Drug firm Suven Life Sciences has received three product patents for CNS molecules, two from Eurasia and one fromCanada, which could be used for treating various central nervous system disorders.The product patents are valid til2027.The company has received approval for molecules that could be used in the treatment of neurodegenerative disorderslike Parkinson's, Alzheimer's and Schizophrenia,
Monday, 31 December 2012
Thursday, 27 December 2012
Three steel PSUs look to buy iron ore assets in Brazil
Three state-run firms, Rashtriya Ispat Nigam, NMDC and MOIL , under the Steel Ministry are looking to acquire iron ore assets in Brazil, the world's second largest exporter of the steel-making raw material. NMDC has already started due diligence in a couple of mines in the Amapa province. The Steel Ministry has initiated talks with the Brazilian authority for identifying potential targets for the other two for acquisition,
JLR's China unit to recall cars over safety worries
Jaguar Land Rover, the British luxury marque owned by India's Tata Motors will recall 337 cars because of substandard fixings in their brakes and steering boxes, China's national product quality watchdog said.The General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website that Jaguar Land Rover's China unit is recalling 190 2012 Evoque and Freelander vehicles produced on June 11 this year..
Qatar Petroleum to buy stake in Petronet LNG
Qatar Petroleum has expressed interest in buying a 5.2 per cent stake in Petronet LNG Ltd, a potentially conflict of interest proposition as it will give the gas supplier a vantage position in India's largest fuel importer. Qatar Petroleum, the Persian Gulf country's state-run energy firm, has majority stakes in RasGas and Qatar Gas that along with other liquefied natural gas (LNG) suppliers in the world compete to sell fuel to India.
Wednesday, 19 December 2012
India Cotton bullish on strong fundamentals
This year, India's cotton consumption is estimated higher at 270 lakh bales on higher mill consumption.
India cotton is expected to trade sideways with a positive bias on account of lower arrivals in the domestic markets. Downside is expected to be limited in the markets as farmers may not sell their stocks at very low prices. Also demand remains strong at such low price levels according to a report from Angel Commodities.
“The trend is bullish, support is expected at Rs.16450 and Rs.17050 is the resistance. Profit booking is expected as of now,” said Milan Shah, Agri Researcher at Commodity Online reacting to the cotton trend.
Cotton futures on India's Multi Commodity Exchange was down by 0.18 percent for January contract at Rs. 16850 per bale as of 12.07 IST on December 19.
This year, India's cotton consumption is estimated higher at 270 lakh bales on higher mill consumption.
Poor cotton output in major cotton growing areas of India and Pakistan may help cotton prices to go up if cotton production remains lower in the near future.
Gujarat, Maharashtra and Madhya Paradesh states in India are witnessing 30 percent shortfall in cotton production this year.
According to data from Pakistan Cotton Ginning Association (PCGA), the total domestic arrival of seed cotton (phutti) till December 15, 2012 was 10,768,861 bales against 267,157 bales of last year.
Brazil’s 2012-13 cotton production is forecast at 6.3 mn bales, down 27 percent from 2011-12 production
India cotton is expected to trade sideways with a positive bias on account of lower arrivals in the domestic markets. Downside is expected to be limited in the markets as farmers may not sell their stocks at very low prices. Also demand remains strong at such low price levels according to a report from Angel Commodities.
“The trend is bullish, support is expected at Rs.16450 and Rs.17050 is the resistance. Profit booking is expected as of now,” said Milan Shah, Agri Researcher at Commodity Online reacting to the cotton trend.
Cotton futures on India's Multi Commodity Exchange was down by 0.18 percent for January contract at Rs. 16850 per bale as of 12.07 IST on December 19.
This year, India's cotton consumption is estimated higher at 270 lakh bales on higher mill consumption.
Poor cotton output in major cotton growing areas of India and Pakistan may help cotton prices to go up if cotton production remains lower in the near future.
Gujarat, Maharashtra and Madhya Paradesh states in India are witnessing 30 percent shortfall in cotton production this year.
According to data from Pakistan Cotton Ginning Association (PCGA), the total domestic arrival of seed cotton (phutti) till December 15, 2012 was 10,768,861 bales against 267,157 bales of last year.
