Hinduja Global Solutions, a business process outsourcing company with Rs 1,070 crore revenues in 2010-11, has acquired On-Line Support Inc, a Canadian outsourcing company. It will pay Canadian $74.85 million dollars or about Rs 350 crore to acquire On-Line, giving it a business with about Rs 295 crore in revenues in 2010-11. This is a significant acquisition for Hinduja Global, as this acquisition would have added about 28% to its revenues in 2010-11, notionally speaking.
Economy+Policy
Sebi’s NSDL orders: why the fuss?
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Summary: Sebi has released two orders which will ask the National Securities Depository Ltd (NSDL) to conduct internal inquiries into systemic and procedural lapses that led to the IPO scam reaching such large proportions without being detected. Though the committee has clarified that its action is not punitive in nature, which might make one wonder what the fuss was all about, the issue is how individual responsibility –as asked by the committee- will be determined.
Companies
EU may relax generics drug transit shipment regulations
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India’s dispute with the European Union over the passage of generics drugs through EU territory is close to a resolution, or so it appears. The dispute dates back to 2008 when the EU began seizing drug shipments, of generic drugs being shipped to countries via the EU. India’s position as a leading supplier of generic drugs saw it being one of the worst affected.
Economy+Policy
Sebi opens backdoor for entry loads
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Economy+Policy
Sebi hikes open offer threshold to 25% from 15%
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The Securities and Exchange Board of India, the capital market regulator, has made key changes to the existing takeover regulations. Sebi was acting upon the report of the Takeover Regulations Advisory Committee, which had submitted its recommendations in July 2010. In the interim, there was a change of guard at Sebi, which may have delayed the decision-making process.
Here are the main changes and impact:
Companies
Dr Reddy’s and Fujifilm in Japanese generic tie-up
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India’s Dr Reddy’s Laboratories and Japan’s Fujifilm Corporation (Fujifilm) will jointly sell generic drugs in Japan, the world’s second largest pharmaceutical market after the USA. Fujifilm is better known for its photographic products but has been added pharmaceuticals to its portfolio, as digital imaging has affected the prospects of traditional camera and film roll companies.
Chemicals
United Phosphorus acquires 51% in Brazil’s DVA Agro
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United Phosphorus’ appetite for acquisitions shows no signs of abating. The company has acquired a 51% stake in DVA Agro do Brazil (DVA Agro Brazil), an agrochemicals company. DVA Agro Brazil is the Brazilian operation of DVA Agro, which in turn houses the agrochemicals business of DVA International, a Germany-based diversified company with operations in steel, plastics, and health & nutrition. Continue Reading →
Companies
Glenmark’s share rises by 4% on Salix payment for crofelemer
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Glenmark Pharmaceuticals has received $15 million, or about Rs 66.75 crore, from Salix Pharmaceuticals Inc, USA to upgrade its manufacturing facilities for crofelemer, a drug used to treat HIV induced diarrhoea.
Salix had earlier agreed to pay Glenmark USD 21.6 million as commitment fees in addition to the purchase price for the drug. Crofelemer has been in-licensed by Glenmark from Napo Pharmaceuticals, USA and the drug is currently undergoing Phase 3 clinical trials in the US.
Companies
Glenmark’s GRC15300 clears Phase I trials, share up 3%
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Glenmark Pharmaceuticals Ltd announced that a molecule under development in its labs has cleared the first phase of human clinical trials. Glenmark Pharmaceuticals S.A, a subsidiary of Glenmark, conducted the trials in the UK and said that the drug has been well tolerated with a good pharmacokinetic profile. Pharmacokinetics refers to how the body behaves when a drug enters the blood stream.
Companies
JB Chemicals sells Russian Rx biz to Dr Reddy’s; next is what?
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JB Chemicals & Pharmaceuticals made headlines recently when it sold the over-the-counter business in Russia and the CIS (Commonwealth of Independent States) to Johnson & Johnson. Now, it has announced the sale of prescription part of the business to Dr Reddy’s Laboratories, another player with a significant presence in Russia.