Hyderabad: Aurobindo Pharma Ltd has received final approval from the US Food & Drug Administration to manufacture and market Rizatriptan Benzoate tablets.
Rizatriptan Benzoate tablets are the generic equivalent of Merck and Co’s Maxalt tablets and are indicated for the acute treatment of migraine with or without aura in adults and in paediatric patients of 6-17 years old.
The annual sale of the product is approximately $300 million for the 12 months ended March 2012, according to IMS.
The product was ready for launch, the Hyderabad-based company said in a release.
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Monday, January 7, 2013
L&T Fin completes acquisition of Family Credit
Mumbai: L&T Finance Holdings Ltd has completed the acquisition of auto finance company Family Credit Ltd, said in a filing with the Bombay Stock Exchange.
In October 2012, L&T Finance Holdings had agreed to pay Rs 120 crore for acquiring Family Credit, a unit of France-based Societe Generale Consumer Finance.
Family Credit had a loan book size of Rs 1,287 crore as on end-June 2012. Of this, two-wheeler financing constituted 53 per cent and car financing, 35 per cent.
“The business synergises well with our existing retail financing business and provides opportunity for us to further expand our product offering in the consumer finance domain,” Y. M. Deosthalee, Chairman and Managing Director, L&T Finance Holdings, had said during the October announcement.
Shares of Mumbai-based L&T Finance Holdings ended at Rs 93.05, up 4.55 per cent on the Bombay Stock Exchange.
In October 2012, L&T Finance Holdings had agreed to pay Rs 120 crore for acquiring Family Credit, a unit of France-based Societe Generale Consumer Finance.
Family Credit had a loan book size of Rs 1,287 crore as on end-June 2012. Of this, two-wheeler financing constituted 53 per cent and car financing, 35 per cent.
“The business synergises well with our existing retail financing business and provides opportunity for us to further expand our product offering in the consumer finance domain,” Y. M. Deosthalee, Chairman and Managing Director, L&T Finance Holdings, had said during the October announcement.
Shares of Mumbai-based L&T Finance Holdings ended at Rs 93.05, up 4.55 per cent on the Bombay Stock Exchange.
MindHelix selected for US start-up programme
Kochi: MindHelix Technosol, aStartup Village company here, has been selected by the US-based Alchemist Accelerator Programme for enterprise product start-ups.
MindHelix has created a cloud computing based customer interaction application, which has been selected for the Accelerator, the company said in a statement. It had also created the TukTuk Meter, a mobile application that went viral in 2011.
Many investors, including multi-billion-dollar investment firm Khosla Ventures and CISCO back the Alchemist Accelerator, MindHelix said in a statement.
“MindHelix’s achievement clearly shows that Indian Startups are truly global and can compete with the ones in the US,” said Kris Gopalakrishnan, Infosys Executive Co-Chairman, who is also the chief mentor of Startup Village. “Platforms such as Startup Village can be a great launch pad for start-ups like MindHelix where they can grow and go global,” he added.
The Accelerator based in Menlo Park, San Francisco, runs a programme for six months incubating 12 enterprise-centric start-ups and MindHelix is the only international start-up in the group.
The programme allocates $30,000 in seed funding to each firm and also provides these startups the opportunity to showcase their products to Fortune 100 companies in the US.
MindHelix has already acquired customers in hospitality, banking sectors and also government agencies across multiple states in India. The MindHelix team will be moving to US for the programme.
MindHelix has created a cloud computing based customer interaction application, which has been selected for the Accelerator, the company said in a statement. It had also created the TukTuk Meter, a mobile application that went viral in 2011.
Many investors, including multi-billion-dollar investment firm Khosla Ventures and CISCO back the Alchemist Accelerator, MindHelix said in a statement.
“MindHelix’s achievement clearly shows that Indian Startups are truly global and can compete with the ones in the US,” said Kris Gopalakrishnan, Infosys Executive Co-Chairman, who is also the chief mentor of Startup Village. “Platforms such as Startup Village can be a great launch pad for start-ups like MindHelix where they can grow and go global,” he added.
