NEWS AT GLANCE

Wockhardt receives US FDA approval for anti-inflammatory injection-no significant impactWockhardt Ltd has announced US FDA approval for marketing Ketorolac anti-inflammatory injection in the US market, its third US FDA approval in the last ten days. Ketorolac is a potent non-steroidal anti-inflammatory drug used in the management of acute pain following surgery and trauma. Over 40 million vials of Ketorolac injections, valued at $36 million, are consumed annually by hospitals across United States, as per IMS. The Company’s wholly-owned subsidiary Wockhardt USA Inc will be marketing Ketorolac injection directly to hospitals, wholesalers, doctor clinics and managed care Companies. The injections are manufactured at the US FDA-certified sterile formulation plant at Waluj, Maharashtra.
Steel firms to raise prices from April 1 29 Mar 2007After rolling back prices earlier this month to help the government keep inflation in check, steel companies are gearing up to increase prices by Rs500-1,000 per tonne from April 1.The industry plans to raise prices cautiously though landed import prices are higher than domestic prices by Rs2,500-3,000 per tonne. The ruling price of hot rolled coils (HRC) stands at Rs27,000 (approximately $613) per tonne. The price hike will put the industry in confrontation with the government.
Satyam in $200 million 5-yr dealSatyam Computer Services, a leading global IT services company, today signed an estimated $200 million (around Rs 900 crore) five-year contract with California-based Applied Materials, a global leader in manufacturing microchips. Satyam will provide application development, maintenance, and support (ADMS) besides business transformation core technology services to the US-based company through a managed services delivery model.
Concor forms JV with Gateway
Container Corporation of India (Concor) and Gateway Distriparks (GDL) have entered into an agreement to set up a JV to construct and operate a rail linked ICD at Garhi Harsaru, Gurgaon, which will connect NCR to the western ports. GDL’s 100% subsidiary, Gateway Rail Freight Pvt. Ltd., will have a 51% stake in the JV, while Concor will have the balance 49% stake in the JV. The incorporation of the JV will replace the existing agreement between Concor and GDL on train operations from GDL’s ICD at Garhi.
Currently, GDL has approximately 12 acres of land under which it is operating the current Garhi ICD. Moreover, GDL has acquired another 88 acres of land contiguous to its existing ICD. The total 100 acres of land will be transferred to the JV set up by Concor and GDL for ICD operations. The total cost of setting up the ICD is estimated to be ~Rs700mn, which is likely to be funded at a gearing of 2:1, having an equity capital of Rs210mn. The revenues accruing from the ICD will be shared between Concor and GDL as per their stake in the JV.This event is positive for GDL in the long run
Reliance to focus on domestic market for retail expansion
Reliance Industries Ltd. will focus expansion of its retail activities on its domestic market and probably won’t move into Europe or North America for a long, long time, as per the statement of the Reliance’s lifestyle division CEO Bijou Kurien. The company aims to have 2,000 Fresh Stores outlets selling produce in five years.
India Plans to Allow Short-Selling of Stocks in Futures MarketIndia will allow short-selling of stocks by institutional investors in the futures and options market. Currently, shares of 159 companies are traded in the futures and options market. Damodaran said the regulator will formulate rules for mutual funds planning to invest in real estate after the Ministry of Company Affairs prepares a law that will specify how to value real-estate assets.
Strides Arcolab gets USFDA’s tentative nod for HIV drug
Strides Arcolab Ltd has received tentative approval from the United States Food and Drug Administration (US FDA) for Efavirenz tablets under the expedited review provisions of the President’s Emergency Plan for Aids Relief (PEPFAR) program. Efavirenz is a non nucleoside reverse transcriptase inhibitor which prevents the AIDS virus from reproducing in cells. Efavirenz is used in combination with other anti-retroviral agents for the treatment of HIV-infections and is a key component of drug r egimens for patients who are on concurrent treatment for tuberculosis.
Lupin, Glenmark sued in US on patent infringement
Lupin and Glenmark Pharmaceuticals have been sued by multinational pharmaceutical companies, Schering Corporation and Wyeth in the US in two separate patent infringement cases. Wyeth Pharmaceuticals sued Lupin in the Maryland district court on March 12 for challenging three patents on Wyeth’s Effexor XR capsule (Venlafaxine hydrochloride), a blockbuster anti-depressent drug. Lupin had filed an abbreviated new drug application (ANDA) to obtain US FDA approval for generic versions of venlafaxine hydrochloride extended-release capsules in 37.5mg, 75mg, and 150mg dosage strengths.
