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Sun Pharma says it sought re-inspection of its Halol facility, awaiting US FDA response

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Sun Pharma, India’s largest drug maker on Friday said it has completed remediation exercise at its Halol plant in Gujarat and made a request to the US FDA for re-inspection.

“The remedial steps to address these observations are now complete and we are now awaiting a re-inspection by the US FDA,” said Dilip Shanghvi, Managing Director of Sun Pharma in the company’s earnings call.

“Till we have a successful outcome from the re-inspection we will not get any approvals from this facility,” Shanghvi added.

Shanghvi said the drug maker is giving top priority to bring back Halol unit under compliance.

The US FDA re-inspected the Halol facility from November 17, 2016, through December 1, 2016, and issued nine Form 483 observations.

Halol is an important plant for the company and contributed 10-15 percent to its US sales before the factory received a warning letter from the US FDA for violation of manufacturing norms in December 2015.

SEBI calls on exchanges, clearing corps to better deal with tech glitches- JOIN US FOR MORE DAILY FREE INTRADAY TIPS

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Market regulator Securities and Exchange Board of India (SEBI) admonished stock exchanges, clearing corporations and depositories on Friday to have procedures in place to deal with technological disruptions or cyber attacks, and to quickly share any information when such instances occur.


In a statement, SEBI added it would also undertake “a comprehensive review” of the technology and systems deployed at these institutions.


The statement comes after SEBI convened a meeting of relevant parties on Friday following a technology glitch at the National Stock Exchange (NSE) earlier this month that led to a near five-hour long trading disruption.


SEBI added NSE had assured the regulator at the meeting that the exchange was strengthening its internal processes “to further reduce the response time for recovery and also the adoption of automated processes.”

RBI Governor meets Jaitley before monetary policy review

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Ahead of the Reserve Bank of India’s (RBI) forthcoming monetary policy review next week, RBI Governor Urjit Patel held his customary meeting with Finance Minister Arun Jaitley here on Friday.


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A Finance Ministry source here said that following his meeting with Jaitley, Patel also met the new Economic Affairs Secretary Subhash Chandra Garg.


The six-member monetary policy committee (MPC) of the RBI headed by Patel will meet on August 1-2 in Mumbai for the third bi-monthly policy review of the fiscal in the backdrop of latest macro data strengthening the case for an interest rate cut by the central bank.


Retail inflation in June dropped to a record low of 1.54 per cent, while industrial production data showed that the growth in factory production fell to 1.7 per cent in May, from 8 per cent in the same month a year ago.


At its second bi-monthly monetary policy review of the fiscal on June 7, the Reserve Bank of India maintained status quo on its repo, or short-term rate for lending to commercial banks, at 6.25 per cent. In doing so, the policy statement said the six-member MPC was guided by the risks to inflation.

Indian ADRs: Dr. Reddy’s Lab slips 3.3%, ICICI Bank, Tata Motors down

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Indian ADRs ended lower on Friday. In the IT space, Infosys fell 0.32 percent at USD 15.59 and Wipro shed 0.04 percent at USD 6.12.



In the banking space, ICICI Bank declined 0.24 percent at USD 9.48 and HDFC Bank was down 0.03 percent at USD 96.29.



In the other sectors, Dr. Reddy’s Laboratories tumbled 3.37 percent at USD 38.30 and Tata Motors slipped 1.06 percent at USD 34.49.



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S&P 500 dented by earnings; Dow hits record high

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The S&P 500 slipped on Friday on negative reactions to earnings reports from high-profile names such as Amazon, Exxon and Starbucks and a drop in shares of tobacco companies.


The Dow industrials, however, set a record high, buoyed by Chevron after the energy company’s results.


Despite Friday’s share reactions, results overall have come in better than expected for the second quarter and stocks are trading near record highs.


More than halfway through reporting season, S&P 500 companies are on track to increase earnings by 10.8 percent.


Investors were also digesting data showing the US economy accelerated in the second quarter as consumers ramped up spending and businesses invested more in equipment.


Reliance rattles Indian telcos again by unveiling ‘free’ 4G phone

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India’s disruptive new mobile entrant Reliance Jio, backed by the country’s richest man Mukesh Ambani, unveiled a low-cost 4G-enabled phone on Friday to woo tens of millions of new customers, further destabilizing established telecoms players.


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Jio has enjoyed a meteoric rise since its launch a year ago, with its months of free services and sharply discounted plans battering the fortunes of incumbents such as Bharti Airtel and Idea Cellular, who have seen revenues and profits shrink dramatically.


Despite Jio’s rapid rise, funded by mega-profits churned out by parent Reliance Industries’ core refining and petrochemicals operations, it has been unable to tap more than 500 million non-smartphone users in India, who still rely on old feature phones to make calls and send text messages, as its network only supports 4G-enabled phones.


