The Finance Minister Pranab Mukherjee has proposed amendments to the Budget. It is customary for the FM to take in suggestions from various sides and introduce any necessary amendments. The FM has said that the priority was to provide a stimulus to economic activity.
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Sanofi Aventis to acquire Shantha Biotech, deal valued at 550mn euros
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Sanofi Aventis is acquiring the 80% stake that Merieux Alliance held in Indian vaccine company Shantha Biotech. The Hyderabad-based 90mn euro (Rs 620 crore) turnover company makes vaccines and its flagship product, a hepatitis-B vaccine Shanvac-B brought it fame. The company says this is India’s first WHO-Geneva pre-qualified vaccine. It also makes other vaccines including those used in inoculation of infants.
Filed under: Companies, Top News, Biotechnology, Companies International, Merieux Alliance, Sanofi Aventis, Shantha Biotech, Vaccines
Reliance’s refining business drags down profits
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Reliance Industries chose to focus on margins rather than improve volumes during the June 2009 quarter. Its performance was affected by a mix of factors. Export volumes dipped during a period when the rupee depreciated, which would have normally added extra rupees to RIL’s bottom line. The Jamnagar refinery voluntarily gave up its export oriented tax status as it wanted to focus on the domestic market. Gas production from its KG basin started, contributing to sales and profits, but also upped its depreciation outgo. Continue Reading →
Filed under: Companies, Oil & Gas, Top News, June 2009, Petroleum, Reliance Industries, Results
Other income boosts United Breweries’ net profit
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United Breweries, a company that sells Kingfisher beer, did well on the sales front but operating margins dipped in the June 2009 quarter. The company’s sales during the quarter grew by 17.2% to Rs 556 crore. The company, which sold Rs 1,700 crore worth of the liquid in 2008-09, said that it sold 12% more beer during the quarter over the corresponding previous period, twice the industry average. Strong beer sales grew by 25%.
Filed under: Companies, Top News, June 2009, Results, UB, United Breweries
Bharti Airtel’s performance dented by rising costs and capex
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Bharti Airtel’s results tell a different story, based on whether you compare it with the previous quarter or June 2008. Its performance seems to have improved compared to March but has deteriorated when compared to a year ago. It does appear that Bharti’s operating performance in 2009-10 will be lower, compared to the previous year.
Filed under: Companies, Telecom, Top News, Bharti Airtel, June 2009, mobile telephony, Results
Ultratech’s Q1 net profit up 58%, volumes up 24%
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Ultratech Cement’s sales and profits during the June 2009 quarter grew handsomely. The company is a subsidiary of Grasim Industries, a Aditya Birla Group company. Its net sales grew by 31% to Rs 1953 crore, and net profit rose by 58% to Rs 418 crore. Several factors contributed to its good performance: volume growth (partly due to new capacity), firm prices, excise duty reduction, lower coal prices and power costs.
Filed under: Cement, Companies, Top News, Grasim Industries, June 2009, Results, Ultratech Cement
Ranbaxy to sell generic Norvasc in Canada
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Ranbaxy Laboratories will start selling the generic version of Norvasc, a drug sold by Pfizer Inc and is used to treat hypertension and angina (a heart condition). The drug’s generic name is amlodipine besylate. Ranbaxy said that the Canadian market for amlodopine besylate is CAD $456mn or Rs 2014 crore (1CAD=Rs 44.2). Ranbaxy’s launch is thanks to the European pharmaceutical company, ratiopharm of Germany.
Filed under: Companies, Top News, Amlodopine Besylate, Generic Medicines, Ranbaxy, ratiopharm
Sterlite to raise $1.5bn through overseas offering priced at $12.15
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Sterlite Industries, a non-ferrous metal producer and subsidiary of Vedanta Resources, announced a massive fund raising exercise, with the amount exceeding media reports. The company, with 2008-09 revenues of Rs 21,144 crore or $4.4bn, has said it will raise about $1.5bn with the promoter subscribing to $500mn or about one-third of the issue. The issue will be priced at $12.15 or Rs 583 per ADS. Continue Reading →
Filed under: Companies, Top News, ADS, Markets Stock Markets, Public Issues, Sterlite, Vedanta
Bajaj Finserv’s income jumps 59%, moves from loss to Rs 42 crore profit
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Bajaj Finserv, the financial services company spun off from Bajaj Auto, reported good results for the June 2009 quarter. Its income –earned from life and general insurance, retail lending and other financial services- rose by 59% to Rs 106.2 crore. Despite a sharp increase in employee costs, its net profit for the quarter was Rs 66.9 crore compared to a loss of Rs 44.1 crore. The key reason for the turnaround in its performance is an increase in its income from investments.
Highlights
Filed under: Companies, Top News, Allianz, Bajaj, General Insurance, Life Insurance
OnMobile and Telefonica join hands for value added services in Latin America
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Indian mobile value added services provider OnMobile Global secured a key win by entering the Latin American market. The company has signed a long term agreement with Spanish telecom company Telefonica Internacional to provide value added services in the region. The company recently tied up with Vodafone to provide value added services to its global telecom customers, initially in emerging markets. Continue Reading →