The Accelerator based in Menlo Park, San Francisco, runs a programme for six months incubating 12 enterprise-centric start-ups and MindHelix is the only international start-up in the group.
The programme allocates $30,000 in seed funding to each firm and also provides these startups the opportunity to showcase their products to Fortune 100 companies in the US.
MindHelix has already acquired customers in hospitality, banking sectors and also government agencies across multiple states in India. The MindHelix team will be moving to US for the programme.
Sebi further relaxes FII debt allocation method
New Delhi: Capital market regulator Securities and Exchange Board of India ( Sebi) on Tuesday said the re-investment facility for foreign institutional investors ( FIIs) and sub-accounts will also be applicable for limits acquired even before January 2012. In November, Sebi had allowed reinvestment of 50 per cent of debt holdings at the end of a calendar year during the next calendar year. Sebi also said for those FIIs, which did not hold any debt investment limits as on January 3, 2012, and the purchased debt investment limits thereafter, shall be allowed a cumulative re-investment facility to the extent of 50 per cent of their maximum debt holding at any point of time during the calendar year 2013.
Ramky Infra ties up funds for UP road project
Hyderabad: Ramky Infrastructure Ltd has achieved financial closure for its Agra Etawah Road Tollway Project to be developed in Uttar Pradesh.
A consortium of bankers lead by Oriental Bank of Commerce and other participants including Union Bank of India, India Infrastructure Finance Company Ltd, Central Bank of India, State Bank of Patiala and Axis Bank have agreed to meet the debt syndication of Rs 1,225 crore to execute the project.
The project awarded by the National Highways Authority of India entails six-laning of the road on the NH-2 between 199 km and 323 km stretch. The road project was awarded under the National Highway Development Project Phase V. It is to be executed on build, operate and transfer (BOT) mode.
The project has a concession period of 30 years including construction phase of 910 days. After securing the mandate to develop the tollway, the company has formed a special purpose vehicle to execute the project.
According to a statement to the stock exchanges, the company now commands an order book of Rs 13,000 crore.
Y.R. Nagaraja, Managing Director of Ramky Infrastructure, said that the stretch forms part of Golden Quadrilateral. The Delhi-Kolkata link passes through Uttar Pradesh wherein the network is being widened to six-lane.
A consortium of bankers lead by Oriental Bank of Commerce and other participants including Union Bank of India, India Infrastructure Finance Company Ltd, Central Bank of India, State Bank of Patiala and Axis Bank have agreed to meet the debt syndication of Rs 1,225 crore to execute the project.
The project awarded by the National Highways Authority of India entails six-laning of the road on the NH-2 between 199 km and 323 km stretch. The road project was awarded under the National Highway Development Project Phase V. It is to be executed on build, operate and transfer (BOT) mode.
The project has a concession period of 30 years including construction phase of 910 days. After securing the mandate to develop the tollway, the company has formed a special purpose vehicle to execute the project.
According to a statement to the stock exchanges, the company now commands an order book of Rs 13,000 crore.
Y.R. Nagaraja, Managing Director of Ramky Infrastructure, said that the stretch forms part of Golden Quadrilateral. The Delhi-Kolkata link passes through Uttar Pradesh wherein the network is being widened to six-lane.
Ramky Infra ties up funds for UP road project
Hyderabad: Ramky Infrastructure Ltd has achieved financial closure for its Agra Etawah Road Tollway Project to be developed in Uttar Pradesh.
A consortium of bankers lead by Oriental Bank of Commerce and other participants including Union Bank of India, India Infrastructure Finance Company Ltd, Central Bank of India, State Bank of Patiala and Axis Bank have agreed to meet the debt syndication of Rs 1,225 crore to execute the project.
The project awarded by the National Highways Authority of India entails six-laning of the road on the NH-2 between 199 km and 323 km stretch. The road project was awarded under the National Highway Development Project Phase V. It is to be executed on build, operate and transfer (BOT) mode.
The project has a concession period of 30 years including construction phase of 910 days. After securing the mandate to develop the tollway, the company has formed a special purpose vehicle to execute the project.
