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14-Jul2017

Biocon, Pricol and Yes Bank to see some action today

The US Food and Drug Administration (FDA) Oncologic Drugs Advisory Committee (ODAC) has unanimously recommended approval of Mylan and Biocon's Proposed Biosimilar Trastuzumab. The committee voted 16-0 in support of eligible indications of the reference product, Herceptin, which include HER2-positive breast cancer in the metastatic and adjuvant settings. Mylan and Biocon's proposed biosimilar trastuzumab also is under review by regulatory authorities in Australia, Canada, Europe and several emerging markets.

Pricol has signed binding agreements to acquire 100% of the wiping systems business of Ashok Piramal group's PMP Auto Components. The acquisition would be undertaken by Pricol through its wholly owned subsidiaries. The transaction will be funded by a combination of internal accruals and external debt. The transaction would be EPS accretive to the shareholders of Pricol and the profitability is expected to further improve upon integration of the business with Pricol.

Yes Bank has teamed up with the Overseas Private Investment Corporation (OPIC), the US Government's Development Finance Institution, and Wells Fargo on an agreement to increase lending to small and medium enterprises (SMEs) in India. Under the agreement, OPIC will provide $75 million in financing and up to $75 million in syndicated financing jointly arranged by Wells Fargo Bank to Yes Bank. Specifically, $50 million of the financing would be used to expand support to women-owned businesses, while another $50 million will be used for financing SME business in low-income states.

Blue Star has entered into partnership with Comfort Solutions for distribution of its Unitary Products in Sri Lanka. The Unitary Products range comprises Room Air Conditioners, Cassette Air Conditioners, Floor Standing Air Conditioners, Water Coolers, Deep Freezers, Bottled Water Dispensers and Ice Cube Machines. Comfort Solutions is Sri Lanka's leading air conditioning company specialized in Aircon & Refrigeration Products.

Reliance Capital, the holding company of Reliance Nippon Life Asset Management (RNAM), has received Rs 378 crore from Nippon Life Insurance (NLI), a Fortune 500 company and one of the largest life insurers in the world, upon completion of the transaction for increasing NLI's equity stake in RNAM to 49%. The company will book capital gains on this final transaction in Q3 ending September 30, 2017.

NMDC has reported 8.52 million tonnes (MT) of iron ore production and logged sales volume of 9.21 MT up to the month of June 2017. The company's Chhattisgarh mines produced 5.51 MT of iron ore and registered sales volume of 5.81 MT, while Karnataka mines produced 3.01 MT of iron ore and sold 3.40 MT of iron ore up to June 2017.



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