Brazil’s 2012-13 cotton production is forecast at 6.3 mn bales, down 27 percent from 2011-12 production
Natco Pharma hits life high on US nod for anti-ulcer drug
Shares of Natco Pharma
surged over 6 percent to a life high of Rs 498.90 on Wednesday on
receiving US Food and Drug Administration approval for its anti-ulcer
drug.
The US drug regulator has approved its abbreviated new drug application
(ANDA) for Lansoprazole delayed release capsules in 15 mg and 30 mg
strength for the prescription market, it said.
The drug is a generic version of Prevacid marketed by Takeda Pharmaceuticals.
The Lansoprazole delayed release capsules will be manufactured and supplied by Natco Pharma to US-based Breckenridge Pharmaceutical Inc.
Natco has partnerships with Breckenridge for marketing the drug in the US.
Earlier this year, in a landmark judgement by India's Patent Office, Natco Pharma won a compulsory license from Bayer for patent protected anti-cancer drug Nexavar, chemically known as Sorafenib.
Last month, India's patents appeal board dismissed British pharma major AstraZeneca's petition challenging an earlier ruling that refused patent protection for one of its cancer treatment drug. That judgement too boosted Natco shares then, as it had opposed the initial patent application for the Astra Zeneca drug.
Natco Pharma shares were up 6 percent at Rs 497 on NSE in afternoon trade. The stock has doubled in 2012.
The drug is a generic version of Prevacid marketed by Takeda Pharmaceuticals.
The Lansoprazole delayed release capsules will be manufactured and supplied by Natco Pharma to US-based Breckenridge Pharmaceutical Inc.
Natco has partnerships with Breckenridge for marketing the drug in the US.
Earlier this year, in a landmark judgement by India's Patent Office, Natco Pharma won a compulsory license from Bayer for patent protected anti-cancer drug Nexavar, chemically known as Sorafenib.
Last month, India's patents appeal board dismissed British pharma major AstraZeneca's petition challenging an earlier ruling that refused patent protection for one of its cancer treatment drug. That judgement too boosted Natco shares then, as it had opposed the initial patent application for the Astra Zeneca drug.
Natco Pharma shares were up 6 percent at Rs 497 on NSE in afternoon trade. The stock has doubled in 2012.
When is the right time go long on MCX Gold
Technically bullion is looking bearish intraday. In the evening session,
US Jobless claims data release is expected which may prove to be
negative for gold and silver prices. MCX Gold February contract is now
having a very good support at Rs 31050 and resistance at Rs 31200.
Those traders who want to take a long position in MCX Gold for a short term period, are advised to wait for further correction as down side movement is expected in today's and tomorrow's sessions. They may take a long position in gold around Rs.30500-30400 with stop loss of Rs.29800 and for the target near Rs.32200 by mid January.
Intra-day outlook
Technically bullion is looking bearish today.
In the evening session, US Jobless claims data release is scheduled which may prove to be negative for gold and silver prices. MCX Gold February contract is now having a very good support at Rs 31050 and resistance at Rs 31200.
If gold prices sustain below Rs 31050 then I expect 30800 levels in an intraday session. Intra-day traders are advised to take a short sell position in gold around Rs.31120 with stop loss of Rs.32000 for target near Rs 30950-30800.
Silver is also looking bearish below Rs.62200.Now Silver March contract is having good support at Rs. 61800 and resistance at Rs.62200. Below Rs. 61800, I expect Rs.61200 levels in an intra-day session.
Meanwhile, gold on the MCX for February delivery was seen trading at Rs.31111, a loss of 0.28%. Silver for March was trading at Rs.61953, a loss of 0.56% as of 12.51 PM IS
Those traders who want to take a long position in MCX Gold for a short term period, are advised to wait for further correction as down side movement is expected in today's and tomorrow's sessions. They may take a long position in gold around Rs.30500-30400 with stop loss of Rs.29800 and for the target near Rs.32200 by mid January.
Intra-day outlook
Technically bullion is looking bearish today.
In the evening session, US Jobless claims data release is scheduled which may prove to be negative for gold and silver prices. MCX Gold February contract is now having a very good support at Rs 31050 and resistance at Rs 31200.
If gold prices sustain below Rs 31050 then I expect 30800 levels in an intraday session. Intra-day traders are advised to take a short sell position in gold around Rs.31120 with stop loss of Rs.32000 for target near Rs 30950-30800.