According to a statement to the stock exchanges, the company now commands an order book of Rs 13,000 crore.
Y.R. Nagaraja, Managing Director of Ramky Infrastructure, said that the stretch forms part of Golden Quadrilateral. The Delhi-Kolkata link passes through Uttar Pradesh wherein the network is being widened to six-lane.
A consortium of bankers lead by Oriental Bank of Commerce and other participants including Union Bank of India, India Infrastructure Finance Company Ltd, Central Bank of India, State Bank of Patiala and Axis Bank have agreed to meet the debt syndication of Rs 1,225 crore to execute the project.
The project awarded by the National Highways Authority of India entails six-laning of the road on the NH-2 between 199 km and 323 km stretch. The road project was awarded under the National Highway Development Project Phase V. It is to be executed on build, operate and transfer (BOT) mode.
The project has a concession period of 30 years including construction phase of 910 days. After securing the mandate to develop the tollway, the company has formed a special purpose vehicle to execute the project.
According to a statement to the stock exchanges, the company now commands an order book of Rs 13,000 crore.
Y.R. Nagaraja, Managing Director of Ramky Infrastructure, said that the stretch forms part of Golden Quadrilateral. The Delhi-Kolkata link passes through Uttar Pradesh wherein the network is being widened to six-lane.
Sinovel gets approval to sell wind turbine machines in India
Chennai: Chinese company Sinovel which is one of the largest wind turbine manufacturers in the world, has received the 'type approval' from the Centre for Wind Energy Technology to sell its (specified) machines in India.
This approval effectively paves the way for Sinovel's entry into the Indian wind market.
The company has received approval for its 1.5 MW machine that has a rotor diameter of 82.92 metres and hub height of either 70 metres or 80 metres.
Sinovel has an agreement with the Ghodawat group of Maharashtra to use the latter’s facilities to produce the turbines in India.
The entry of a large Chinese manufacturer is generally seen as a major competitive force. However, the Secretary of the Indian Wind Turbine Manufacturers Association, D. V. Giri, feels that Sinovel would not be able to sell in India at prices much lower than what the other companies are selling attoday.
“At between Rs 5.75 crore and Rs 6 crore per MW, we are already very low priced,” Giri told Business Line. Selling below that level, according to him, would be tough.
“Cost might not be the only factor that IPP and captive customers who are now the major customers for wind turbines might consider. O&M capabilities and performance of Sinovels turbine in India grid conditions might also play a key role for their success in India,” says Vineeth Vijayaraghavan, Founder-Editor of Panchabuta, a renewable energy industry online newsletter.
Giri, however, said if the Chinese companies start selling in India and are backed by credit facilities from China, there ought to be some counter-balancing measures to ensure that the Indian companies "who have toiled for twenty years" are not put to a disadvantage.
This approval effectively paves the way for Sinovel's entry into the Indian wind market.
The company has received approval for its 1.5 MW machine that has a rotor diameter of 82.92 metres and hub height of either 70 metres or 80 metres.
Sinovel has an agreement with the Ghodawat group of Maharashtra to use the latter’s facilities to produce the turbines in India.
The entry of a large Chinese manufacturer is generally seen as a major competitive force. However, the Secretary of the Indian Wind Turbine Manufacturers Association, D. V. Giri, feels that Sinovel would not be able to sell in India at prices much lower than what the other companies are selling attoday.
“At between Rs 5.75 crore and Rs 6 crore per MW, we are already very low priced,” Giri told Business Line. Selling below that level, according to him, would be tough.
“Cost might not be the only factor that IPP and captive customers who are now the major customers for wind turbines might consider. O&M capabilities and performance of Sinovels turbine in India grid conditions might also play a key role for their success in India,” says Vineeth Vijayaraghavan, Founder-Editor of Panchabuta, a renewable energy industry online newsletter.
Giri, however, said if the Chinese companies start selling in India and are backed by credit facilities from China, there ought to be some counter-balancing measures to ensure that the Indian companies "who have toiled for twenty years" are not put to a disadvantage.
Suven Life gets three patent approvals for CNS molecules
Suven Life Sciences secures 3 Product Patents for their NCEs in Eurasia & Canada.
