Dr Reddy's Laboratories terminates Armis Biopharma's investigation license

Dr Reddy's Laboratories Ltd on Monday announced the termination of the license granted to Armis Biopharma, Inc.(formerly known as CHD Bioscience, Inc.) for its investigational antibacterial product, DFA-02, for the prophylaxis of surgical site infections (SSIs).

According to a press release issued by the Indian drug maker, as a result of the termination, Dr Reddy's has regained worldwide rights to DFA-02, and is currently evaluating its options to take the programme forward.

DFA-02 is a combination, broad-spectrum antibacterial in situ gel which is being investigated for the prophylaxis of SSIs as an adjunct to conventional preoperative antibiotic prophylaxis.

DFA-02 has been studied in several phase 1 and 2 clinical studies, and has demonstrated clinical efficacy in several key segments of patients who were at high risk for SSIs, DRL said.

Dr Reddy's shares are trading at Rs 2,496.05 apiece down 1.35 per cent over previous close on BSE at 10.33 hrs.

Maruti posts marginal decline in September sales, export down 25.1% YoY

The country's largest car maker Maruti Suzuki India (MSI) Monday reported marginal decline in total sales to 1,62,290 units in September as against 1,63,071 units in the year-ago period.

The company's domestic sales stood at 1,53,550 units, up 1.4 per cent from 1,51,400 units in September last year, MSI said in a statement.

Sales of mini segment cars, including Alto and WagonR, witnessed a 9.1 per cent decline to 34,971 units during the month under review from 38,479 units in September 2017, MSI said.

The auto major further said sales of the compact segment comprising Swift, Estilo, Dzire and Baleno rose by 1.7 per cent to 74,011 units last month as against 72,804 units in the same period a year ago

Oppo planning to set up its first Indian R&D centre in Hyderabad

Chinese smartphone maker Oppo on Monday said it was planning to set up its first India research and development (R&D) centre in Hyderabad.

In line with its objectives, the company has hired Tasleem Arif as its R&D Head in India, Oppo said in a statement.

"We are focused towards offering unique experiences to our consumers in India through our innovations and technological capabilities. The opening of our first R&D Centre in Hyderabad is a step in that direction and strengthens our commitment to the Indian consumers," said Charles Wong, Oppo India President.

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As the Vice President and Head R&D, Oppo India, Arif will be leading the team which will focus on software localisation for Indian consumers as well as device quality.

Prior to joining Oppo, Arif was working at Samsung as Head - Samsung Make for India Innovations (R&D) and India Hardware-Software Product Planning.

He brings to the new role almost 15 years of experience in mobile software, design and development.

Lupin partners with Eli Lilly and Company to distribute diabetes injection

Drug major Lupin on Monday announced the partnership with Eli Lilly and Company (India) to distribute Eli Lilly's diabetes injection Aplevant in the country.

Lupin said the expansion of the business partnership with Eli Lilly is aimed at widening access to diabetes medicines in India.

Under the new partnership, Lupin will distribute and market Lilly's Aplevant (dulaglutide), once a weekly injection for type 2 diabetes treatment, Lupin said in a regulatory filing.

Lupin expects to make Aplevant available in India from October 2018, it said in a statement.

ALSO READ: Lupin starts strategic review of Japanese arm, targets higher-growth areas
The partnership between the two companies was initiated in 2011 to expand the promotion and distribution of Lilly's diabetes portfolio in India where Lupin has a large network.

Maruti Suzuki stock slips to fresh 52-week low after flat sales growth

The stock price of Maruti Suzuki, country’s biggest car maker slipped to a fresh 52-week low today after the company reported a growth of less than a per cent in domestic sales for the month of September. Ahead of the festive season in October, September was anticipated to be a month of high growth in sales.

The Suzuki promoted company, which sells every second car in the country, sold 151,512 units of passenger vehicles (cars, vans and utility vehicles) to dealerships, showing a growth of just 0.7 in domestic sales. The company’s mini segment, under which cars like Alto and WagonR are sold, reported a decline of nine per cent to 34,971 units. The compact segment, under which best sellers like Baleno and Swift are sold, reported a sub-two per cent growth to 74,011 units.

The stock price of the country’s most valuable auto maker, which hit an all time high of Rs 10,000 in December last year, is now down over 27 per cent, wiping out several billions of Rupees in market cap. The company’s announcement of sales number for September did not explain the reason behind the low growth in September.

Ashok Leyland reports 21% jump in M&HCV sales at 14,232 units in September

Ashok Leyland has reported a 21 per cent jump in M&HCV sales during the month of September 2018 at 14,232 units as against 11,805 units, during the same month last year.

Company's Light Commercial Vehicle (LCVs) sales rose by 44 per cent, 5141 units from 3,566 units, a year ago.

Total sales in September 2018 rose by 26 per cent to 19,373 units from 15,371 units in September 2017.

During April to September 2018 total sales rose by 35 per cent to 94,086 units as compared to 69,487 units.

M&HCV sales rose by 35 per cent to 69,033 units from 51,281 units, while LCV sales rose by 38 per cent to 25,053 units from 18,206 units, a year ago.

Govt may move to seize control of IL&FS management, supercede current board

The Indian government may move to seize control of the management of an Indian financier that’s roiled markets by defaulting on debt, according to media reports, with the move coming just after the beleaguered company unveiled details of a restructuring proposal.

The Mumbai bench of the National Company Law Tribunal will hear a ministry of corporate affairs case against Infrastructure Leasing & Financial Services Ltd. and others on Monday, according to a cause list on its website. The government may seek a management change and look to supersede the existing board, CNBC reported in a Twitter post, citing government sources it did not name. India’s corporate affairs ministry has only sought to take control of a company on two prior occasions.

Rescuing IL&FS group, which has total debt of $12.6 billion -- 61 percent in the form of loans from financial institutions -- is vital for authorities to stem the risk of default spreading to other lenders in the world’s fastest-growing major economy. Infrastructure Leasing & Financial Services Ltd. stockholders over the weekend separately endorsed a plan to raise as much as 150 billion rupees ($2.1 billion) through a non-convertible debt sale and increase the firm’s borrowing limit by 100 billion rupees to 350 billion rupees.