CADILA CLARIFIES ON USFDA WARNING LETTER

Cadila Healthcare has clarified that the company has received a Warning Letter issued by the US FDA relating to its Moraiya formulation facility and Ahmedabad API facility (Zyfine).

Cadila says that they take quality and compliance matters very seriously and stand by our commitment to fully comply with cGMP quality standards across all our facilities. The Company is working hard to ensure that the commitments made to the US FDA are fully completed. The Company will continue to take all necessary steps to ensure that the US FDA is fully satisfied with our remediation of the above facilities. We further state that our products in the market are safe and effective and we are committed to supply the quality products to our customers across the globe.

Further Cadila says that they hereby clarify that there are no products in the US market which use API of Zyfine facility.

Cadila will respond to US FDA to address the observations within the statutory time permitted in the letter. We are committed to resolve all the issues and revamp our quality systems and proces.

NO GAS SUBSIDY FOR INCOME ABOVE RS 10 LACS PA

Subsidised cooking gas will no longer be provided to consumers earning Rs 10 lakh or more a year from 01-01-2016.

RBI releases Report of the Committee on Medium-term Path on Financial Inclusion

• Salient features of recommendations:

• Banks have to make special efforts to step up account opening for females, and the Government may consider a deposit scheme for the girl child – Sukanya Shiksha - as a welfare measure.
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• given the predominance of individual account holdings (94 per cent of total credit accounts), a unique biometric identifier such as Aadhaar should be linked to each individual credit account and the information shared with credit information companies to enhance the stability of the credit system and improve access.
• 
  
• To improve ‘last mile’ service delivery and to translate financial access into enhanced convenience and usage, a low-cost solution should be developed by utilisation of the mobile banking facility for maximum possible G2P payments.
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• In order to increase formal credit supply to all agrarian segments, digitisation of land records is the way forward. This should be backed by an Aadhaar-linked mechanism for Credit Eligibility Certificates to facilitate credit flow to actual cultivators.
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• To phase out the agricultural interest subvention scheme which has distorted the agricultural credit system and ploughing the subsidy amount into an affordable technology aided universal crop insurance scheme for marginal and small farmers for all crops with a monetary ceiling of Rs.200,000 at a nominal premium to end agrarian distress.
• 
  
• A scheme of ‘Gold KCC’ (kisan credit card) with higher flexibility for borrowers with prompt repayment records, which could be dovetailed with a government-sponsored personal insurance, and digitisation of KCC to track expenditure pattern.
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• Encourage multiple guarantee agencies to provide credit guarantees in niche areas for micro and small enterprises (MSEs), and explore possibilities for counter guarantee and re-insurance.
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• Introduction of a system of unique identification for all MSME borrowers and sharing of such information with credit bureaus.
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• Establishing a system of professional credit intermediaries/advisors for MSMEs to help both the sector banks in credit assessment.
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• To further step up financing of the MSE Sector a framework for movable collateral registry may be introduced.
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• Commercial banks may be enabled to open specialised interest-free windows with simple products like demand deposits, agency and participation certificates on the liability side and cost-plus financing and deferred payment, deferred delivery contracts on the asset side.
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• An eco-system comprising multiple models should be encouraged with will foster partnerships amongst national full-service banks, regional banks of various types, NBFCs, semi-formal financial institutions, as well as the newly-licensed payments banks and small finance banks.
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• Banks’ business model to integrate Business Correspondents (BCs) with appropriate monitoring by designated link branches and greater mix of fixed location BC outlets to win the confidence of the common person.
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• Introduction of a system of online registration of BCs, their training and monitoring their activity including delinquency, and entrusting more complex financial products such as credit to trained BCs with good track record.
• A geographical information system (GIS) to map all banking access points.
• 
  
• To step up the self help group (SHG)-bank linkage programme (SBLP) initiated by NABARD with the help of concerned stakeholders including government agencies as a livelihood model.
• 
  
• Corporates should be encouraged to nurture SHGs as part of their Corporate Social Responsibility (CSR) initiatives.
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• Provision of credit history of all SHG members by linking with individual Aadhaar numbers to check over-indebtedness
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• To restore tax-exempt status for securitisation vehicles for efficient risk transfer.
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• More ATMs in rural and semi-urban centres, interoperability of micro ATMs and use of application-based mobiles as point- of- sale (PoS) for creating more touch points for customers.
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• National Payments Corporation of India (NPCI) to develop a multi-lingual mobile application for customers who use non-smart phones, especially for users of national unified USSD platform (NUUP).
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• Permit a small-value cash-out with adequate KYC along for non-bank prepaid payment instruments (PPIs) to incentivise usage.
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• To allow PPI interoperability for non-banks.
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• Levying a surcharge on credit card transactions by merchant establishments should not be allowed.
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• Banks to complete the task of linking of deposit accounts with Aadhaar in a time bound manner so as to create the necessary ecosystem for social cash transfer.
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• Financial Literacy Centre (FLC) network to be strengthened to deliver basic financial literacy at the ground level. Banks to identify lead literacy officers to be trained by the Reserve Bank in its College of Agricultural Banking (CAB) who in turn could train the people manning the FLCs.
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• The Reserve Bank to commission periodic dipstick surveys across states to ascertain the extent of financial literacy.
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• All regulated entities should be required to put in place a technology-based platform for SMS acknowledgement and disposal of customer complaints.
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• To strengthen the Information Monitoring System for District Consultative Committees (DCC) and State Level Bankers Committee (SLBC) deliberations.
• The responsibility of the SLBC/lead bank scheme to be rotated among to instil a spirit of competition.
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• SLBCs to focus more on inter-institutional issues, livelihood models, social cash transfer, gender inclusion, Aadhaar seeding, universal account opening, and less on credit deposit ratio which is a by-product.
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• As a part of second generation reforms, the government can replace the current agricultural input subsidies on fertilisers, power and irrigation by a direct income transfer scheme.

