Stock Markets Live: Sensex, Nifty Open Marginally Lower; KPR Mills Jumps Over 7%

Alembic Pharmaceuticals Ltd. said it has received final US FDA approval for its antidepressant drug.

The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Norpramin Tablets, 10 mg, 25 mg, 50 mg, 75 mg, 100 mg, and 150 mg, of Validus Pharmaceuticals LLC.

Desipramine Hydrochloride Tablets USP, 10 mg, 25 mg, 50 mg, 75 mg, 100 mg, and 150 mg have an estimated market size of $7 million for twelve months ending March 2021 according to IQVIA.

Macrotech Developers had pre-sales of Rs 957 crore ($128 million) in the three months ended June 30 vs Rs 2,530 crore in the previous quarter, the company said in an exchange filing.

• “While April and May had very limited pre-sales on account of the second Covid wave in India, June saw pre-sales of Rs 654 crore. This pick-up in June is despite some continuing Covid related restrictions in our operating markets”

• The company is on track to meet its pre-sales guidance if no further Covid related disruptions happen

• Q1 collections at Rs 1,710 crore, down 18% QoQ

• Group net debt reduced by Rs 3,600 crore for Q1

• Macrotech entered into joint development agreements for 2 projects in Q1 totaling 1.5 million sq. ft. of saleable area

Sovereign bonds in India advance after a report quoted RBI Governor Shaktikanta Das as saying any hasty withdrawal from easy monetary policy may undo gains achieved after the pandemic.

• Inflation is showing signs of stickiness, but that’s only a ‘transitory hump’ that should moderate in the third quarter of the financial year, Das told Business Standard newspaper in an interview

• Yield on 5.63% 2026 bond drops 4bps to 5.76%; that on 6.64% 2035 note falls 3bps to 6.76%

Shares of KPR Mill gained as much as 9.9%, the most in two months, to a record high of Rs 1868.40.

The board will consider a proposal for a stock split at its meeting on July 27, the company said in its exchange filing yesterday.

Earlier this week, KPR Mill resumed operations in all its units in Tamil Nadu which were hit due to lockdown.

The stock has gained 16% in the past 5 days and rose 10% percent in the past 30 days. The relative strength index on the stock was above 70, indicating it may be overbought.

Analysts have four buy, no hold, and no sell recommendations on the stock. The price target of Rs 1,558.67 represents a 12.1% decrease from the last price, according to Bloomberg data.

Shares of PNB Housing Finance hit 5% upper circuit after its parent Punjab National Bank asked it to reconsider a Rs 4,000 crore fund raising plan.

According to the exchange notice, the PNB board met on July 3, considered the opinion of a law firm, and decided to ask for the deal to be reconsidered. The decision was taken considering a letter by the Securities and Exchanges Board of India dated June 18.

The board has decided to wait till July 12, when the Securities Appellate Tribunal order on the matter is due.

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