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The US lawsuit alleges companies of manipulating and increasing prices of generic drugs artificially to increase profit.

Shares of Sun Pharmaceuticals dived 21 percent intra-day, just days after more than 40 states in the US filed a lawsuit alleging drug manufacturers of artificially inflating prices.

At close, the stock price was down 9.06 percent to Rs 398.10 per share on the National Stock Exchange, while in comparison, Nifty50 slipped 1.16 percent to 11,148.20.

The US lawsuit alleges companies of manipulating and increasing prices of generic drugs artificially to increase profit.

“We believe the allegations made in these lawsuits are without merit and we will continue to vigorously defend against them," a Sun Pharma spokesperson told CNBC-TV18.

According to analysts, company-specific regulatory action may be an issue behind the sudden fall in Sun Pharma shares.

“Company-specific regulatory action may be an issue because we have been hearing about cases filed against Teva and other companies for over-pricing some generic products in the US. So, that could be the case, but there are a few other Indian companies who are also involved. In fact, there are a total of 18-19 companies including big names like Teva and Mylan. However, that is unlikely to create this kind of panic in the market. However we are positive on the stock, this kind of move has to have some kind of very stock specific news,” says Nimish Mehta, Research Delta Advisor.

The US complaint, which runs into 500 pages, is linked to an earlier complaint filed by US states in December 2016 which is still under litigation. The fresh complaint names 20 pharmaceutical companies, including 7 Indian companies. The Indian companies named are Aurobindo, Dr. Reddys, Glenmark, Lupin, Wockhardt, Zydus and Sun Pharma’s US arm Taro.

The complaint covers drugs of all kinds -- from tablets and capsules to creams and gels -- with alleged price-fixing dating back to 2006. The allegation is that these companies have colluded to increase drug prices, sometimes by over 1000 percent.

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Vodafone Idea | Nestle | TBZ | PTC India | Union Bank of India and HOEC are stocks, which are in news today.

Results Today: Lupin, Petronet LNG, SKF India, Torrent Power, Maharashtra Scooters, Jubilant Foodworks, J&K Bank, Adani Green Energy, KPIT Technologies, Karur Vysya Bank, HFCL, Gujarat Pipavav Port, Cosmo Films, Central Bank of India, Balaji Amines, Amara Raja Batteries

Gujarat Industries Power Company (GIPCL) has emerged as successful Bidder for Gujarat Urja Vikas Nigam for setting up 100 MW Solar Power Project at Gujarat

Jet Airways' CEO Vinay Dube resigned w.e.f. May 14

Torrent Power issues NCD’s worth Rs 270 crore on a private placement basis

Orchid Pharma gets USFDA nod for Risedronate Sodium Tablets

Alkem Lab - USFDA classifying the inspection conducted at its St. Louis facility as Official Action Indicated

Future Supply Chain approved divesting/ sale up to 100% investment held by the company in Vulcan Express

Mangalore Chemicals & Fertilizers shut down Ammonia, Urea and ABC plants in Mangalore City with effect from May 14

Religare Enterprises withdrew the scheme of merger of Religare Commodities with Religare Broking with effect from May 13

Datamatics Global Services acquired balance 18.91% stake in Datamatics Digital for Rs 10.40 crore

Vodafone Idea approves a scheme of amalgamation of Vodafone India Digital and Idea Telesystems with itself

JK Lakshmi Cement to seek shareholders approval to raise up to Rs 500 crore

BLS International partners with Embassy of Lebanon

UCO Bank Q4: Net loss at Rs 1,552 crore versus loss of Rs 2,134 crore

Lumax Industries Q4: Consolidated net profit down 19.6% at Rs 14 crore against Rs 17.7 crore, revenue down 22.6% at Rs 432.7 crore against Rs 558.9 crore, YoY

HOEC Q4: Net profit at Rs 47.9 crore Vs Rs 16.4 crore, revenue at Rs 71.4 crore Vs Rs 23.2 crore, QoQ

Endurance Technologies Q4: Net profit up 54% at Rs 148.6 crore, revenue up 9.5% at Rs 1,900 crore, QoQ

