund (Geneva, Switzerland) informed that they will not allocate any volume of Artemisinin based Combination Therapy (ACTs) to the company," says the Maharashtra-based pharma company. The fund has re-assessed the situation after a warning letter issued to the company by the United States Federal Drug Regulatory Authority (USFDA) on January 29, 2016.
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Simplex Projects shares are locked in 20 percent upper circuit at Rs 28.85 on Friday after selling 51 percent stake in its subsidiary. There were pending buy orders of 25,775 shares, with no sellers available, at 15:11 hours IST. Simplex Projects' board of directors, on March 28, decided to sell its investment in wholly-owned subsidiary. Accordingly, 16,31,400 shares (51.21 percent) have been sold on March 31. "For better management of Simpark Infrastructure (subsidiary) and to generate funds for the company, it is necessary to dispose of some investments held by the company in wholly-owned subsidiary," said Kolkata-based infrastructure company.
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Even as asset quality concerns continue to persist, the stress in the corporate system will disappear as the economy picks up, says Ravi Venkatesan, Chairman, Bank of Baroda to CNBC-TV18's Nimesh Shah at the 19th Annual Asia Investment Conference being held by Credit Suisse in Hong Kong. Venkatesan believes that recovering NPAs are not the core competence of a PSU bank and expresses concerns over the reluctance to create a public asset recovery company to deal with the bad loans. Bank of Baroda's balance-sheet is in a less stressed situation as compared to its counterparts, and Venkatesan maintains that they will be able to crawl out of this situation in a couple of quarters.
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Prime Minister Narendra Modi is going to need a big rise in economic growth and a run of good weather to have a chance of fulfilling his promise to double farmers' incomes by 2022. He may also have to allow farm gate prices to rise fast, agricultural and economic experts said, jeopardising a key policy of his first two years in office: keeping inflation in check to appeal to India's swelling middle class. The 65-year-old made his bold commitment at a February rally in the eastern state of Odisha, hoping to shore up support among 263 million farmers who will have a major say in his party's fate in upcoming state elections and a national vote in 2019. "This is a government that thinks about farmers," Modi told the rally.
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The Rs 2,200 crore-IPO of Equitas Holdings, the biggest initial public offering so far this year, elicited robust investor response, with the issue getting oversubscribed 17.21 times on the last day of the offer. The initial public offer received more than 5.8 lakh applications. Reflecting good response, the IPO generated demand worth over Rs 26,000 crore from only domestic investors as it received total bids for 2,39,57,56,440 shares against the issue size of 13,91,91,802 shares, data available with NSE till 2030 hours showed. The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 14.93 times and that of non-institutional investors received 57 times subscription, sources said.
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Indian shares are likely to start with little direction, even as a sell-off on Wall Street overnight echoed in Asian equities today. The latest down move comes amid a rise in concern again that global growth will likely be weak going forward and as questions arise over the effectiveness of central bank monetary policies.
Asian markets were trading on a weak note after bank shares slumped globally, while the yen soared to a 17-month high against the dollar as investors unwound bets against the yen, calculating that any effort by Japan to drive down the yen would be vigorously opposed by other major economies.
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The Nifty50 lost momentum from the word go on Thursday and formed a 'Bearish Belt Hold' pattern on the daily candlestick chart. It ended the day below the psychological levels of 7,580 and 7,550, dropping signals that it may slide towards 7,400.A Bearish Belt Hold pattern signals trend reversal. Its significance gets amplified when the pattern emerges after a consolidation phase, like the one seen in the previous session.
The BSE Sensex fell to a three-week low on Thursday as investors took gains off the table, continuing to book profits in recent outperformers as the upcoming quarterly reporting season is expected to be weak.The benchmark BSE Sensex shed 0.86 percent to close at 24,685.42, its lowest since March 17.
HDFC shares fell over 3 per cent on Thursday after the mortgage lender disclosed that it will make an additional one-time provision of Rs 450 crore in the quarter ended March.
"With the objective of further strengthening its balance sheet, the Corporation believes that it will be prudent to utilise a part of the exceptional gains to build and additional buffer against any unexpected risk in the future," HDFC said in a statement to the Bombay Stock Exchange.
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Lenders of bankrupt Kingfisher Airlines (KFA) have rejected the Rs 4,000 crore repayment offer that its chief Vijay Mallya had made in a Supreme Court hearing last week. The banking consortium also told the court the liquor baron had made another offer last evening, which also had rejected, though they did divulge details of the second offer. Kingfisher owes banks about Rs 10,000 crore, which comprises of principal of about Rs 6,000 crore along with accrued interest. At the hearing last week, Mallya's counsel offered to pay Rs 4,000 crore along with another an additional Rs 2,000 crore, subject to settlement of a claim Kingfisher has filed against GE. Lenders told the court that they were open to a meaningful negotiation, they expect at least the principal of Rs 6,000 crore to be paid, along with some portion of the interest. They further added that for any settlement to take place, Mallya must show bonafides to court, disclose all his assets and preferably be present in court.
The court agreed with the banks' contention saying that Mallya should establish bonafide by depositing a token amount in court, disclose all assets and sought clarity from his counsel on when he can return to India and appear in court. To this, Mallya's counsel said that he was not withholding information on assets, that a similar disclosure had been made to court in 2010, and will be updated. The counsel further said that Mallya had sought time to reply to banks' rejection of his proposal till April 21. The case will now be heard on April 26.
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The Rs 2,200 crore-IPO of Equitas Holdings, the first initial public offering in the current fiscal, was fully subscribed till afternoon trade on the last day of the offer today. The IPO received total bids for 15,12,22,005 shares as against the issue size of 13,91,91,802 shares, generating a subscription of 1.09 times, according to the NSE data till 1300 hrs. The company has raised Rs 652 crore from anchor investors. Equitas Holdings, with a licence for a small finance bank, has fixed the price band at Rs 109-110 per share. The initial share sale programme will close today.
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