Lupin’s U.S. subsidiary, Lupin Pharmaceuticals Inc., has got approval to sell the generic form of an anti-diabetes drug (for type II diabetes) in the U.S. market. Currently, specialty biopharmaceutical company Santarus Inc. holds the right to market the patented drug Glumetza HCL ER in the U.S. market, the generic form of which (Metformin Hydrochloride extended release tablet) Lupin will market in dosages of 500 mg and 1000 mg. Continue Reading →
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Bayer CropScience takes tender route for Rs 455 crore buyback
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Bayer CropScience’s share has jumped by 9.4% to Rs 1749 since it announced a week ago, that it is planning a share buyback. Today, its board said it has approved the proposal. But minority shareholders are likely to get a jolt, as the buyback will be through the tender route instead of a buyback routed through the stock market. And, what could be more upsetting is that the price has been fixed at Rs 1,580, a discount of 9.7% to the current price.
Filed under: Companies, Quick News, Bayer CropScience, Buyback
Muthoot Finance net profit rises 7.6%, stock up 5%
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Muthoot Finance, whose main business is lending against gold as collateral, announced a 10.4% increase in its income from operations to Rs 1,354 crore in the December 2012 quarter, compared to a year ago.
The company’s lending costs were in check during the quarter, rising by 9.9%. But operational costs rose significantly higher than revenues did, rising by 19.8%, partly attributable to expansion and also perhaps due to provisioning for bad loans.
Filed under: Companies, NBFC, Quick News, December 2012 results, Muthoot Finance, Results
Ipca acquires Onyx, expands its contract manufacturing business
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Ipca Laboratories, a pharmaceutical company, has acquired UK-based Onyx Scientific (Onyx), by buying out the holding company Onyx Research Chemicals. The move adds to Ipca’s contract manufacturing business, for which it has set up a separate division called Covenance. No financial details have been disclosed.
Filed under: Companies, Quick News, CRAMS, Ipca Laboratories, M&A, Pharmaceutical
Store One Retail to shut retail operations, focus on wholesale
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Store One Retail India announced a loss of Rs 8.6 crore for the June quarter (Q1) and appears to have got tired of waiting for its retail business to turn profitable. Its loss comes on the back of a Rs 35 crore loss in 2010-11 and a loss of Rs 51.2 crore in the year before that.
The company operates retail stores in Nagpur and Pune which are multi-brand outlets, selling apparel and accessories. In 2010-11, its turnover was Rs 3.2 crore.
Filed under: Companies, Quick News, Retail, Store One Retail
BEML executes Rs 120-crore truck contract in Thailand
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BEML, a state-owned company which makes heavy equipment used in mining and infrastructure projects, announced that it has entered the Thai market. It has appointed a distributor Paragon Machinery as its distributor in the country and Paragon will market BEML products –such as loaders, excavators, dump trucks, and dozers in Thailand and neighbouring countries such as Myanmar, Laos and Cambodia.
Filed under: Companies, Quick News, BEML
Kotak Mahindra Bank and Malaysia’s CIMB in Indo-ASEAN partnership
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India’s Kotak Mahindra Bank (Kotak) and Malaysia’s CIMB Group Sdn Bhd have decided to join hands to source business in select countries in the Indo-ASEAN corridor (Association of South-East Asian Nations). ASEAN comprises Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Filed under: Companies, Quick News, Kotak Mahindra Bank
Taj Mahal is top grosser: India’s top 5 richest monuments
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The ASI’s monuments in India are doing brisk business as both Indians and foreigners flock to sample India’s history and culture. Revenues from tickets at monuments rose by about 12% to Rs 87 crore in 2010-11.
Taj Mahal, Shah Jahan’s tribute to his wife Mumtaz Mahal, is the country’s top tourist attraction. The data from Archaeological Survey of India (ASI) on revenue from entrance fees at Indian monuments owned by the government, shows that Taj Mahal alone grossed around 23% of the total earnings for in 2010-11, at about Rs 20 crore.
Filed under: Companies, Quick News, Tourism
Ranbaxy launches letrozole in UK, Romania and France
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Ranbaxy Laboratories announced that it has launched the generic version of Novartis’ cancer drug Femara in 3 European Union countries. The subsidiary of Japan’s Daiichi Sankyo said that it has launched letrozole on day 1, that is the first day after the patent on the drug expired.
Filed under: Companies, Quick News, Companies International, Generic, Ranbaxy
Future Ventures hikes stake in Amar Chitra Katha to 56%
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Future Ventures India, the listed investment company of the Kishore Biyani-led Future Group, has increased its stake in Amar Chitra Katha Private Limited to 56%, from 26% held till now. Earlier, its financials would have been consolidated as an associate of Future Ventures, but now it will reflect in its revenues and profits as well, under what is known as the line-by-line method of consolidation.