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Lupin’s key manufacturing plant in Mandideep cleared what could have become a hurdle, after it addressed concerns raised earlier by the drug regulator. Earlier, the US drug regulator had issued a warning letter to the company for its cephalosporins facility, asking it to rectify deficiencies or face action. Unlike Ranbaxy Laboratories, Lupin’s drug supplies to the US were not affected.
Continue ReadingSpiralling prices of key input costs like steel, aluminium and tyres have forced Maruti Suzuki India to hike prices on some of its key models. But Maruti has kept the price hikes quite low, at about 1-2% per car, to ensure that there is no impact on demand. But car companies often give discounts, including finance and exchange discounts. So, Maruti has the option of trimming discounts too, to offset cost hikes.
Continue ReadingNorwegian telecom company Telenor Asia Pte Ltd. pumped in Rs 1,493 crore into its Indian telecom joint venture with Unitech, Unitech Wireless. The money is through the fresh equity into a bunch of subsidiaries that operate in the various circles. With this infusion, Telenor owns a 60.1% stake in the company, against 49% earlier, making it the majority shareholder. Telenor’s total investment in the telecom business is Rs 4,113 crore so far, and will increase to Rs 5,606 crore after this investment.
Continue ReadingShip-builder Pipavav Shipyard announced the loss of a $36mn (Rs 165 crore) contract to build a Panamax vessel. The company said that Setaf sas, a French company, cancelled its order for building a 75,000 dwt panamax vessel. The vessel, to be delivered in 2009, was delayed because a Goliath crane required during construction was not built on time. Chinese workmen needed to install the crane were not available due to the change in government policy on issuing visas to Chinese workers.
Continue ReadingAutomobile market leader Maruti Suzuki India reported its December 2009 sales today. This month’s sales need to be viewed in the context of the slowdown that gripped the car market in the Oct-Dec quarter in 2008-09. As the global financial crisis affected India too, local banks faced a liquidity crisis and bank finance for cars dried up which affected offtake and the economic slowdown also hurt real demand.
Deepak Parekh will formally relinquish his position as the chief executive officer of Housing Development Finance Corporation (HDFC) on December 31. It is an important milestone in his career spent in first making HDFC one of India’s well-respected housing finance institutions and then transforming it into a diversified financial services conglomerate.
The intertwining of agriculture and politics has usually meant that farmers and the consumers, especially those at the margin, suffer from government action or inaction. Food prices have been rising for a long period, at least a year, and show no signs of abating.
Today, the government announced the wholesale price index data (WPI) for the week ended November 14.
Multiplex company PVR has called an extraordinary general meeting to issue shares on a preferential basis to DT Cinemas, a subsidiary of real estate major DLF. It is separately seeking approval for issuing shares to Major Cineplex Group Public Company, a Thailand-based multiplex operator.
In its second tie-up in this month, Jubilant Organosys, which does contract research and manufacturing services, has linked up with the UAB Research Foundation, University of Alabama at Birmingham and Southern Research Institute, a non-profit research organisation.
Continue ReadingDish TV, one of the key players in the direct-to-home broadcasting industry has issued 117 mn shares of Re 1 face value in the form of a GDR (global depository) issue.
The issue price works out to Rs 39.80 per share. The Dish TV share closed at Rs 40.65 on the BSE on November 23.
The new funds of Rs 460 crore or $100 mn will help the company accelerate its growth path. Dish TV has over 6 million subscribers and the DTH market is growing rapidly.
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