Reliance sees the new handset, named JioPhone, allowing it to target India’s entire mobile market for the first time.


The new phone will “effectively cost zero” as buyers would be able to get the device for a one-time refundable security deposit of 1,500 rupees ($23.3), said Ambani, chairman of Reliance Industries, announcing the launch at the conglomerate’s annual shareholders’ meeting.


The announcement, which was greeted by applause from shareholders at a packed auditorium in south Mumbai, sent shares in rivals Airtel and Idea down 2 percent and 3.3 percent, respectively.


Government mulls insurance cover for digital transaction frauds

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The government is “very seriously” considering the recommendations of the Chandrababu Naidu committee on digital payment security, including insurance cover for the victims of fraudulent digital transactions, a union minister said on Friday.


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In response to a question by Samajwadi Party MP Naresh Agrawal, Union Electronics and Information Technology Minister Ravi Shankar Prasad told the Rajya Sabha that the number of digital transactions in the country was rising and hence the concern for their security.

Wall Street dips as GE, energy shares weigh – GET FREE INTRADAY TIPS CALL ON 9644405056

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US stocks ticked lower on Friday as weak earnings from industrial giant General Electric weighed, while tech shares retreated from record highs and energy tracked the price of oil lower. GE shares fell 2.9 percent to USD 25.91 and hit their lowest level since October 2015. The company reported a nearly 60 percent slump in profit and said its full year profit and cash flow will be at the low end of its forecasts.


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Peers in the industrial sector, such as Caterpillar and 3M also fell. But Honeywell touched a record high and ended up 1.0 percent at USD 136.35 after it raised the low-end of its profit forecast. “We’ve had a good run for the last few weeks and investors are primarily digesting earnings today,” said Erick Ormsby, chief executive of Alcosta Capital Management. “GE’s results were okay but they guided lower and that’s weighing on the market, too.” The S&P 500 energy sector fell more than 1 percent as oil prices lost nearly 3 percent, after a consultancy report forecast a rise in OPEC production for July despite the cartel’s pledge to curb output. The S&P 500 technology sector slipped after posting two consecutive record closing highs.


The Nasdaq Composite was on track to cap a 10-day streak of gains, its best since February 2015, after closing at a record high on Thursday. Tech continues to be the best performing S&P sector this year despite concerns over stretched valuations. Microsoft shares fell 0.6 to USD 73.79 despite a strong earnings beat after the bell Thursday, propped in large part by its fast-growing cloud computing business. Analysts expect S&P 500 earnings to have climbed 9.6 percent year-over-year, above the 8-percent rise projected at the start of the month.


The Dow Jones Industrial Average fell 31.71 points, or 0.15 percent, to 21,580.07, the S&P 500 lost 0.91 points, or 0.04 percent, to 2,472.54 and the Nasdaq Composite dropped 2.25 points, or 0.04 percent, to 6,387.75. The S&P and the Nasdaq rose for a third straight week.

Indian ADRs: Wipro, Infosys, Dr. Reddy’s Labs, Tata Motors gain; HDFC Bank slips

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Indian ADRs ended mostly higher on Friday. In the banking space, HDFC Bank was down 0.45 percent at USD 91.60 and ICICI Bank remained unchanged at USD 9.27.


In the IT space, Infosys gained 1.03 percent at USD 15.68 and Wipro jumped 5.22 percent at USD 6.05.


In the other sectors, Dr. Reddy’s Laboratories added 0.54 percent at USD 42.46 and Tata Motors was up 0.71 percent at USD 35.69.

Nifty ends above 9,900, but flat for the week- Free Intraday Tips Provider Ripples Advisory

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Benchmark indices ended higher after Reliance Industries rallied nearly 4% on the BSE. Earlier in the day, RIL chairman Mukesh Ambani announced a 1:1 bonus issue at the company’s 40th annual general meeting (AGM) in Mumbai. A day earlier, the company reported its highest quarterly consolidated net profit of Rs 9,108 crore in three-months to 30 June on the back of higher petrochemical margins and a one-time gain from the sale of African asset. Net profit in the April-June quarter at Rs 9,108 crore (Rs 30.8 per share) was 28% higher than Rs 7,113 crore (Rs 24.1 a share) in the same period of the last financial year, RIL said in a statement.


In other global markets, the euro’s surge to an almost two-year high dominated financial markets on Friday, with most major stock exchanges consolidating after a second strong week of gains while those in mainland Europe dipped.


Investors seem largely to have got over a period of jitters spurred by concerns over the pace of US economic growth and signs that several of the world’s major central banks were determined to tighten monetary policy soon.