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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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Engineering company Thermax reported its June quarter results on Friday. Its results, which was for the first quarter of fiscal 2011-12, were better than expectations. Its share price rose by 2%, while the market was up by 1.6%.
     

    Highlights:

  • Engineering company Larsen & Toubro has got an Rs 1,210 crore order to set up a 13 power sub-stations in Qatar. Its power and transmission division has got this order which has to be executed between 18 and 26 months. This is a relatively small order compared to its existing book of Rs 130,217 crore worth of orders in hand.

  • The US Food and Drug Administration gave approval to Dr Reddy’s Laboratories and Fresenius Kabi Oncology, both listed Indian pharmaceutical companies, to market cancer drug letrozole or the generic version of Femara in the US. Novartis owns the patent for Femara, a drug used to treat breast cancer in post-menopausal women, which earned US-market sales of $682 million or Rs 3,100 crore in 2010.

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