TBZ Q4: Net profit down 83.4% at Rs 1.2 crore versus Rs 7 crore, revenue down 4.2% at Rs 415.5 crore Vs Rs 433.6 crore, YoY

Nestle Q1: Net profit up 9.2% at Rs 463.3 crore against Rs 424 crore, revenue up 8.9% at Rs 3,002.9 crore versus Rs 2,757.2 crore, YoY

Union Bank of India Q4: Net loss at Rs 3,369.2 crore versus loss of Rs 2,583.3 crore, NII up 18.6% at Rs 2,601.5 crore versus Rs 2,193.1 crore, YoY

MCF Q4: Net loss at Rs 5.9 crore against a profit of Rs 20.3 crore, revenue up 1.4% at Rs 643 crore Vs Rs 634.2 crore, YoY

Aksharchem Q4: Net profit down 24.3% at Rs 4 crore Vs Rs 4.8 crore, revenue up 4.7% at Rs 80.1 crore Vs Rs 76.5 crore, Yo

PTC India Q4: Net profit down 16.3% at Rs 53.9 crore Vs Rs 64.4 crore, revenue up 22.7% at Rs 2,651.3 crore Vs Rs 2,161.5 crore, YoY

Analyst or Board Meet/Briefings

Glenmark Pharma board meeting is scheduled on May 29, 2019, to consider and approve Audited Financial Results and to consider and recommend a dividend, if any

Arvind will consider fundraising on May 17

NHPC board will meet on May 27 to consider the recommendation of Final dividend for FY 2018-19

Gee Cee Ventures board meeting is scheduled on May 22 to consider and approve the financial results for the period ended March 31, 2019, and buyback for equity shares

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PC Jeweller | IDFC First Bank | SRF | L&T | UPL | Gail, and ITC are stocks, which are in news today.

Results Today: ITC, HDFC, Andhra Bank, Automotive Axles, Balkrishna Paper Mills, Borosil Glass Works, Capacity Infraprojects, Godrej Industries, Vodafone Idea, Karnataka Bank, Just Dial, Metropolis Healthcare, MRPL, MT Educare, Muthoot Finance, OBC, Shemaroo Entertainment, SRF, Subex, Trident, United Bank of India

Allahabad Bank Q4: Net loss at Rs 3,834 crore versus loss of Rs 3,510 crore, NII up 41.6% at Rs 1,258 crore versus Rs 888.3 crore, YoY.

GSK Consumer Q4: Net profit up 34.9% at Rs 29 crore, revenue up 9% at Rs 1,286.1 crore

Relaxo Q4: Net profit up at Rs 54 crore versus Rs 53 crore, revenue up 15.5% at Rs 635.7 crore versus Rs 550.4 crore, YoY

Vakrangee Q4: Net profit down 91.5% at Rs 6.5 crore versus Rs 76 crore, revenue down 94.5% at Rs 101.5 crore versus Rs 1,846.9 crore, YoY

Asian Hotels Q4: Net profit down 4.3% at Rs 3 crore versus Rs 3.2 crore, Revenue up at Rs 29.8 crore versus Rs 25.4 crore, YoY

Oberoi Realty Q4: Net profit up 9% at Rs 155.7 crore versus Rs 142.9 crore, revenue up 66.2% at Rs 573 crore versus Rs 345 crore, YoY

V-Mart Retail Q4: Net loss at Rs 0.9 crore versus Rs 15.9 crore, revenue up 15.9% at Rs 344.5 crore versus Rs 297.3 crore, YoY

Chalet Hotels Q4: Consolidated net profit at Rs 13.3 crore versus loss of Rs 92.8 crore, revenue down 66% at Rs 269.8 crore versus Rs 795.5 crore, YoY

Tata Investment Q4: Net profit up 25.2% at Rs 18.8 crore versus Rs 15 crore, revenue down at Rs 24.9 crore versus Rs 25.3 crore, YoY

P&G Health Q4: Net profit up 79.3% at Rs 40.7 crore versus Rs 22.7 crore, revenue up 16.6% at Rs 231 crore versus Rs 198 crore, YoY

Eicher Motors Q4: Net profit up 18.1% at Rs 544.8 crore versus Rs 461.5 crore, revenue falls at Rs 2,500.1 crore

Avenue Supermarts Q4: Net profit up 21.4% at Rs 202.9 crore, revenue up 32.1% at Rs 5,033.4 crore.