Silver is also looking bearish below Rs.62200.Now Silver March contract is having good support at Rs. 61800 and resistance at Rs.62200. Below Rs. 61800, I expect Rs.61200 levels in an intra-day session.
Meanwhile, gold on the MCX for February delivery was seen trading at Rs.31111, a loss of 0.28%. Silver for March was trading at Rs.61953, a loss of 0.56% as of 12.51 PM IS
DLF sells Aman Resorts to Adrian Zecha; stock gains
Shares of real estate major DLF gained momentum after the company announced it has sold Aman Resorts to Adrian Zecha for $300 million. The deal will be completed by February 2013. DLF had bought Aman Resorts for $400 million in 2007. The sale does not include Aman Resorts' Delhi property. It is the second major sale of non core asset by the company after it
sold Lower Parel property to Lodha Builders for Rs 2,700 crore.
DLF is selling non core assets to cut debt of Rs 23,000 crore on its books Adrian Zecha is the founder and Chairman of the Amanresorts Group of luxury resorts.
DLF is selling non core assets to cut debt of Rs 23,000 crore on its books Adrian Zecha is the founder and Chairman of the Amanresorts Group of luxury resorts.
Tuesday, 18 December 2012
Mahindra to buy Navistar's stake in Indian JVs for Rs 175cr
Utility vehicle maker Mahindra & Mahindra plans to purchase US-based Navistar International Corp's stake in their Indian joint ventures Mahindra Navistar Automotives and Mahindra Navistar Engines. As per the terms, M&M will have to pay about Rs 175 crore or USD 33 million for Navistar Group's stake in both ventures. The agreement allows Navistar to continue sourcing components from India while M&M would continue to provide engineering services to Navistar, the two companies said yesterday.
Vijay Mallya offers 3 kg gold to Lord Venkateswara on his 58th birthday
Promoter of crisis-ridden Kingfisher Airlines and UB Group Chairman Vijay Mallya made an offering of gold bricks, weighing about three kg, at the famous hill shrine of Lord Venkateswara on his 58th birthday today.
Mallya donated the gold after offering worship and requested temple authorities to use it for gilding the doors at the sanctum sanctorum, Tirumala Tirupati Devasthanams Deputy Executive Officer (temple) Chinnamgari Ramana told PTI.
The United Breweries chief, who arrived with his family last night, celebrated his birthday at a simple function held at the Tirumala Tirupati Devasthanams guesthouse, Venkata Vijayam, donated by him 15 years ago, temple sources said.
In August, Mallya had offered Rs 80 lakh gold-plated doors to the Kukke Subramanya temple, a place in Karnataka's Dakshina Kannada district visited by many a well-known personality looking for a turnaround in fortunes.
Kingfisher, which Mallya launched in 2005, was once India's second-largest airline by domestic market share, but is now in deep financial distress.
It has been grounded since October 1 following a strike by its pilots and engineers over non-payment of salary dues and its flying license has been suspended.
It is believed that Mallya made sure that every aircraft he bought, first flew to Tirupati and circled around the Lord Venkateshwara shrine before being deployed.(econamic times)
Mallya donated the gold after offering worship and requested temple authorities to use it for gilding the doors at the sanctum sanctorum, Tirumala Tirupati Devasthanams Deputy Executive Officer (temple) Chinnamgari Ramana told PTI.
The United Breweries chief, who arrived with his family last night, celebrated his birthday at a simple function held at the Tirumala Tirupati Devasthanams guesthouse, Venkata Vijayam, donated by him 15 years ago, temple sources said.
In August, Mallya had offered Rs 80 lakh gold-plated doors to the Kukke Subramanya temple, a place in Karnataka's Dakshina Kannada district visited by many a well-known personality looking for a turnaround in fortunes.
Kingfisher, which Mallya launched in 2005, was once India's second-largest airline by domestic market share, but is now in deep financial distress.
It has been grounded since October 1 following a strike by its pilots and engineers over non-payment of salary dues and its flying license has been suspended.
It is believed that Mallya made sure that every aircraft he bought, first flew to Tirupati and circled around the Lord Venkateshwara shrine before being deployed.(econamic times)
Tata Sons confers title of Chairman Emeritus on Ratan Tata, Cyrus Mistry to be Chairman from December 28
Tata Sons, the promoter of major operating companies of the
salt-to-software conglomerate, on Tuesday announced appointment of Cyrus
P Mistry as its Chairman with effect from December 28 following
retirement of Ratan N Tata.
