Key results: Tata Steel Long Products, Karnataka Bank, California Software, Wipro
The board of directors of Tata Steel Long Products, Karnataka Bank and California Software will meet on Tuesday to consider and approve the financial results for the quarter and half-year ended September 30, 2020.
After two days of meetings (Oct 12 and 13), Wipro will also announce the audited standalone and consolidated financial results under lndAS for the quarter and half-year ended September 30 , 2020; the audited consolidated financial results of the company under IFRS for the quarter and half-year ended September 30 , 2020; and buyback of shares.
After TCS’ buyback announcement last week, the focus will now be on Wipro's buyback proposals.
Shares of Cipla will remain in focus as its step-down associate firm, Avenue Therapeutics Inc, has received a complete response letter (CRL) from the US health regulator for its new drug application for intravenous tramadol.
The CRL from the US Food and Drug Administration said the regulator has determined that it cannot approve the application for IV tramadol in its present form, Avenue Therapeutics said in a statement.
The letter stated that IV tramadol, intended to treat patients in acute pain, who require an opioid, is not safe for the intended patient population, it added.
“We believe that our extensive clinical database strongly supports the value of treatment with IV tramadol as an effective alternative to intravenous Schedule II conventional opioids. We firmly stand behind the safety data in our NDA and the ultimate approvability of IV tramadol,” Avenue Therapeutics MD, President and CEO, Lucy Lu, said.
She added that the company will request a meeting with the FDA as soon as possible and is committed to working closely with the agency to resolve these issues in order to bring this important medicine to patients and clinicians in the US.
SRF QIP issue opens for subscription
SRF on Monday announced the opening of a qualified institutions placement issue. The board of SRF in August approved the raising of funds for an aggregate amount not exceeding Rs 750 crore through a qualified institutions placement.
The QIP committee has fixed the relevant date as October 12, and, accordingly fixed the floor price as Rs 4,168.73 a share.
Pursuant to the SEBI ICDR Regulations, the company may offer a discount of not more than 5 per cent on the floor price, it further said. Shareholders will closely monitor the response and the investors to the issue.
The stock on Monday closed at Rs 4,372.95 on the NSE.
Nod for products bodes well for Vivimed Labs
Vivimed Labs, a niche speciality chemicals and pharmaceuticals company, has received approvals for two ophthalmic products from its sterile ophthalmic facility and two oral liquid suspension products from its PICS & Health (Canada approved) site. Both the facilities are situated in Hyderabad, the company said and added that it was expecting five more approvals in Ophthalmics and Oral solids in Q4 of CY 2020.
The stock may react positively to the announcement.
After reporting a loss of Rs 11.75 crore for the March quarter, the company had posted a profit of Rs 1.17 crore on revenues of Rs 53.53 crore for the quarter ended June 2020.