Glenmark Pharmaceuticals has been sued by Schering Corporation and MSP Company Singapore LLC in the New Jersey district court for filing an ANDA with the US FDA seeking regulatory approval for the generic version of the anti-cholestrol drug Ezetimibe, marketed by Schering as ’Zetia’. Glenmark is believed to be the first to file ANDA for Ezetimibe, on October 25, 2006.
Ranbaxy launches asthma drug OsovairPharmaceutical major Ranbaxy Laboratories today announced the launch of its branded product, Osovair inhalation capsules in India for the treatment of Asthma. This product combines Long Acting Beta 2 Agonist (LABA) Formoterol and the new inhaled corticosteroid Ciclesonide. The drug contains 12mcg of formoterol making it the first ICS/LABA combination of its type to be approved any where in the world.Osovair is available in various strengths as Osovair 160 mcg, Osovair 320 mcg, depending on the severity of Asthma patients. The product is to be used only with the Rheohaler, which is a capsule based multidose dry-powder inhaler
Hindalco Industries Owners May Raise StakeAs per media reports, Hindalco Industries Ltd.’s owners may increase their stake in the Indian company. Birla’s family owns 37% of the company. Hindalco convened a shareholders’ meeting yesterday to vote on the sale of 67.5 million shares and 80 million warrants for as much as 26 billion rupees ($604 million) to the owners. Hindalco is India’s biggest metals company.
Petronet doubles imports as demand risesPetronet LNG, India’s biggest liquefied natural gas importer, said it has committed to buy 24 spot cargoes in the year ending March 2008, doubling imports from a year earlier as demand rises. Petronet has signed a contract for 12 shipments from one producer for delivery starting in June. Contracts for a further 12 will be signed by mid-April. The supplies will come from Qatar, Oman, Algeria and Egypt. The increased imports may make state-controlled Petronet the world’s largest buyer of spot cargoes. A $414 million pipeline from the company’s 5 million metric tonne-a-year terminal in Dahej to India’s largest gas-fired power plant in Dabhol may be completed by June.
ABG Shipyard bags Rs 60-cr order from Cyprus
ABG Shipyard has received an order for construction of one APS 100-tonne tug at a price of $13.50 million (Rs 60 crore) from Lamnalco Ltd, Cyprus. The vessel will be delivered to Lamnalco by May 2009. As of date ABG Shipyard has delivered six vessels and another five vessels (besides the present order) are under construction for Lamnalco Ltd. The company’s present order book position stands at about Rs 3,455 crore. ABG Shipyard, the largest private sector shipyard in India, builds a wide variety of ships, ranging from bulk carriers, deck barges and interceptor boats to anchor handling supply ships, driving support ships, tugs and offshore vessels.
Rain Commodities opts out of acquisition race
Rain Commodities Ltd (RCL) has opted out of the race to acquire assets of Great Lakes Carbon Income Fund, Canada in the wake of a higher bid price from Oxbow Carbon & Minerals Holdings Inc. Oxbow came up with a proposal of Canadian $14.00 per unit in cash, to acquire all of the assets of the fund on March 20. This is effectively 20% higher than the effective per unit price of C$11.60 set forth in RCL’s agreement through its subsidiaries with the fund notified on February 5.
Elecon bags order for gearboxes
Elecon Engineering Co Ltd, Gujarat, has bagged a contract for supplying the main propulsion gearboxes for India ’s first indigenous aircraft carrier. This is the company’s second endeavour in sophisticated marine gears technology after delivery of gearboxes for Navy’s new stealth warships under construction at Mazagon Docks Ltd. The marine gearboxes for the aircraft carrier would be one of the largest and most complex to be installed on the ships and would need precision manufacturing technology to achieve stringent quality and reliability standards laid down for marine applications.
Kilburn Engg bags Rs5.5 cr order from Thai co
Kilburn Engineering has been awarded a $1.26 million (Rs5.5 crore) order by Thai Carbon Black Public of Thailand, for supply of rotary dryer drum along with accessories.
Parsvanath to develop 100 acre Parsvanath City inUjjain
Parsvnath Developers Ltd., one of India’s leading real estate developers is now set to develop a 100-acre world-class integrated township, Parsvnath City at Dewas Road, Ujjain. The approximate cost of the entire project is Rs.1.65bn.This 100-acre ultra modern township consists of over 1000 plots ranging from 165 sq yards to 400 sq yards including independent built up villas.