"The Board of Directors of Tata Sons today announced the appointment of Cyrus P Mistry as the Chairman of the Board after Ratan N Tata retires on December 28, 2012," Tata Sons said in a statement.
The Board has decided to confer on Tata the honorary title of Chairman Emeritus, it added.
Mistry has been a director of Tata Sons since 2006 and was appointed Deputy Chairman in November last year.
Earlier this month, Tata Motors had appointed Mistry as its Chairman with effect from December 28 after retirement of group chief Tata.
Mistry has also been appointed as the Chairman of Tata Steel and Tata Chemicals
Last month, Tata had stepped down as Chairman of Tata Global Beverages making way for successor Mistry, who was also inducted into the board of Indian Hotels CompanyBSE 0.56 %. Tata Consultancy Services had inducted him as Deputy Chairman.
Tata Sons is the promoter of the major operating Tata companies and holds significant shareholdings in these firms. About 66 percent of the equity capital of Tata Sons is held by philanthropic trusts endowed by members of the Tata family.
It owns the Tata name and several Tata trademarks, which are registered in India and around the world
"The Board of Directors of Tata Sons today announced the appointment of Cyrus P Mistry as the Chairman of the Board after Ratan N Tata retires on December 28, 2012," Tata Sons said in a statement.
The Board has decided to confer on Tata the honorary title of Chairman Emeritus, it added.
Mistry has been a director of Tata Sons since 2006 and was appointed Deputy Chairman in November last year.
Earlier this month, Tata Motors had appointed Mistry as its Chairman with effect from December 28 after retirement of group chief Tata.
Mistry has also been appointed as the Chairman of Tata Steel and Tata Chemicals
Last month, Tata had stepped down as Chairman of Tata Global Beverages making way for successor Mistry, who was also inducted into the board of Indian Hotels CompanyBSE 0.56 %. Tata Consultancy Services had inducted him as Deputy Chairman.
Tata Sons is the promoter of the major operating Tata companies and holds significant shareholdings in these firms. About 66 percent of the equity capital of Tata Sons is held by philanthropic trusts endowed by members of the Tata family.
It owns the Tata name and several Tata trademarks, which are registered in India and around the world
China major supplier of APIs to Indian pharma companies
Indian pharmaceutical industry imports majority of active pharmaceutical ingredients (APIs) and intermediates worth billions of dollars from China. According to the official data, till February 2012 (2011-12), total imports of APIs and intermediates from various countries stood at USD 3.07 billion, of which imports from China stood at USD 1.65 billion. Indian firms imported APIs and intermediates worth nearly USD 3 billion in 2010-11 with China alone accounting for USD 1.88 billion, the data showed.During 2009-10, Indian firms imported APIs worth USD 2.4 billion while imports from China stood at USD 1.14
billion. Indian firms import majority of their raw materials from China as they get benefit of cost.
Fortis to sell 64% stake in Dental Corporation to Bupa
Fortis Healthcare announced to divest 64 per cent stake in Dental Corporation Holdings (DC), Australia. The company's stake in DC will be sold to Bupa for 270 million Australian dollar (around Rs 1,554.36 crore) by March 2013. The deal is expected to be completed in March 2013 subject to shareholder and regulatory approvals. Fortis had entered DC in Jan 2011 and has since added considerable value to the business growing it from 140 dental practices to 190 dental practices in Australia and New Zealand.
Monday, 17 December 2012
Jet Airways jumps on deal hope; Kingfisher shares fall
Jet AirwaysBSE 1.67 % surged nearly 5 per cent on Monday to hit its highest level in nearly two years to Rs 636.70 on hopes Abu Dhabi's Etihad Airways will buy a stake in the carrier.
A business daily reported on Monday that Etihad may decide as early as this week whether it will invest in Jet Airways or in grounded rival KingfisherBSE -4.96 % Airlines, citing two people familiar with the matter.
Jet Airways surged over 4 per cent to their highest level since January 2011 after surging 18 per cent over the prior four sessions.
At 01:00 pm, Jet Airways pared some of its morning gains and was trading 1.3 per cent higher at 615. It has hit a high of Rs 636.70 and a low of Rs 611 in trade today.
