Dewan Housing Finance Corporation (DHFL) will be watched. ICRA, CRISIL, CARE Ratings (CARE) and Brickwork Ratings (Brickwork) have downgraded credit ratings on commercial papers of DHFL to 'D' (Default) owing to liquidity concerns.

DHFL clarified to the bourses on 5 June 2019, that the action by the rating agencies is extremely surprising as the company has been making & continues to make substantial efforts in ensuring no defaults on any bonds, repayment of its financial obligations. These actions are unwarranted and the company is seeking clarification on the rationale that predicts DHFL's inability to service pay‐outs on the due dates. Such speculative rating rationale is not adequate.

Since September 2018, DHFL has repaid close to Rs 40,000 crore of financial obligation. To ensure adequate liquidity to meet the repayments, DHFL also sold its strategic retail assets including Aadhar, Avanse and DHFL Pramerica Asset Managers. The company is committed towards ensuring repayment of all its obligations as well as on-boarding the strategic partner for its business, DHFL added.

Tata Motors will be watched. Jaguar Land Rover (JLR) and BMW have announced collaboration to develop next generation electric drive systems. The collaboration seeks to advance development of electrification technology to support transition to (Autonomous, Connected, Electric, Shared) ACES.

Wipro announced that it has signed a definitive agreement to acquire International TechneGroup Incorporated (ITI), a global digital engineering and manufacturing solutions company. ITI is a world leader in Computer Aided Design (CAD) and Product Lifecycle Management (PLM) interoperability software services.

Aurobindo Pharma will be watched. With reference to clarification with respect to news article titled, Aurobindo Pharma slips 5% after detailed USFDA observations to unit 3, Aurobindo Pharma clarified that the United States Food and Drug Administration (USFDA) had conducted an inspection at the company's Unit III, a formulation manufacturing facility located at Bachupally, Hyderabad from 13 May 2019 to 24 May 2019. In this regard, the company has received a ''Form 483'' with ten observations. None of the observations are repetitive and are more procedural in nature. The company will be responding to the USFDA within the stipulated time. The Form 483 will not have an impact on existing business of this facility.

Lupin announced completion of Good Manufacturing Practices inspection of the company's Mandideep facility (Unit 2), by the Pharmaceutical and Medical Devices Agency, Japan. The inspection was conducted between 14 to 17 May 2019.

Natco Pharma announced its submission of an Abbreviated New Drug Application (ANDA) with Para IV certification with US Food and Drug Administration (USFDA) for the generic version of Bosentan 32mg tablets for oral suspension. Bosentan 32mg tablets are sold by Actelion Pharmaceuticals US, Inc. (acquired by Johnson & Johnson), under the brand Tracleer. NATCO believes that its ANDA is possibly the sole first-to-file based on the filing date. The ANDA may be eligible for 180 days of marketing exclusivity at the time of potential launch of the product. Tracleer is indicated for the treatment of pulmonary arterial hypertension. As per Johnson & Johnson's annual report, for the year ending 2018, Tracleer had registered sales of approx. $268 million in the US market, and the 32 mg is one strength that is indicated for pediatric patients.

Indoco Remedies announced that the USFDA had concluded inspection at the company's sterile manufacturing facility in Verna, Goa (Plant II) from 27 May 2019 to 4 June 2019, issuing 4 observations. These observations are procedural in nature, not pertaining to data integrity. The company will submit its responses shortly.


0 thoughts on “DHFL in focus after credit ratings downgrade”

Post Comment

  MCX Commodity Tips

MCX Commodity Tips is very much favorable to all and can be traded at any time in the market to whoever can trade after their job working hours as MCX market starts at 10:00am to 11:30pm mostly can be done with little investment and our calls reaching more accuracy. MCX Commodity Tips is also called as SureShot Commodity Tips as we maintain above 80% accuracy.

Daily News