Sensex Trades Marginally Lower; Tata Motors & Yes Bank Slip Over 5%

Wed, 21 Aug 12:30 pm

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Share markets in India are presently trading on a negative note amid weak global cues.

The BSE Sensex is trading down by 136 points (down 0.4%), while the NSE Nifty is trading down by 52 points (down 0.5%). The BSE Mid Cap index and the BSE Small Cap index are trading down by 0.8%.

Sectoral indices are trading in red with stocks in the metal sector, telecom sector and realty sector witnessing maximum selling pressure. Meanwhile, automobile stocks are trading in green amid reports that the government may postpone the hike in registration fees for vehicles.

The rupee is currently trading at Rs 71.55 against the US$.

In news from the engineering sector, CG Power and Industrial share price is witnessing selling pressure today. Stock of the company plunged as much as 20% to hit an all-time low of Rs 11.80.

The Ministry of Corporate Affairs (MCA) has ordered an inspection into the affairs of the company after reports of financial wrongdoings came into the light.

Yesterday, shares of the company fell 20% after the company in a regulatory filing said that an internal probe uncovered some irregularities in the financial statements of the company.

The filing said, "while working on one of its priority tasks of seeking refinancing of certain facilities and as a part of conducting financial analysis in this regard, the Operations Committee was made aware of some unauthorized transactions by certain employees of the company".

The probe was triggered after auditors of the power equipment maker resigned a few months ago.

An audit committee of the company flagged off unauthorized transactions by certain employees of the company leading to an understatement of not only the company's liabilities but also advances to related and unrelated parties of the group.

Reports state that the company is planning to conduct a detailed forensic investigation to establish the accountability of wrongdoings and will take requisite legal actions to protect its interest.

CG Power is part of Avantha Group, founded by Gautam Thapar, and has two different segments as power systems and industrial systems.

Thapar demerged the consumer business which became Crompton Greaves Consumer Electricals, and the erstwhile Crompton Greaves became CG Power and Industrial Solutions.

His stake in Crompton Greaves Consumer was sold to private equity funds Advent International and Temasek Holdings for Rs 20 billion in 2015.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on to news from the healthcare sector, Alembic Pharma has received no observation from the US Food and Drug Administration (USFDA) for its Vadodara facility.

The facility was inspected between August 12 and August 20 for bioequivalence bioanalytical and bioequivalence clinical. The company was issued Form 483s at the end of the inspection.

Alembic Pharma share price is presently trading up by 1.6%.

To know more about the company, you can read Alembic Pharma's latest result analysis and Alembic Pharma's 2018-19 annual report analysis on our website.

Meanwhile, Dr Reddy's Laboratories announced that the audit of its formulations manufacturing plant at Duvvada by the USFDA has been completed, and a Form 483 with 8 observations has been issued.

As per the US health regulator, "an FDA Form 483 is issued to firm management at the conclusion of an inspection when an investigator(s) has observed any conditions that in their judgment may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts."

The company has also launched generic anti-epileptic Vigabatrin powder for oral solution in the US market. The product is a generic version of Lundbeck's Sabril powder for oral solution.

Sabril is indicated as adjunctive therapy for adults and pediatric patients of 10 years of age and older with refractory complex partial seizures who have inadequately responded to several alternative treatments and for whom the potential benefits outweigh the risk of vision loss.

According to IMS Health data, Sabril brand and generic had US sales of around US$ 74 million for the most recent twelve months ending in June 2019.

Dr Reddy's Laboratories share price is presently trading down by 2%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

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