ITC chairman and non-executive director Y C Deveshwar passes away

Gail completes awards worth Rs 10,500 crore for line pipe supply and laying

SRF signed a business transfer agreement with DSM India for divestment of Engineering Plastics Business

Shriram Transport - CRISIL assigned CRISIL PP-MLD AA+r/Stable for Rs 500 crore long-term principal protected market linked debentures

LIC Housing Finance appoints Sudipto Sil as chief financial officer w.e.f May 10

UPL invested Rs 9.24 crore in Allfresh Supply Management for 26.75% stake

Moody’s, initiated the corporate family rating of Indiabulls Housing Finance at Ba1 with a stable outlook

NCLT pronounced scheme of amalgamation of Welspun Pipes with Welspun Corp

L&T has considered and approved a scheme of arrangement for a merger of L&T Shipbuilding with the company

Oberoi Realty recommended a final dividend of Rs 2 per equity share

Adani Green commissioned 50 MWac solar power project in the state of Uttar Pradesh

Torrent Pharma recalls over 8.82 lakh bottles of hypertension drug from US, Puerto Rico - PTI

Relaxo Footwears recommended issue of bonus shares in the ratio of 1:1

PC Jeweller board approved the scheme of arrangement for demerger of export division

IDFC First Bank approved the issue of debt securities up to an amount not exceeding Rs 5,000 crore

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At the Interbank Foreign Exchange (forex) market, the local unit opened at 70.04. It moved in a range of 70.07 to 69.76 before finally ending at 69.92, up 2 paise over its previous close.

PTI

Snapping its four-session losing run, the rupee ticked higher by 2 paise to finish at 69.92 against the US dollar Friday. Forex traders said the domestic unit recovered in the later part of the day amid reports that the US is expected to remove India from its currency manipulation watch list.

According to media reports, the US Treasury Department may name Vietnam as a currency manipulator and is expected to remove India and South Korea from its watch list.

However, rising crude oil prices in the overseas market, sustained foreign fund outflows and continuing sell-off in the domestic equity market weighed on the rupee, forex traders added.

At the Interbank Foreign Exchange (forex) market, the local unit opened at 70.04. It moved in a range of 70.07 to 69.76 before finally ending at 69.92, up 2 paise over its previous close.

The rupee had settled at 69.94 against the US dollar Thursday.

During the week, the rupee fell by 70 paise.

"The rupee is under pressure as the trade tension escalated between US and China. Global markets are also under pressure hence the rupee is weakening. In coming sessions, volatility is expected to rise in the rupee as the date of election results approaches," said Rushabh Maru, Research Analyst - Currency and Commodity, Anand Rathi Shares and Stock Brokers.

The trade war between the world's two largest economies escalated on Friday after the US more than doubled tariffs on USD 200 billion worth of Chinese products, prompting Beijing to threaten retaliation.

The Trump administration's move comes as high-level officials from both sides are attempting to salvage a trade deal in Washington.

Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,245.14 crore Friday, according to provisional data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, dipped 0.01 percent to 97.36.

Brent crude futures, the global oil benchmark, rose 0.65 percent to USD 70.85 per barrel.

The BSE Sensex slipped for the eighth straight session amid increasing US-China trade tensions. The 30-share BSE benchmark closed 95.92 points, or 0.26 percent, down at 37,462.99. The broader NSE Nifty shed 22.90 points, or 0.20 percent, to settle at 11,278.90.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.9212 and for rupee/euro at 78.4884. The reference rate for rupee/British pound was fixed at 90.9269 and for rupee/100 Japanese yen at 63.72.

