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Equity Tips

Novartis India buyback window opens today
Novartis India buy back window opens from 25th August 2016 till 8 September 2016 for shares worth Rs290 crore - the buyback price is at a premium of 7% to its closing price of Rs711.20 on Wednesday. Novartis would acquire close to 38 lakh shares at a price of Rs760 a share. Currently, the promoter of the pharmaceutical company- Novartis AG holds 75% of outstanding equity in the Indian subsidiary. Hence as per SEBI’s listing guidelines; it require a minimum free float of 25%; this would imply that the promoters, namely Novartis AG would need to tender shares in the buyback should it want the Indian subsidiary to stay listed.

Natco Pharma surges on receiving EIR for Chennai division
Natco Pharma rose over 7% to Rs703.95, after the drug maker has announced receipt of successful Establishment Inspection Report ( EIR) for Chennai facility. Natco Pharma has received successful Establishment Inspection Report ( EIR) from the US Food and Drug Administration ( FDA) for the inspection conducted, during the period February 8  February 12, 2016, at its Chemical Division, Chennai, India (named Natco Organics, prior to amalgamation into the company). The inspection has been conducted, during the period February 8 - February 12, 2016. Earlier in this month, it had received EIR from the US FDA for its drug manufacturing facility in Kothur Village.

SBI to partner LIC to form credit enhancement fund
State Bank of India, the country's largest bank, may partner with Life Insurance Corporation of India (LIC) and India Infrastructure Finance Company Ltd (IIFCL) to set up a credit enhancement fund that will guarantee lower-rated bonds issued by infrastructure companies and bolster their ratings. The fund's initial size could be Rs 500 crore and the guarantee provided by this fund will improve the credit ratings of these bonds, which will help firms to raise money at lower interest rates and also tap insurance and pension funds.The proposed fund will initially provide guarantees to bonds issued by infrastructure companies. At present, insurers are not allowed to invest in bonds of companies that are rated below AA, the second-highest level of safety. This will also give room to promoters to service their existing debt with bonds having much higher tenor and benefit from substantial reduction in interest burde.

Tata Global likely to restructure China operations
Tata Global Beverages (TGBL) is likely to restructure its China operations, there are challenges in operations of the Chinese joint venture, Zhejiang Tata Tea Extraction Company. A call on the business will be taken in the coming years - no major impact on earnings as the JV is small and contribution to consolidated entity is lower. Tata Global Beverages has also indicated that the GST will have inflationary impact on the tea prices which might lead to higher branded tea prices – sentimentally negative for Tata Global Beverages and HUL’s beverage segment.

Jubilant Life gets ANDA nod for Felodipine ER Tablets; stk up
Jubilant Life Sciences Ltd, an integrated global Pharmaceuticals and Life Sciences Company, has announced that it has received Abbreviated New Drug Application ( ANDA) final approval for Felodipine Extended-Release Tablets USP, 2.5 mg, 5 mg, and 10 mg, the generic version of Plendil® Tablets of AstraZeneca, which is used for the treatment of hypertension. As on June 30, 2016, Jubilant Life Sciences had a total of 770 filings for Oral Solids of which 578 have been approved in various regions globally. This includes 70 ANDAs filed in the US, of which 44 have been approved and 104 filings in Europe.

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