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Fundamentals June 7, 2013

Nik's Diary
The Indian markets opened in the red following negative opening trades in the SGX Nifty and across major Asian bourses.The US markets continued to experience volatility over the course of the trading session on Thursday before ending the day mostly higher. The volatility was due to uncertainty ahead of the release of the Labor Department's monthly jobs report on Friday. The report could have a substantial impact on the near-term outlook for both the economy and the Federal Reserve's stimulus program as Fed officials have suggested that signs of sustained improvement in the labor market could lead the central bank to scale back its asset purchase program within the next few meetings. Meanwhile, the European markets finished to the downside on Thursday, after the ECB and BoE left their respective interest rates unchanged. Indian markets edged lower on Thursday, mirroring weak global cues as investors were reluctant to make big bets ahead of Friday's all-important US monthly jobs report, which will give clues to the next move from the Fed at its upcoming policy meeting on June 18-19.

L&T has bagged various orders worth `2,002cr
Engineering major Larsen & Toubro (L&T) today said it has bagged orders worth Rs 2,002 crore across various business segments. The company's construction division L&T Construction has bagged orders in building and factories, water and renewable energy, transportation infrastructure and power, a statement issued here said. In building and factories business, the company has bagged orders worth Rs 528 crore for construction of office buildings in Bangalore and Ahmedabad from various customers, it said. It has got orders worth Rs 806 crore in the water and renewable energy business, of which Rs 700 crore is for a turnkey EPC of a solar photovoltaic power plant in Tamil Nadu, the statement said. In the transportation infrastructure business, the company bagged orders worth Rs 451 crore for design, engineering, testing and commissioning of 25 kV AC traction, 33 kV auxiliary sub stations, associated cabling and SCADA systems for underground corridor of line-8 of the Delhi Mass Rapid Transport System (MRTS) project - phase III, the company said. The company has secured two orders with a total value of Rs 217 crore in the power transmission and distribution business. It has also secured a contract from the Delhi Metro Rail Corporation for supply, installation, testing and commissioning of electrical and mechanical fire detection and fire suppression system of elevated stations of Delhi MRTS Project - Phase 3. Another order was from the West Bengal State Electricity Transmission Company for supply and erection of two 132 kV D/C transmission line and substation, according to the statement. Source: ET

Maruti Suzuki announces a one day shutdown at its plants
The country's largest car maker Maruti Suzuki India will be going for a one day production shut-down at its two plants at Manesar and Gurgaon tomorrow ahead of a six-day scheduled maintenance closure later this month. The one day shut-down of the two plants on Friday is to adjust production to market demand, a company spokesperson said, adding that the plants will also remain closed on June 8 for a scheduled holiday, the spokesperson added. "The scheduled maintenance shutdown (of the two plants) is from June 17 to June 22," the spokesperson said. The development comes in the wake of continued slump in the automobile market. MSI had reported 14.4 per cent decline in its total sales in May this year at 84,677 units. It's domestic sales declined 13 per cent at 77,821 units, over 89,478 units in May, 2012. MSI has been producing about 5,000 units per day from its Gurgaon and Manesar plants. The company at present has a total installed annual capacity of about 15 lakh units, which will go up to 17.5 lakh units by September this year when its third unit at Manesar goes onstream. Source: IndianExpress

Swedish company Meda expands collaboration with Cipla
Cipla, one of India’s leading generic pharmaceutical companies, has expanded the collaboration with MEDA in the field of allergic rhinitis. Both the companies will build further on the existing collaboration by granting global commercialisation rights to Meda for Dymista, excluding some markets for which Cipla will take the commercial lead. With the same agreement, both companies will collaborate on follow-up compounds for Dymista, capitalizing on Intellectual Property (IP) retained by both partners. This agreement is part of a broader relationship between the two companies in the field of allergic rhinitis. Commenting on the extended agreement, Subhanu Saxena, global CEO, Cipla said, “We are very pleased to announce the new agreement with Meda, who is our strategic partner in the area of Allergic Rhinitis.” Dymista Nasal spray approved by US FDA, is a new patented product for the treatment of seasonal allergic rhinitis (SAR) in patients 12 years of age and older who require treatment with both azelastine hydrochloride and fluticasone proprionate for symptomatic relief. Dymista is administered twice daily in each nostril. The efficacy and safety of Dymista has been documented in several studies involving over 4000 patients, including a long-term safety study with more than 600 patients. Cipla laid the vision to make India self-reliant in healthcare. The company continues to support, improve and save millions of lives with its high-quality drugs and innovative devices. Source: pharmabiz

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