Ranbaxy, Sun Pharma, Hero MotoCorp in Focus Today

NDTV Profit Desk

07 Nov 2014, 11:21 AM IST

Ranbaxy Lab/ Sun Pharmaceuticals: The US Food and Drug Administration (USFDA) has revoked tentative approval for Ranbaxy Laboratories to make cheaper version of AstraZenca's heartburn drug Nexium and Roche's antiviral Valcyte after its Indian plants were banned over quality control issues. Nexium has annual sales of $2.4 billion and Valcyte has annual sales of $260 million.
Dr. Reddy's Lab: USFDA's withdrawal of 180- day exclusivity period for Ranbaxy to market Valcyte drug will benefit Dr. Reddy's Lab as it is the only company with tentative approval of Valcyte.
Hero MotoCorp: US private investment firm Bain Capital is selling nearly 4.3 million shares worth $200 million in Hero MotoCorp at a discount of 3.5 per cent to Wednesday's closing price. As of September 30, 2014, Bain Capital held around 11.5 million shares (5.77 per cent) of Hero MotoCorps.
TCS/ Infosys/ Wipro: Cognizant Technology reported a better-than estimated earnings for the July-September quarter and has also increased its guidance for the fourth quarter and for the full-year. This is likely to have a positive impact on Indian IT service providers like, TCS, Infosys and Wipro.
Ashok Leyland reported net profit in the Q2 of FY15 after many quarters. Its adjusted net profit came in at Rs 41 crore against a loss of Rs 69 crore year-on-year (y-o-y). Its revenue increased 26 per cent y-o-y to Rs 3,218 crore in the reporting period. The company also reported 70 basis points increase in its EBITDA margin to 7.3 per cent.
Bata India reported lower-than-estimated earnings for the second quarter of FY15. Its profit came in at Rs 39 crore against Rs 37.6 crore y-o-y, while its revenue came in at Rs 548 crore against Rs 484 crore in the same period of last fiscal. Its EBITDA came in at Rs 63.6 crore against estimates of Rs 71 crore.
Larsen & Toubro, Bank of Baroda, Essar Oil, Marico will report their earnings for the July-September quarter of FY15 today.
MSCI has made some changes to its MSCI India index in its semi-annual review which will be effective from November 25, 2014. It has added Zee Entertainment and Motherson Sumi to the index and has removed HDFC Bank, Jaiprakash Associates, Reliance Power and Reliance Capital from the index.