Indoco rises after US drug launch
- The Mumbai-based pharma company has launched its brinzolamide ophthalmic suspension 1% in the US market. The drug, which is used to treat high blood pressure inside the eye, is the first generic version of Azopt eye drops made by Israel-headquartered Teva Pharmaceuticals.
- Indoco will manufacture the drug at its Goa facility for Teva. According to industry estimates, the US market size for this drug is $184 million as of December 2020. Shares of Indoco closed 3.9% higher today.
Jindal Poly Films plans fundraise
- Shares of Jindal Poly Films have seen a sharp rise of over 45% this month. The company is India’s largest manufacturer of BOPET and BOPP films used in the packaging industry.
- As per reports, the company plans to sell a minority stake to raise up to ₹1,200 crore. The promoters own 74.5% of the company. Today, however, its stock took a breather and closed 2.3% lower.
JMC Projects bags housing contract in Maldives
- Civil engineering company JMC Projects has bagged an order to design, finance and construct 2,000 social housing units in Maldives. The project is worth ₹1,000 crore.
- The deal is expected soon and the construction will begin thereafter. Its shares jumped 8.2% coupled with a spike in volumes. The stock has gained 14.5% so far in 2021.
Private life insurers outperform in February
- Private life insurers such as HDFC Life (+2.3%), ICICI Prudential Life (+1.6%) and SBI Life (+4.9%) reported an improvement in their weighted received premium for February. Weighted received premium (WRP) measures the premium received on individual products.
- According to IRDAI, WRP for private insurers rose 23% YoY in February as compared to 7% in January. This figure is higher than the industry average of 17.8% as well that of LIC at 9.4%.