Market this week 14-10-2023
Lupin receives provisional USFDA approval of its generic prostate cancer treatment
The American Food and Drug Administration (U.S. FDA) has tentatively approved Lupin Limited’s Abbreviated New Drug Application for Apalutamide Tablets, 60 mg, the pharmaceutical giant announced on October 13.
This item is a generic version of Janssen Biotech, Inc.’s Erleada Tablets, 60 mg. 2019 marked the start of the product’s market availability.
It will be produced in the Lupin plant in Pithampur, India.
According to World Cancer Research Fund International, prostate cancer is the second most frequent disease in males and the fourth most common cancer overall.
On October 12, the business acquired a provisional approval for Lupin’s generic formulation to treat excessive daytime sleepiness.
Taking Stock: The market declines on another choppy day due to IT and banking stocks
On October 13, the market was under selling pressure as IT heavyweights kept trading lower due to worries about the demand forecast, and a decline in the banking equities made the mood worse.
At closing, the Nifty was down 43 points or 0.22 percent at 19,751 while the Sensex was down 125.65 points or 0.19 percent at 66,282.74.
Due to poor global cues and slightly higher than anticipated US inflation, the market initially gapped down before rebounding. The bounce, however, was only temporary as the bears resurfaced and dragged the Nifty to its intraday low of 19,650. In the final moments, several purchases helped the indices to somewhat recover.
With rumours that Rakesh Gangwal is buying a share, SpiceJet gains 20%.
On October 13, shares of low-cost airline SpiceJet rose after ET Now reported that IndiGo co-founder Rakesh Gangwal was in advanced negotiations to purchase a sizable interest in the business.
According to exchange records, as of June-end, Gangwal and his wife Shobha Gangwal both held 13.23% and 2.99% of IndiGo operator InterGlobe Aviation, while their Chinkerpoo Family Trust held a 13.5% interest. However, Gangwal is currently preparing to leave the business.
The stock was up about 20% on the BSE at Rs 43.82 as of 3:15 PM.
ICICI Securities holds HDFC Asset Management Company with a target price of Rs 2783.
In Q2FY24, HDFC AMC recorded EBITDA of INR 4.82 billion, a 22-quarter high, driven by a 29.6% end-to-end increase in equity AUM in H1FY24. Superior business indicators like increased equity market share, unique investor share, and flow market share in the equity segment across channels are the result of improved fund performance. An further tailwind is higher post-merger AUM accretion from the parent channel. However, we think that our target multiple of 30x FY25E P/E adequately captures this. Given the 12%–15% AUM growth in H2FY24E/FY25E and the minimal 2.4bps decline in yields between FY23–25E, based on a stronger equity mix, our profit forecasts have a limited upside risk. Telescopic pricing, new flows, as well as other elements like regulation and competition, such as the possibility of lowering yields, continue to pose a danger.
After the US FDA issued 9 observations regarding the Baddi facility, Panacea Biotech sees a 5% decline.
On October 13, after the US Food and Drug Administration issued a Form 483 with nine observations on its biologics manufacturing facilities in Baddi, Panacea Biotech’s stock fell by almost 5% intraday.
When it discovers questionable procedures in a facility that is being inspected, the US drug regulator provides observations. If the violations are more severe, the facility may be designated as an Official Action Indicated (OAI) site, which will bar the corporation from submitting or exporting any medications from the location.
The US FDA may only assign a Voluntary Action Indicated (VAI) designation, which does not obstruct the ability to file and export medications from the unit, if failures are not too significant.