Sun
Pharma, Infosys, Reliance Capital in Focus Today
1)
Sun Pharma - Ranbaxy has won an approval from US Food and Drug
Administration (FDA) to make generic version of Diovan, used to treat
high blood pressure. Diovan monetisation will lead to one-time cash
generation of $200-250 million for Ranbaxy. In another development
Taro, Sun Pharma's subsidiary, has taken significant price increases
for 11 products. According to Credit Suisse, Sun did not include
price increases in its guidance.
2)
Ashok Leyland will launch a QIP to raise up to Rs. 703
crore or $117 million. Price of offering at Rs. 35-38/share.
The company will use proceeds to pay back debt.
3) Infosys,
TCS: Global outsourcer Accenture's consulting revenue growth has hit
highest in the last two years, which will be positive for Infosys.
However, Accenture has cut its earnings forecast for the full
year.
4) Gail India: Three people are feared dead in a
pipeline blast in East Godavari.
5) Reliance Capital:
According to reports, Sumitomo Mitsui Trust may pick up a 10 per cent
stake in the company for Rs. 2,400 crore. The deal is
likely to be announced in September.
6) Wipro: Independent
directors BC Prabhakar and S Saran not to seek re-election. Henning
Kagermann to resign as independent director.
7) Shriram
Transport Finance will raise at least Rs. 500 crore via
NCDs (non-convertible debentures).
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