Shares of Panacea Biotec zoomed over 13 per cent on the Bombay Stock Exchange after the company has expanded its existing collaboration with Canada’s Apotex Inc for sales and distribution of Prasugrel tablets in the US.
“Panacea Biotec has expanded its existing collaboration with Apotex Inc, the largest Canadian-owned pharmaceutical company, for sales and distribution of Prasugrel 5mg and 10mg tablets (generic version of Eli Lilly’s Effient) in the US,” the company said in a BSE filing.
It further said, “The company has signed an exclusive licence and supply agreement with Apotex for this purpose. Under the terms of the agreement, Apotex shall be responsible for sales and distribution of the product in the USA and the company shall be responsible for manufacturing and supply”.
Following the statement, shares of the company gained as much as 13.13 per cent to trade at Rs 248.50 apiece on the Bombay Stock Exchange.
In a similar fashion, shares of the company were trading 12.07 per cent higher at Rs 247.90 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 31,889.72, up 201.37 points, or 0.64 per cent, at 12:55 hours.
As per reports, Finance Minister Arun Jaitley had last week stated that 38.38 lakh businesses had filed their returns and paid Rs 92,283 crore in taxes for the month of July – the first month of implementation of independent India’s biggest tax reform, the GST.
Commenting on the issue, a Government Official told the media, “Since then the number of returns filed has gone up to 44 lakh and over Rs 2,500 crore more has come in as taxes. The collections so far are from 74 per cent of the total taxpayer base and more people are likely to come in when the final returns are filed in GSTR 1, 2 and 3.”
As per reports, the GST, which unifies more than a dozen central and state levies like excise duty, service tax and VAT, kicked in from July 1 and requires all tax payers to register on the new tax platform, GST Network.
Total order covers supplies of approx 8,500 wheels in a period of 2 months, the company said in a filing to the Bombay Stock Exchange.
According to the filing, the wheels are to be dispatched from SSWLT Chennai & Dappar plant from this month onwards.
“This order further augments SSWL’S strong presence in the extremely competitive EU Caravan and aftermarket for Steel wheels,” the filing added.
Meanwhile, shares of the company were trading at Rs 904.65 apiece, up 0.42 per cent from the previous close at 13:00 hours on BSE.
Further, exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions.
At the MCX, mentha oil futures for September 2017 contract was trading at Rs 1179 per kg, down by 0.10 per cent, after opening at Rs 1179, against the previous closing price of Rs 1180.20. It touched the intra-day low of Rs 1167.60. (at 17:05 hours).
Ashok Leyland Defence Systems (ALDS), Hinduja Group company has signed a Memorandum of Understanding (MOU) on Cooperation with Russia’s Rosoboronexport (ROE) and ELCOM, on the sidelines of the International Military Technical Forum Army – 2017 held at Kubinka, near Moscow, on August 25, 2017.
Rosoboronexport is the only state organisation in Russia for export of the entire range of military products and technologies, the company said in a BSE filing.
ROE represents Russian companies who are manufacturers of Infantry Fighting Vehicles and Main Battle Tanks, currently working with the Indian Army.
ELCOM Group is emerging as a significant player in strategic electronics, avionics and tactical communication globally.
Meanwhile, shares of the company were trading at Rs 112.50 apiece, down 0.57 per cent from the previous close at 12:55 hours on BSE.
Commenting on the issue, a Government Official told the media, “The first-month collection under the new Goods and Services Tax (GST) regime has been encouraging and if the rising trend continues till December, it would make a case for reduction of tax rate.”
“The tax reduction could be either on items of common consumption or a cut in headline rate which will benefit consumers,” he added.
As per reports, India’s maiden GST revenue mop-up got off to a strong start with collection of Rs 92,283 crore in July from just 64.42 per cent of the total taxpayer base. Of this, as much as Rs 14,894 crore has come in from the Central GST (CGST), Rs 22,722 crore from State GST (SGST), Rs 47,469 crore from Integrated GST (IGST) and Rs 7,198 crore from compensation cess levied on demerit and luxury goods.
Analysts attributed the rise in gold prices at the futures trade here to a firm trend overseas where it hit 10-month high on escalating geopolitical tensions after North Korea’s latest nuclear test drove investors towards safe-haven assets.
At the MCX, gold futures for October 2017 contract was at Rs 30214 per 10 grams, up by 1.31 per cent, after opening at Rs 30011 against a previous close of Rs 29823. It touched the intra-day high of Rs 30267 (13:22 hours).
“Entacapone Tablets is part of an ever growing portfolio of products that Ajanta has developed for the US market. In total, Ajanta has 35 Abbreviated New Drug Application (ANDA) of which it has final approvals for 20 ANDAs; tentative approvals for 2 ANDA; and 13 ANDAs are under review with US FDA,” the company said in a filing to the Bombay Stock Exchange.
Ajanta Pharma Limited is a specialty pharmaceutical formulation company with global headquarters in Mumbai, India. Over 6,500 employees are engaged in developing, manufacturing and marketing of quality finished dosages across 30+ countries.
Meanwhile, shares of the company were trading at Rs 1202.10 apiece, up 0.10 per cent from the previous close at 11:08 hours on BSE.
Buoyed by fund raising plans, shares of the company gained as much as 1.52 per cent to hit intra-day high of Rs 1588.00 apiece on the Bombay Stock Exchange. The stocks were currently trading at Rs 1583.95 against previous close price of Rs 1564.15.
In a similar fashion, shares of the company were trading 1.28 per cent higher at Rs 1,584.10 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 31,569.70, down 76.76 points, or 0.24 per cent, at 11:55 hours.
Analysts said a firm trend in global markets, as a weak dollar boosted the demand for safe-haven investment, influenced gold prices at the futures trade.
At the MCX, gold futures for October 2017 contract was at Rs 29247 per 10 grams, up by 0.27 per cent, after opening at Rs 29195 against a previous close of Rs 29167. It touched the intra-day high of Rs 29290 (13:25 hours).