MOSL: Morning India (8/November/17): 1. Hindalco (ART)- 2. Lupin- 3. Cipla- 4. BHEL- 5. Dalmia Bharat- 6. GSK Consumer- 7. Castrol India- 8. L & T Infotech- 9. Alembic Pharma- 10. Jyothy Lab
​MOrning India (8/November/17): 1. Hindalco (ART); 2. Lupin; 3. Cipla; 4. BHEL; 5. Dalmia Bharat; 6. GSK Consumer; 7. Castrol India; 8. L & T Infotech; 9. Alembic Pharma; 10. Jyothy Lab
Today’s top research theme
- Lupin: Goa and Indore plant receives Warning Letter; ~1/3rd of pending ANDAs from these two facilities
- LPC's Goa/Indore plants have been issued a warning letter (WL) by USFDA. Key points highlighted: 1) investigation of OOS studies was not proper and 2) hold time study procedure requires changes.
- Out of 158 pending ANDAs, 40-50 are from these two plants. Early resolution is thus crucial. Meanwhile, LPC plans to initiate site transfer for ~12 key ANDAs.
- Notably, no data integrity issue was highlighted by FDA. LPC believes it will be ready for a re-inspection in six months. We assume resolution of WL by 2HFY19E.
- Although near-term stock performance should come under pressure, key approvals in US/resolution of WL should create value in 12-18 months. Maintain Buy with TP of INR1,000 @ 20x 1HFY20E PER (v/s INR1,215 @21x 1HFY20E PER). We cut FY19E EPS by ~17% as we build in impact of WL.
Rjio, global PE majors among those eyeing RCom stake
- ​A total of 12 investors, including global private equity majors and new telecom entrant Reliance Jio Infocomm, have evinced interest in acquiring 51 per cent stake in debt-laden Reliance Communications (RCom). The companies are bidding for the stake held by about 24 banks led by State Bank of India.
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