|
Summary
of Contents
STOCK
UPDATE
Canara
Bank
Cluster: Apple Green
Recommendation:
Buy
Price target: Rs320
Current market price: Rs186
AMC JV between Canara Bank and Robeco
Key points
-
Canara Bank has decided to sell its 49% stake
in its asset management arm, Canbank Investment Management
Services (CIMS), to the Netherlands-based Robeco Groep NV for
Rs115 crore.
-
The proposed venture has got the nod of the
Reserve Bank of India. However approval from the capital market
regulator, Securities and Exchange Board of India, and the Foreign
Investment Promotion Board are awaited.
-
The company plans to float five new
equity-based products and aims to capture 5% market share in the
next five years.
-
The assets under management (AUM) of the bank
stood at Rs2,200 crore, which is comparatively lower than that of
industry leaders like Prudential ICICI (AUM of Rs43,280 crore as
on February 2007).
Wockhardt
Cluster: Ugly
Duckling
Recommendation: Buy
Price target: Rs552
Current
market price: Rs362
US FDA nod for painkiller
Wockhardt has
received the approval of the US Food and Drug Authority (US FDA) for
marketing painkiller tablets, containing a combination of
Dextropropoxyphene napsylate and Acetaminophen (DPN+APAP), in the US
market. The DPN+APAP combination is the generic version of Xanodyne
Pharma's patented product, Darvocet-N. It is one of the more potent
analgesic drugs and is widely used all over the world for control of
various kinds of
pain. |