The daily also quoted one of the people as saying Jet Airways had the edge in terms of attracting Etihad's investment. Jet and Kingfisher declined to comment. Etihad officials were not immediately available to comment.
Jet is already in talks with Etihad to sell a minority stake in the airline, a government official had told Reuters last month, while Kingfisher has said it was also talking with the Abu Dhabi-based carrier, among others.
Any Etihad deal would be the first since India in September allowed foreign airlines to invest up to 49 per cent in a domestic carrier.
However, Kingfisher Airlines LtdBSE -4.96 % slipped over 4 per cent in the morning trade on Monday ahead of its meet with lenders. The company has debt over Rs 7000 crore on its books.
At 01:00 pm, Kingfisher was trading 4.2 per cent lower at Rs 16.99. It has hit a low of Rs 16.85 and a high of Rs 17.70 in trade today.
The 17 bank consortium are pinning their hopes on the private carrier's promoter Vijay Mallya to come up with a concrete revival plan for the airline on Monday.
State Bank of IndiaBSE 0.96 % (SBI), the lead banker in the 17-lender consortium, said there is no need for lenders to panic as the cash-strapped Kingfisher Airlines is looking for a solution to come out of the crisis, PTI reported on Friday.
"Kingfisher has been a good airline at some point of time. They are going through their set of problems. And there is no reason for bankers to panic as long as they say that they are looking for a solution. The assurance only is that they are trying," SBIBSE 0.96 % Managing Director Diwakar Gupta told reporters at the Delhi Economics Conclave here.
SBI has extended Rs 7,000 crore loans to the now grounded Kingfisher Airlines. It has an exposure of Rs 1,500 crore to the carrier, which has not been serviced since January 2012.
Since last week, Kingfisher has moved nearly 18 per cent higher on the exchange boosted by reports of a possible deal with Etihad Airways.(http://economictimes.indiatimes.com/)
A business daily reported on Monday that Etihad may decide as early as this week whether it will invest in Jet Airways or in grounded rival KingfisherBSE -4.96 % Airlines, citing two people familiar with the matter.
Jet Airways surged over 4 per cent to their highest level since January 2011 after surging 18 per cent over the prior four sessions.
At 01:00 pm, Jet Airways pared some of its morning gains and was trading 1.3 per cent higher at 615. It has hit a high of Rs 636.70 and a low of Rs 611 in trade today.
The daily also quoted one of the people as saying Jet Airways had the edge in terms of attracting Etihad's investment. Jet and Kingfisher declined to comment. Etihad officials were not immediately available to comment.
Jet is already in talks with Etihad to sell a minority stake in the airline, a government official had told Reuters last month, while Kingfisher has said it was also talking with the Abu Dhabi-based carrier, among others.
Any Etihad deal would be the first since India in September allowed foreign airlines to invest up to 49 per cent in a domestic carrier.
However, Kingfisher Airlines LtdBSE -4.96 % slipped over 4 per cent in the morning trade on Monday ahead of its meet with lenders. The company has debt over Rs 7000 crore on its books.
At 01:00 pm, Kingfisher was trading 4.2 per cent lower at Rs 16.99. It has hit a low of Rs 16.85 and a high of Rs 17.70 in trade today.
The 17 bank consortium are pinning their hopes on the private carrier's promoter Vijay Mallya to come up with a concrete revival plan for the airline on Monday.
State Bank of IndiaBSE 0.96 % (SBI), the lead banker in the 17-lender consortium, said there is no need for lenders to panic as the cash-strapped Kingfisher Airlines is looking for a solution to come out of the crisis, PTI reported on Friday.
"Kingfisher has been a good airline at some point of time. They are going through their set of problems. And there is no reason for bankers to panic as long as they say that they are looking for a solution. The assurance only is that they are trying," SBIBSE 0.96 % Managing Director Diwakar Gupta told reporters at the Delhi Economics Conclave here.
SBI has extended Rs 7,000 crore loans to the now grounded Kingfisher Airlines. It has an exposure of Rs 1,500 crore to the carrier, which has not been serviced since January 2012.
Since last week, Kingfisher has moved nearly 18 per cent higher on the exchange boosted by reports of a possible deal with Etihad Airways.(http://economictimes.indiatimes.com/)
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