Suven Life Sciences Ltd (Suven) announced on Monday that the grant of three (3) product patents, two (2) from Eurasia (016594&017007) and one (1) from Canada (2683124) corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2027.
The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of impairment cognitive associated with neurodegenerative disorders like Alzheimer's disease, Attention Deficient Hyperactivity Disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia.
With these new patents, Suven has a total of ten (10) granted product patents from Canada & twelve (12) granted product patents from Eurasia, These granted patents are exclusive Intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-l or Phase-II.
'We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally" says Venkat Jasti, CEO of Suven.
Suven Life Sciences Ltd (Suven) announced on Monday that the grant of three (3) product patents, two (2) from Eurasia (016594&017007) and one (1) from Canada (2683124) corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2027.
The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of impairment cognitive associated with neurodegenerative disorders like Alzheimer's disease, Attention Deficient Hyperactivity Disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia.
With these new patents, Suven has a total of ten (10) granted product patents from Canada & twelve (12) granted product patents from Eurasia, These granted patents are exclusive Intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-l or Phase-II.
'We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally" says Venkat Jasti, CEO of Suven.
Cement industry to add 30-40 mtpa in 2013
Notwithstanding the excess capacity built-up, the cement industry is expected to add 30-40 million tonnes of capacity in 2013.
The industry has a capacity of 324 million tonnes per annum (mtpa) and operates at 75-80 per cent utilisation, due to weak cement demand from realty and infrastructure sectors.
The capacity addition next year will be more than expected as some of the projects that were slated for completion in 2012 got delayed and will now go on stream in 2013, said Shailendra Choksi, Director, JK Lakshmi Cement.
“The prospects of cement companies will depend on the revival in demand. The southern and central region will witness much of the capacity addition,” he said.
Some of the major projects that will be completed during the year include ABG Shipyard’s 3.3 mtpa at Kutch in Gujarat and Century Textiles’ 2.5 mtpa at Chandrapur in Maharashtra.
In Karnataka, Sagar Cement and Chettinad Cement will add 3 mtpa and 2.5 mtpa at Gulbarga, and UltraTech Cement will come up with 4.4 mtpa at Malkhed.
Slowdown impact
Cement demand was hit by the general slowdown in the economy. The Index of Industrial Production dipped to 0.4 per cent in September from 2.5 per cent in the same period last year, rattling the industry confidence.
It bounced back the following month largely due to lower base effect. The Finance Ministry has lowered its GDP growth expectation to 5.7 to 5.9 per cent this fiscal, compared to 7.6 per cent estimated earlier in the Economic Survey.
However, the slew of economic reforms announced by the Government and expectation of RBI lowering interest rates in January, will boost sentiments and kickstart the sagging economy. After an impressive September quarter, cement companies are staring at a muted growth in the December quarter. Despite dropping prices, the demand in few regions was quite dismal.
The high interest and slowdown in economic activities had dampened the demand in last two months.
Green shoots
The industry expects cement demand to revive in the March quarter, as infrastructure companies rush to complete their projects before the financial year ends.
In the western region, the clear mandate for Narendra Modi as Chief Minister of Gujarat, will help him rollout infrastructure and housing projects.
“We maintain our view that the cement industry has gradually started to gear up for the cyclical upturn based on improving fundamentals such as narrowing demand-supply gap, improving capacity utilisation and moderation in cost inflation,” said Amit Srivastava, Research Analyst, Nirmal Bang. The stable raw material prices such as coal and limestone will also improve the profit margins of cement makers.
The consolidation of cement industry in recent past will help them sustain prices in the long run.
In the recent cyclical downturn, consolidation increased and the top two players contributed 40 per cent to total production, leading to a higher level of stability to cement prices, he said.
Top 11 cement makers
The going for top 11 cement makers may get tough, if the appeal they made against the Competition Commission of India penalty of Rs 6,300 crore is turned down.
Fine levied
The industry body — Cement Manufacturers Association — has also appealed to the Competition Appellate Tribunal against Rs 73 lakh fine levied on it in the recent price cartelisation case.
