LATEST BUSINESS NEWS

Glenmark Pharma gets US FDA’s nod for Linezolid Tablets

The company’s current portfolio consists of 104 products authorized for distribution in the U.S. marketplace
Glenmark Pharmaceuticals Inc., USA, the North American division of Glenmark Pharmaceuticals has received approval from United States Food & Drug Administration (US FDA) for Linezolid Tablets, 600 mg, the therapeutic equivalent of Zyvox Tablets, 600 mg of Pharmacia and Upjohn Company, a subsidiary of Pfizer, Inc.

According to IMS Health sales data for the 12 month period ending October 2015, the Zyvox Tablets, 600 mg market achieved annual sales of approximately $447.6 million.

The company’s current portfolio consists of 104 products authorized for distribution in the U.S. marketplace and 62 ANDA’s pending approval with the US FDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.
source : ventura

 

Godrej Industries’ arm buys additional stake in Creamline Dairy Products

GAVL would be a majority shareholder in Creamline with 51% stake
Godrej Industries’ subsidiary Godrej Agrovet (GAVL) has bought additional stake of 25% in Creamline Dairy Products, one of South India’s largest dairy producers selling their products under the brand name ‘Creamline’ for Rs 150 crore.

Prior to this acquisition, GAVL was holding 26% stake in this company. Following this deal, GAVL would be a majority shareholder in Creamline with 51% stake. Through this acquisition, GAVL has entered into dairy sector full- fledged.

Creamline is a prominent dairy company in South India with significant operations across Telangana, Andhra Pradesh, Tamilnadu, Karnataka and at Nagpur in Central India, while Godrej Industries is part of the Godrej group, one of the leading business groups in India and is in the businesses of Oleo-chemicals, surfactants, finance & investments and estate management.
source : ventura

 

Natco Pharma settles pending litigation with Celgene regarding generic Lenalidomide

Natco will receive a volume-limited license to sell generic Lenalidomide in the United States commencing in March 2022
Natco Pharma and its US partner Allergan have settled their pending litigation with Celgene regarding generic Lenalidomide. Celgene has agreed to provide Natco with a license to Celgene’s patents required to manufacture and sell an unlimited quantity of generic Lenalidomide in the United States beginning on January 31, 2026. In addition, Natco will receive a volume-limited license to sell generic Lenalidomide in the United States commencing in March 2022. The volume limit is expected to be a mid-single-digit percentage of the total Lenalidomide capsules dispensed in the United States during the first full year of entry.

The volume limitation is expected to increase gradually each 12 months until March of 2025, and is not expected to exceed one-third of the total Lenalidomide capsules dispensed in the U.S. in the final year of the volume-limited license under this agreement. REVLIMID had recorded sales of nearly $3.4 billion in the US market for the year ending September 2015.

Natco Pharma was promoted as a private company to be in the business of research, developing, manufacturing and marketing of pharmaceutical substances and finished dosage forms for Indian and International markets.
source : ventura

 

Nse ALKEM 8.17 lacs @ 1380 value 112.87 crs (Bulk /Block Deal )

 

Nse DLF 10 lacs @ 114.40 value 11.55 crs (Bulk /Block Deal )

 

Larsen & Toubro leading the way to make Jaipur India’s first Smart City

The company has received the mandate from Jaipur Development Authority (JDA), which is leading the initiative to equip Jaipur with world-class digital facilities
Larsen & Toubro’s Smart World & Communication business vertical is leading the way to make Jaipur India’s first Smart City by creating a host of smart solutions like Wi-Fi hotspots, citizen interactive information kiosks, surveillance cameras, environmental sensors, parking information systems and remote kiosks with facility management services at select locations in the city.

The company has received the mandate from Jaipur Development Authority (JDA), which is leading the initiative to equip Jaipur with world-class digital facilities targeted primarily at the heavy tourist traffic that the city attracts. All kind of information about the city, its rich heritage and history, locations, directions, distances, etc. will all now be available at the click of a button to tourists and citizens.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
source : ventura

 

Nse GSPL 19.07 lacs @ 136.40 value 26.01 crs (Bulk /Block Deal )

 

Nse LT 1.47 lacs @ 1290 value 19.05 crs (Bulk /Block Deal )

 

L&T’s arm bags orders worth Rs 1178 crore across various business

Under Metallurgical & Material Handling Business, the company has secured orders worth Rs 663 crore
Larsen & Toubro’s (L&T) subsidiary -- L&T Construction -- has won orders worth Rs 1178 crores across various Businesses in December 2015. Under Metallurgical & Material Handling Business, the company has secured orders worth Rs 663 crore. The company’s subsidiary -- Larsen & Toubro (Oman) LLC has won an EPC order worth $ 63.58 Million from Oman Oil Refineries and Petroleum Industrial Company (ORPIC) for a Pet Coke Handling and Storage project. The scope covers design, engineering, procurement, supply, construction, erection, installation and commissioning of the Pet Coke Handling and Storage facility at Sohar, Oman.

The business has also secured an EPC order from the world’s largest integrated producer of Zinc for the construction of a 1.5 MTPA Lead - Zinc Ore Beneficiation Plant at the Sindesar Khurd mines in Rajasthan. The scope includes design, engineering, procurement, construction, erection, installation and commissioning of the beneficiation plant.

