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GSK Pharmaceuticals - Sale of Vemgal plant - ICICI Securities


GSK Pharmaceuticals - Sale of Vemgal plant - ICICI Securities
Posted On:
2021-04-01 04:53:13
(Time Zone: Arizona, USA)
GlaxoSmithKline Pharmaceuticals Limited s (GSKP) has announced the sale of its Vemgal plant located in Karnataka to Hetero Labs Ltd for a cash consideration of Rs1.8bn. Post discontinuation of Zinetac last year this plant remained unutilized and GSKP had announced a writeoff on it. Company s recent financial performance was healthy led by recovery in its key brands and supported by recently launched products (Fluarix Tetra, Menveo and Nucala). We expect this trend in recovery in the acute therapies to continue in the coming quarters. GSKP s exposure only to domestic formulations, strong balance sheet and strong brand equity augurs well. Maintain ADD with a revised target price of Rs1,575/share (earlier: Rs1,565/share). ....

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Highest wealth creator in Steel Sector in the last 1 year


Highest wealth creator in Steel Sector in the last 1 year
Posted On:
2021-04-01 09:00:05
(Time Zone: Arizona, USA)
Jindal Steel & Power Ltd touched its 52 week and 8 year high of Rs.373.45 per share amidst the strong performance by steel sector. The steel sector has been performing strongly and has been the star performer since the beginning of 2021. Jindal Steel & Power Ltd has been a 6 times bagger since the last year. With increased volumes every trading session the delivery percentage has been in the range of 20% on a monthly basis.
Its peers like Tata Steel Ltd has given 3.54x return JSW Steel has given 3.87x. Indian steel players have increased the prices of steel by Rs. 4000-5000 per tonne as the demand for Indian steel has increased substantially as the Chinese have stopped supplying to Vietnam which has led to increased exports by Indian Players. Additionally, steel production by JSPL has increased by 18% y-o-y to 6.53 lakh tonnes as compared to 5 ....

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Subhash Kumar assumes additional charge of the post of CMD, ONGC


Subhash Kumar assumes additional charge of the post of CMD, ONGC
Posted On:
2021-04-01 03:51:25
(Time Zone: Arizona, USA)
Director (Finance) Mr Subhash Kumar has assumed the additional charge of the post of Chairman and Managing Director (CMD) of Oil and Natural Gas Corporation Limited (ONGC) on 1 April 2021 at New Delhi vide order dated 30 March 2021 issued by the Ministry of Petroleum & Natural Gas. Mr Kumar assumed the said charge consequent upon the superannuation of Mr Shashi Shanker on 31 March 2021.
Mr Kumar is an industry veteran with over 36 years of experience in diverse activities across the Exploration & Production (E&P) value chain. He joined ONGC in 1985 as a Finance and Accounts Officer and served in different capacities. After growing up along the hierarchy in ONGC, he had a long stint at ONGC Videsh, the overseas arm of ONGC. ....

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