None of the companies made provision for the penalty as they feel they have a strong case.
The industry has a capacity of 324 million tonnes per annum (mtpa) and operates at 75-80 per cent utilisation, due to weak cement demand from realty and infrastructure sectors.
The capacity addition next year will be more than expected as some of the projects that were slated for completion in 2012 got delayed and will now go on stream in 2013, said Shailendra Choksi, Director, JK Lakshmi Cement.
“The prospects of cement companies will depend on the revival in demand. The southern and central region will witness much of the capacity addition,” he said.
Some of the major projects that will be completed during the year include ABG Shipyard’s 3.3 mtpa at Kutch in Gujarat and Century Textiles’ 2.5 mtpa at Chandrapur in Maharashtra.
In Karnataka, Sagar Cement and Chettinad Cement will add 3 mtpa and 2.5 mtpa at Gulbarga, and UltraTech Cement will come up with 4.4 mtpa at Malkhed.
Slowdown impact
Cement demand was hit by the general slowdown in the economy. The Index of Industrial Production dipped to 0.4 per cent in September from 2.5 per cent in the same period last year, rattling the industry confidence.
It bounced back the following month largely due to lower base effect. The Finance Ministry has lowered its GDP growth expectation to 5.7 to 5.9 per cent this fiscal, compared to 7.6 per cent estimated earlier in the Economic Survey.
However, the slew of economic reforms announced by the Government and expectation of RBI lowering interest rates in January, will boost sentiments and kickstart the sagging economy. After an impressive September quarter, cement companies are staring at a muted growth in the December quarter. Despite dropping prices, the demand in few regions was quite dismal.
The high interest and slowdown in economic activities had dampened the demand in last two months.
Green shoots
The industry expects cement demand to revive in the March quarter, as infrastructure companies rush to complete their projects before the financial year ends.
In the western region, the clear mandate for Narendra Modi as Chief Minister of Gujarat, will help him rollout infrastructure and housing projects.
“We maintain our view that the cement industry has gradually started to gear up for the cyclical upturn based on improving fundamentals such as narrowing demand-supply gap, improving capacity utilisation and moderation in cost inflation,” said Amit Srivastava, Research Analyst, Nirmal Bang. The stable raw material prices such as coal and limestone will also improve the profit margins of cement makers.
The consolidation of cement industry in recent past will help them sustain prices in the long run.
In the recent cyclical downturn, consolidation increased and the top two players contributed 40 per cent to total production, leading to a higher level of stability to cement prices, he said.
Top 11 cement makers
The going for top 11 cement makers may get tough, if the appeal they made against the Competition Commission of India penalty of Rs 6,300 crore is turned down.
Fine levied
The industry body — Cement Manufacturers Association — has also appealed to the Competition Appellate Tribunal against Rs 73 lakh fine levied on it in the recent price cartelisation case.
None of the companies made provision for the penalty as they feel they have a strong case.
Foreign tourist arrivals grew 6% y-o-y
New Delhi: Foreign tourist arrivals in India till November in 2012 grew by 6 per cent according to Ministry of Tourism estimates.
The Ministry said despite negative signals from the global economy, the number of foreign tourist arrivals in the country in 2012 (up to November) showed an increase of about six per cent over the same period of 2011.
“During the period January-November 2012, 58.99 lakh tourists visited India against 55.72 lakh in 2011,” the Ministry said.
Foreign exchange earnings from tourism stood at Rs 83,938 crore with a growth of 22.1 per cent over the same period in 2011. The foreign exchange earnings during 2011 were about Rs 68,721 crore.
The Ministry said despite negative signals from the global economy, the number of foreign tourist arrivals in the country in 2012 (up to November) showed an increase of about six per cent over the same period of 2011.
“During the period January-November 2012, 58.99 lakh tourists visited India against 55.72 lakh in 2011,” the Ministry said.
Foreign exchange earnings from tourism stood at Rs 83,938 crore with a growth of 22.1 per cent over the same period in 2011. The foreign exchange earnings during 2011 were about Rs 68,721 crore.
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