The Sensex gained 424.37 points or 1.53 percent at 28129.72, and the Nifty rose 117.45 points or 1.39 percent to 8539.25. About 1660 shares have advanced, 1161 shares declined, and 150 shares are unchanged on the BSE. Alembic Pharmaceuticals' first quarter net profit grew by 8.06 percent year-on-year to Rs 69.88 crore compared to Rs 64.67 crore in the year-ago period. The stock crashed more than 11 percent intraday Friday as the company disappointed street which expected a blockbuster earnings after potential gains from Abilify generic launch.
India generics, international branded business impacted overall growth in Q1. The street had expected profit more than Rs 140 crore on revenue around Rs 750 crore for the quarter. Revenue grew by 18 percent to Rs 583.3 crore in June quarter compared to Rs 494.3 crore in same quarter last fiscal.
Its India branded formulations business increased by 18 percent to Rs 263 crore with specialty segment up 22 percent and acute segment up 12 percent. India generics business reported a 13 percent growth at Rs 28.59 crore during the same period. Revenue from its international branded business plunged 63 percent year-on-year to Rs 8.36 crore while international generics climbed 47 percent to Rs 168 crore in Q1. "We launched Aripiprazole (Abilify - to treat metal illnesses) generic in the US on Day 1. The US Food and Drug Administration audited Kharkhadi plant successfully," said the company in its filing.
During the quarter, it received 8 abbreviated new drug application (ANDA) approvals. 02:25 pm Will RBI hike rates? The Reserve Bank is likely to keep the repo rate unchanged in its upcoming third bi-monthly monetary policy meet scheduled on Tuesday, said India Ratings and Research (Ind-Ra) in a note today. "The Reserve Bank (RBI) is likely to wait and watch on rates in its third bi-monthly credit policy meet in August. "
There is room for RBI to cut rates by another 25 basis points (or 0.25 percent), however, a more appropriate time for a rate cut would be H2FY16," it said. Amid evolving growth-inflation dynamics, Ind-Ra expects the policy stance to reflect RBI's continued intention to anchor both inflation and inflationary expectations. This has become even more important for RBI after its agreement with the government to follow a framework of inflation targeting, said the research agency.
The Wholesale Price Index (WPI)-based inflation has remained negative for the last eight months and stood firm at negative 2.4 percent in June.
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