The agreement to supply adalimumab biosimilar Humira in Japan is signed by Biocon Biologics and Sandoz.
The important distribution deal that Biocon Biologics Ltd (BBL), a Biocon Ltd subsidiary, signed with Sandoz grants it exclusive rights to market, sell, and distribute “Adalimumab BS for subcutaneous injection [FKB]” in Japan.
With immediate effect, the deal is a calculated step toward strengthening Biocon Biologics’ position in the Japanese market. According to the agreement, Sandoz will have the sole right to market, sell, and distribute the product in Japan.
Adalimumab BS for subcutaneous injection [FKB] is a biosimilar medication that is used to treat immune-related conditions such as ulcerative colitis, rheumatoid arthritis, psoriasis vulgaris, ankylosing spondylitis, and Crohn’s disease. The generic name of Adalimumab is adalimumab (genetic recombination). With the biosimilar’s introduction into the Japanese market, patients struggling with these difficult conditions will have their unmet medical requirements met.
Pharma stocks surge 8% to 52-week highs as new Covid cases increase.
A number of pharmaceutical and diagnostic companies saw their shares rise as much as 8% on December 22, reaching their respective 52-week highs. The increase follows a recent wave of COVID-19 cases. On December 22, India reported 640 COVID-19 infections due to the novel subvariant known as JN.1, increasing the number of active cases to 2,997.
During the day, the Nifty Pharma index increased by more than 1% to reach a 52-week high of 16,500.90.
Piramal Pharma’s stock shot up more than 8% to reach a 52-week high of Rs 140.20 on the BSE. Thus far, it has increased by 16 percent, mostly in tandem with the benchmark Sensex. With a ‘buy’ rating, ICICI Securities has resumed coverage of the stock, with a target price of Rs 180.
November credit card spending on SBI Cards increased by 50% throughout the holiday season.
November had a 40% YoY increase in credit card spending, reaching Rs 1.6 lakh crore, as opposed to October’s 38% YoY growth. According to Jefferies, who cited RBI statistics, SBI Cards experienced a 50% YoY increase in spending last month, exceeding the industry average. The total amount spent by SBI Cards during the month was Rs 31,400 crore.
Among other major credit card companies, HDFC Bank (+88 basis points) and RBL (+26 bps MoM) saw increases in their spending market share, while ICICI Bank (-184 bps MoM) and Axis Bank (-60 bps MoM) saw decreases.
“Monthly spend share has been volatile for SBI Cards, however year-to-date spend share is tracking better than last year at 18.4 percent and is now second highest next to HDFC Bank (27 percent) and better than ICICI Bank (17.7 percent),” stated Jefferies.
Following 50 locations for Income Tax raids, Polycab India’s shares drop 5%.
On December 22, Polycab India shares fell more than 5% in response to rumors that the income tax authority was searching 50 Polycab sites nationwide. Raids were also being conducted on the homes and workplaces of the company’s upper management, according to CNBC TV18. It’s unclear currently what motivated the Income Tax Department’s searches or what kind of inquiry they were doing.
Polycab’s shares were down 5.04 percent at Rs 5,335 on the National Stock Exchange (NSE) at 1:28 p.m. As of now in 2023, the stock has increased by over 100%, quadrupling investors’ capital. By contrast, the benchmark Nifty 50 has increased by about fifteen percent.
Fast Moving Electrical Goods (FMEG) and wires are produced and sold by Polycab India. The company operates 23 manufacturing sites, more than 15 offices, and more than 25 warehouses throughout India.
A change to the minimum shareholding rule lifts the overhang, and LIC rises 5% to a 52-week high.
On December 22, LIC shares reached a 52-week high, surging more than 5% after the government gave the insurer a one-time exemption to reach a minimum public shareholding (MPS) of 25% within ten years.
As per the Sebi guideline, the stock had until May 2027 to attain MPS, which would have required the government to sell shares. This eliminates a significant overhang from the market. In LIC, the government owns 96.5 percent.
The NSE was quoting LIC shares at Rs 795.30 at 2:37 pm, having earlier in the session touched a 52-week high of Rs 821. The stock has decreased by 16 percent since its 2022 IPO price of Rs 949.