WORLD BANK : INDIA TO GROW AT 7.8 IN FY 17

World Bank says India will grow at 7.8 percent in 2016-17 and 7.9 percent in 2017-18.

The projection is more optimistic than by other agencies such as the International Monetary Fund.

SUN PHARMA RAISES RS 1000CR, THROUGH SUBSIDIARY

Sun Pharmaceutical Industries Ltd has informed BSE that Sun Pharma Laboratories Limited, a wholly-owned subsidiary of the Company, has raised, on Private Placement Basis, Rupees One Thousand Crores, by allotment of 10,000 (Ten Thousand) (ICRA) AAA / Stable Outlook Rated Unsecured Redeemable Non-Convertible Debentures of a face value of Rs. 10,00,000.

NCDs will be listed on BSE.

FORTHCOMING IPO: K.P.R.AGROCHEM LIMITED

ISSUE DETAILS:

ISSUE SIZE	RS 180 CR
FACE VALUE	RS 10
ISSUE PRICE	-----
BUSINESS	Agri-input manufacturers
PROMOTERS	PAPA REDDY KOVVURI, VENKATA MUKUNDA REDDY KARRI, RAJASEKHAR REDDY KOVVURI AND CRESCO TECHNOLOGY LLP
LISTINGS	BSE, NSE
BRLMs	KARVY, ILFS CAPITAL ADVISORS
REGISTRAR	KARVY
IPO GRADE	NA

CAD NARROWS DOWN

The CAD has  narrowed down  to 1.6 per cent of GDP at $8.2 billion in the second quarter ended September, mainly due to lower trade deficit, according data released by RBI.

The July-September CAD is lower than USD 10.9 billion, or 2.2 per cent of GDP, in the same quarter of last fiscal. 

RCOM, AIRCEL TO MERGE

Rcom has signed a non-binding pact with Malaysia’s Maxis Communications-held Aircel to explore a merger between the two telcos.

RCom has already signed a deal in November with Sistema Shyam for a merger, if the current talks materialise into a transaction, it would lead to a three-way merger between RCom, Aircel and Sistema, thus creating the country’s third largest operator by subscribers with a total holding of 20% spectrum across all bands.

NSE NEWS : TRADING HOLIDAYS FOR 2016

NSE has announced the trading holidays for 2016.

1 January 26, 2016 Tuesday Republic Day
2 February 19, 2016 Friday Chhatrapati Shivaji Maharaj Jayanti
3 March 07, 2016 Monday Mahashivratri
4 March 24, 2016 Thursday Holi
5 March 25, 2016 Friday Good Friday
6 April 01, 2016 Friday Annual Bank Closing
7 April 08, 2016 Friday Gudi Padwa
8 April 14, 2016 Thursday Dr. Baba Saheb Ambedkar Jayanti
9 April 15, 2016 Friday Ram Navami
10 April 19, 2016 Tuesday Mahavir Jayanti
11 July 06,2016 Wednesday Id-Ul-Fitr (Ramzan ID)
12 August15,2016 Monday Independence Day
13 August 17, 2016 Wednesday Parsi New Year
14 September 05, 2016 Monday Ganesh Chaturthi
15 September 13, 2016 Tuesday Bakri Id
16 October 11, 2016 Tuesday Dasera
17 October 12, 2016 Wednesday Moharram
18 October 31, 2016 Monday Diwali Balipratipada
19 November 14, 2016 Monday Gurunanak Jayanti
20 December 12, 2016 Monday Id-e-Milad

TODAY'S QUOTE

Come what may, always walk on the right path. No necessity of praying nor going to places of worship. FirstChoiceIPO

SUN PHARMA TANKS 6%ON USFDA WARNING

Sunpharma in the opening trade has tanked 6%, due to warning letter received by the company in respect of its Kalol plant,  from USFDA.

The stock is trading around Rs 740 as of now, down 6%.

List of the 25 largest economies by GDP at their peak level of GDP

Rank Country Value (USD$) Peak Year — World 77,869 2014 —  European Union 18,527 2014 1  United States 17,968 2015 2  China 11,385 2015 3  Japan 5,957 2012 4  Germany 3,874 2014 5  United Kingdom 2,963 2007 6  France 2,937 2008 7  Brazil 2,613 2011 8  Italy 2,403 2008 9  India 2,183 2015 10  Russia 2,079 2013 11  Canada 1,839 2013 12  Spain 1,643 2008 13  Australia 1,555 2012 14  South Korea 1,410 2014 15  Mexico 1,291 2014 16  Indonesia 919 2012 17  Netherlands 895 2011 18  Turkey 823 2013 19  Iran 793 1991 20  Saudi Arabia 746 2014

BSE TRANSFERS 10 STOCKS TO 'Z' GROUP

BSE has transferred the following 10 stocks to 'Z' group with effect from December 28, 2015, due to non compliances for two consecutive quarters i.e. June 2015 and September 2015 for the Clause 41 of the then prevailing Listing Agreement.

 

Sr. No.	Scrip Code	Company name
1	504864	Orissa Sponge Iron & Steel Ltd.
2	511128	Galaxy Consolidated Finance Ltd.
3	511246	White Lion Asia Ltd.
4	512439	Esquire Money Guarantees Ltd.
5	524788	Elder Projects Ltd.
6	524830	Elder Health Care Ltd.
7	526045	Luminaire Technologies Ltd.
8	530323	Era Infra Engineering Ltd.
9	531615	Era Buildsys Ltd.
10	532322	Elder Pharmaceuticals Ltd.