The Aurobindo Pharme received US FDA approval for Nasal spary drug for treatment ofย Rhinitis in Adults and childrens. This drug will come to market in First half of 2025.
Aurobindo Pharmaโs Stock Rises 2% on USFDA Nasal Spray Approval
AUROBINDO PHARMA Market Price is moving in Ascending channel and market price has reached higher low area of the channel
In early trade on March 20, Aurobindo Pharmaโs share price increased by nearly 2%, reaching Rs 1,003.90 on the BSE.
The company received final approval from the USFDA for Mometasone Furoate Monohydrate Nasal Spray, 50 mcg/spray, indicated for seasonal and perennial allergic rhinitis symptoms.
The product is set to launch in the first quarter of FY25.
Earlier this month, Aurobindo Pharmaโs subsidiary announced positive Phase 1 trial results for its Omalizumab biosimilar candidate.
Despite earlier issues raised by the US agency regarding procedural and cleanliness matters, the subsidiary has resumed distribution of aseptic products from Unit III.
Aurobindo Pharmaโs stock hit a 52-week high of Rs 1,177 on January 30, 2024, and a low of Rs 466 on March 21, 2023, currently trading 14.71% below its high and 115.43% above its low.
ULTRATECH Cement: UltraTech Cement Gains on CCI Approval for Kesoram Acquisition
The UltraTech cement gets the approval from Competition Commission of India for buying Birla flagship company of Kesoram industries, it is involved in Cement manufacturing business. The deal is Rs.7600 crore including Debt of this company is acquiring by Ultratech Cement.
ULTRATECH CEMENT Market Price is moving in Uptrend line
UltraTech Cement Opens Higher on CCI Approval for Kesoram Acquisition
UltraTech Cementโs shares rose over 1% to Rs 9,535 in early trading on March 20 following Competition Commission of Indiaโs (CCI) clearance for its acquisition of Kesoram Cement business.
The acquisition involves the grey cement business of Kesoram Industries Limited under a composite scheme of arrangement dated November 30, 2023, as stated in a regulatory filing.
The stock has declined by 10% since the beginning of the year.
UltraTech Cement had announced its intention to acquire Kesoram Industriesโ cement business in November last year, valued at approximately Rs 7,600 crore, including debt.
The company, a leading player in the construction materials sector in India, offers a range of products including grey cement, white cement, ready-mix concrete, clinker, and building products.
In the December quarter, UltraTech Cement reported a 67% increase in net profit to Rs 1,774 crore, attributed to robust demand for building materials and reduced operating costs, surpassing analystsโ expectations.
EICHER MOTORS: Eicher Motors Surges 4% on UBS โBuyโ Upgrade
The Eicher motors were playing strong performance in Motor cycle field. Harley Davidson and Honda Triumph launches also not beat the confidence on Bullet 350CC Vehicle by EICHER. Since Liquid cool engine managed heavy traffic and hot conditions in India, So no copy past strategy workout from Competitors versus Eicher Motors performance.
EICHER MOTORS Market Price is moving in Ascending channel and market has rebounded from the higher low area of the channel
Eicher Motors Surges 4% on UBS โBuyโ Upgrade
Eicher Motors Limitedโs shares rose over 4% in morning trade on March 20 following UBSโs upgrade to โbuyโ, citing new launches and lackluster performance from competitors.
At 9:50 am, Eicher Motors stock was at Rs 3,863, up 4% from the previous close, with UBS analysts setting a price target of Rs 5,000, implying a 34.5% upside.
Despite competition from Harley Davidson and Triumph, their combined sales volume of around 4,000 units as of February 2024 fell short of expectations.
UBS notes Eicher Motorsโ continued dominance in the premium motorcycle segment, with its market share rising from 42% to 45% in Q3FY24.
The upcoming launch of the Roadster model, featuring Royal Enfieldโs first liquid-cooled engine, is expected to boost replacement demand among 350cc customers.
UBS anticipates a strong rebound in exports for FY25-FY26, driven by new models and recovering demand across specific markets, projecting a 25% growth.
โWe expect Eicher Motors to outperform the industry on volume growth over the medium term,โ UBS stated, citing a strong launch pipeline and potential for higher average selling prices.
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