Ranbaxy gets FDA nod for Glycopyrrolate

Posted in Business

MUMBAI, Aug 24 (Agencies): Ranbaxy Laboratories , India's top drugmaker by sales, said on Monday it had final approval from the U.S. Food and Drug Administration to make and market peptic ulcer treatment tablet Glycopyrrolate in two variants.

The tablet is the generic version of Sciele Pharma's Robinul and has annual market sales of $26 million, the Indian firm said in a statement.

Ranbaxy, majority owned by Japan's Daiichi Sankyo, plans to launch the tablet in the December quarter.


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Canara Bank raises Rs 600 cr via bonds

Posted in Business

Mumbai, Aug 24 (PTI): State-run lender Canara Bank has raised Rs 600 crore by issuing bonds.

In a filing to the Bombay Stock Exchange, the bank said, “we have collected total issue amount of Rs 600 crore under the said issue.”

Last week the bank had said it would raise Rs 400 crore by issuing non-convertible subordinate perpetual Tier-I bonds with an additional option to raise another Rs 200 crore, if the issue is fully subscribed.

The bonds are with a coupon rate of 9.10% per annum for the first 10 years. The issue, which opened on August 18, closed on August 21, 2009.


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Aware of Swiss banks' reluctance in sharing details: FM

Posted in Business

New Delhi, Aug 24 (PTI): Finance Minister Pranab Mukherjee on Monday said he has noted reports about reservations Swiss banks have in sharing client details with India, but did not say what course of action the government would take.

He was replying to a question about the Swiss Bankers Association's stand that India was not welcome on a name- fishing expedition, although top bank UBS AG agreed to provide details of more than 4,000 accounts to the US authorities.

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Strike paralyses shipments at Buenos Aires port

Posted in Business

Buenos Aires, Aug 24 (Agencies): Container shipments are paralysed in the port of Buenos Aires due to a union conflict that is causing huge losses, the Argentine press reported.

The labour dispute pits the SUPA union, which represents the longshoremen, against the crane operators union, which has been paralysing the cargo terminals of the Argentine capital since last Friday, industry representatives said.

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Sensex stems losses: Weekly market review

Posted in Business

MUMBAI, Aug 22 (IANS): A two-day rally by a key index of the Indian equities markets stemmed losses this week, but the index still ended 1.11 percent lower Friday than its previous weekly close.
A slump in Chinese stocks had a negative fallout on bourses across the world, with analysts fearing sharp consolidation would end a stock market resurgence.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell 170.8 points or 1.11 percent over previous Friday's close and ended trade at 15,012.32 points.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex, moving down 1.69 percent from its last weekly close to end at 4,528.8 points.
Mid-sized companies in terms of market capitalisation did better with the BSE's midcap index closing 0.79 percent higher. The index for smaller companies also gained, with the BSE smallcap index going up 0.79 percent.
Data with markets watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds were net sellers during the week, having sold scrips worth $226.5 million.
Indian equities started the week on a dismal note, with a fall in Chinese stocks pulling down benchmark indices. The Sensex lost 626.71 points or 4.07 percent to end at 14,784.92 points Monday, while the Nifty lost 4.2 percent and shut shop at 4,387.9 points.

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Offer subsidies to exports sector: Assocham

Posted in Business

NEW DELHI, Aug 23 (IANS): The government should announce subsidies to the crisis-hit exporters in the forthcoming foreign trade policy to make India's exports sector more competitive, the Associated Chambers of Commerce and Industry (Assocham) has said.
"Subsidies need to be extended to Indian exporters by substantially reducing excise and local levies and other export duties," Assocham president Sajjan Jindal said in a paper submitted to Commerce and Industry Minister Anand Sharma.

The government will announce the foreign trade policy for the next five years on Aug 27.

India should create a space for its products in overseas markets and earn for a reasonably substantial foreign exchange through exports, the chamber said in the report.

India's exports sector has seen a contraction for nine straight months starting from October 2008.

Assocham has also urged the government to allocate funds for expanding the capacity of major ports.

"This is because the majority of India's ports are over-congested and no capacity expansion is taking place in many of them," the chamber said.

The paper further said exports should not be subjected to minimum alternate tax (MAT).

"Export proceeds shouldn't be subjected to MAT as it amounts to various bureaucratic hassles and encourages unnecessary government intervention and interference in a smooth flow of exports," Jindal said.

Export logistics is another matter of concern, according to Assocham.

"Freight rates are too high for exports as there are different slabs for different products. The freight rate slab needs to be rationalised."

The industry lobby has further sought the intervention of the Reserve Bank of India (RBI) to ease the credit squeeze.

The RBI has to ensure that commercial banks and other financial institutions give enough credit to exporters, Assocham said.

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'Satyam scam has scared small investors off stock markets'

Posted in Business

Satyam LogoHYDERABAD, Aug 23 (IANS): India has a huge potential to involve retail investors in the stock markets but they are not coming out to invest because they have learnt a lesson from the Satyam Computer fraud, feels Madhav Mehra, president of the London-based World Council for Corporate Governance.

"The stock market participation of Indians is barely two percent while in the US it is 45 percent," Mehra said during a visit here.

"Indians have no problem with money. They are just holding it somewhere. They are not coming because they have learnt from Satyam," he added.

Describing the Satyam episode as an eye-opener, Mehra said that after January 7, when Satyam's founder and disgraced chairman B. Ramalinga Raju confessed to a Rs 78 billion ($1.43 billion) accounting fraud, it was the small investor who had lost the most.

Mehra said Indian companies needed to set high standards in corporate governance.

"India can't take a backseat in corporate governance because the future belongs to India. Indian companies are not going for full disclosures. There is some requirement of the transactions of mergers, restructuring and acquisitions. People must know what a company is doing," he said.

"There are several lessons to be learnt from Satyam. It opened our eyes. It showed how a great company can also be brought down if somebody decides he does not want to be ethical for some reason. India has been able to control all that. India has put the culprit behind bars. The company is now making money."

Referring to the role of independent directors in the light of the Satyam scam, Mehra said there was no need for them. "We need directors with independent minds. We need independent boards. The independent directors are not bothered about anything as long as they get salaries. That is why it (Satyam fraud) happened."

Elaborating, he said: "There are people who are directors of 15 companies. How can you be an independent director of 15 companies? People have not been able to understand the role of corporate governance."

Mehra also called for appointing younger people as directors and ensuring diversity in the board rooms. "You look at the drivers of the companies all over the world. Who are the drivers? The young men, women and people from different backgrounds. We want diversity in board rooms."

According to him, compared to the western world, India was still doing well. "In the US and UK, corporate greed is masquerading as corporate governance. What has been found during the last two years is that the whole financial services market was interested in creating money for its own people."

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