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Brokerage firms such as CLSA, Macquarie and Credit Suisse slashed their target prices on the stock on muted Q4 results

Most brokerage firms maintained their rating on Asian Paints post its March quarter results but slashed target prices as margins took a hit.

Asian Paints reported fourth-quarter earnings on May 9 that missed analysts estimates on weak operating income.

Consolidated profit was lower by 1.7 percent year-on-year at Rs 487 crore in the quarter ended March 2019. CNBC-TV18 poll estimated profit of Rs 570 crore and revenue of Rs 5,200 crore. EBITDA was expected at Rs 958 crore and margin at 18.4 percent for the quarter.

Revenue from operations increased 11.7 percent YoY to Rs 5,018 crore in Q4 from Rs 4,492.30 crores with decorative business registering double-digit volume growth in India.

Here’s what brokerage firms recommend on Asian Paints post Q4 results:

CLSA: Sell| Target cut to Rs 1285 from Rs 1400

CLSA maintained its sell rating on Asian Paints post Q4 results and reduced its target price to Rs 1,285 from Rs 1,400 earlier.

The Q4 results were an all-around miss. The management outlook was cautious. The volume growth was impacted by an inferior mix.

Increased input prices and higher marketing spend are some of the factors which impacted the margins. The global investment bank slashed EPS estimates by 1-3% for FY20-21.

Macquarie: Outperform| Target cut to Rs 1,470 from Rs 1,580 earlier

The key positive from Q4 was a continuation of double-digit volume growth. The key negative was margin pressure due to higher A&P spend, as well as provisions.

Credit Suisse: Neutral| Target cut to Rs 1,425 from Rs 1,500

Credit Suisse maintained its neutral rating but slashed target price to Rs 1,425 from Rs 1,500 earlier.

The company recorded healthy volumes at the cost of a large margin miss. The global investment bank slashed FY20/FY2e EPS estimates by 6-9 percent.

The volume growth was healthy, but realization growth was only 2 percent compared to the price hike of 6 percent.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Asset quality on a sequential basis is expected to improve with slippages either likely to be steady or lower compared to the previous quarter, brokerages said

The country's largest lender State Bank of India (SBI) is likely to report a profit in the March quarter with double-digit growth in net interest income and lower provisions.

The state-owned lender will report the numbers on May 10.

Most brokerages expect profit in the range of Rs 5,000-7,000 crore for the quarter against a loss of Rs 7,718.2 crore in the same period last year.

"PAT is expected to grow at the rate of 53 percent QoQ to Rs 6,034 crore," Narnolia Securities said, while Kotak said it expects the same to increase by 70 percent QoQ to Rs 6,759.4 crore for the quarter.

Double-digit loan growth with steady net interest margin may help net interest income grow in double digits, brokerages said.

"We expect loan growth at steady 11-12 percent YoY with largely steady NIMs leading to 16-17 percent NII growth," Prabhudas Lilladher said.

Motilal Oswal expects loan growth of 11 percent YoY, led by growth in retail books and portfolio buyouts. Deposit growth is expected to come in at

8 percent YoY, it added.

NII is expected to increase 15 percent YoY due to lower interest reversals and better recoveries from written off accounts, the brokerage said, adding non-interest income is expected to decline YoY but increase QoQ on account of an improvement in the treasury performance and fee income.

Asset quality is expected to improve sequentially with slippages either likely to be steady or lower compared to the previous quarter.

"Asset quality should improve as we expect very similar slippages as seen in Q3FY19 but do not see recently announced resolutions factoring in this

quarter. We expect the bank will continue to enhance PCR," Prabhudas Lilladher said.

Kotak said slippages will decline to below 2.5 percent as recognition is complete while gross NPLs could decline with resolution/NPL sales to asset reconstruction companies.

Motilal Oswal also feels stress addition is likely to moderate to 1.9 percent, as it believes that most of the stress has been recorded in previous quarters.

Key issues to watch out for would be updates on the retail, SME and Agri slippages; recoveries from a resolution of NCLT accounts; outlook on power assets and macro developments on asset quality.

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