Under Power Transmission & Distribution Business, the company has won orders worth Rs 515 crore in both the international and domestic markets. In the international market, Larsen & Toubro Saudi Arabia LLC, a fully owned subsidiary of L&T, has bagged an order valued at SAR 212.26 Million (USD 56.6 Million) for the construction of two 115 kV Substations at the Dammam area from National Grid, Saudi Arabia - a subsidiary of Saudi Electricity Company.

The scope involves detailed design, engineering, installation, testing and commissioning of 115 kV gas insulated switchgear, 115/13.8 kV, 50/67 MVA power transformers, 13.8 kV switchgear, control and protection systems, substation automation systems, HVAC, Novec firefighting systems with associated auxiliary systems and other civil works. These projects are in the eastern province of Saudi Arabia and are scheduled to be completed in 22 months.

In the domestic market, the solar business has bagged 25 MWp of solar capacity on EPC basis from a reputed solar developer. This capacity addition shall be developed in the southern part of India where the solar industry is an area of focus.
source : ventura

 

Nse JYOTHYLAB 6.32 lacs @ 297 value 18.77 crs (Bulk /Block Deal )

 

Hitachi Home and Life Solutions India informs about updates on open offer

DSP Merrill Lynch (‘Manager to the Offer’) has submitted a Copy of Letter of Offer regarding Open Offer (‘Offer’) for acquisition of up to 7,000,990 fully paid-up equity shares of face value of Rs 10 each representing 25.748% of fully diluted voting equity share capital of Hitachi Home and Life Solutions India (‘Target Company’), from the public shareholders of the Target Company by Johnson Controls Inc. (‘Acquirer’) along with Hitachi Appliances. Inc. Hitachi. JCHAC India Holdco, Johnson Controls-Hitachi Air Conditioning Holding (UK) as persons acting in concert with the Acquirer (collectively known as the ‘PACs’), under the provision of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto (the ‘Takeover Code’).

The above information is a part of company’s filings submitted to BSE.
source : ventura

 

Suven Life Sciences secures 7 new Product Patents

The pharma major has secured product patents in ARIPO, Europe, Hong Kong, Japan, Macau and South Korea
Suven Life Sciences (Suven) has secured product patents in ARIPO, Europe, Hong Kong, Japan, Macau and South Korea to its New Chemical Entities (NCE’s) for CNS therapy through mechanism of action - H3 Inverse agonist and these patents are valid until 2031. The granted claims of the patent include the class of selective H3 ligands discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders.

With these new patents, Suven has a total of one granted product patent in ARIPO, nineteen granted patents from Europe, eighteen granted patents from Hong Kong, eighteen granted patents from Japan, seven granted patents from Macau and eighteen granted patents from South Korea.

These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. The products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II.

Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets.
source : ventura

 

Aurobindo Pharma receives USFDA approval for famotidine tablets

Famotidine Tablet is used for the short-term treatment of gastroesophageal reflux disease and active duodenal ulcer
Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Famotidine Tablets USP, 20 mg and 40 mg. The approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Pepcid Tablets, 20 mg and 40 mg, of Valeant Pharmaceuticals International, Inc.

Famotidine Tablet is used for the short-term treatment of gastroesophageal reflux disease and active duodenal ulcer. The approved product has an estimated market size of $ 29 million for the twelve months ending October 2015 according to IMS.

This is the 54th ANDA to be approved out of Unit VII formulation facility in Hyderabad, India for manufacturing Oral Non-Antibiotic products. Aurobindo now has a total of 226 ANDA approvals (198 Final approvals including 10 from Aurolife Pharma LLC and 28 Tentative approvals) from USFDA.
source : ventura

 

Coal India enters into MoU with Indian Railways

The move came as the production of CIL has grown by 8.8% during April-November 2015 and it’s aiming to achieve its target of producing 1 billion tonnes of coal by 2020
Coal India (CIL), the world’s largest coal miner by output, has entered into Memorandum of Understanding (MoU) with Ministry of Railways for investing Rs 5000 crore for the procurement of 2,000 wagons to meet its rising transportation needs. The move came as the production of CIL has grown by 8.8% during April-November 2015 and it’s aiming to achieve its target of producing 1 billion tonnes of coal by 2020.

Under this strategic partnership, the wagons will be procured by Indian railways on behalf of Coal India, the maintenance of these wagons will be done by railways at its own cost. Also, the brake vans will be provided by railways itself. These wagons will be high-capacity wagons of 25-tonne axle load with additional payload of 8 to 10 tonnes over the conventional wagons.

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.
source : ventura

 

DLF receives Rs 1,992 crore from GIC

The company has received Rs 1,992 crore from Singapore's sovereign wealth fund GIC after the completion of its deal to sell 50% stake in two of its new projects in Delhi
DLF, India's largest real estate firm, has received Rs 1,992 crore from Singapore's sovereign wealth fund GIC after the completion of its deal to sell 50% stake in two of its new projects in Delhi. The move is in line with debt-ridden company’s strategy to sell stakes in projects by bringing in private equity investors.

Earlier, the company’s subsidiary -- DLF Home Developers and GIC had signed an agreement to enter into a joint venture to invest in two upcoming projects located in Central Delhi, wherein GIC would invest Rs1,990 crore in the said projects. The company had received the Competition Commission of India’s approval for this joint venture.

DLF is one of India’s largest real estate companies that has over 60 years of track record of sustained growth, customer satisfaction, and innovation. The company has 288 million square feet (approximately) of development potential with 45 million square feet of projects under construction.
source : ventura

 

Morgan Stanley Asia Fund sells 22.09 lakh shares of Udaipur Cement Works

The shares were sold on an average price of Rs 13.11 valuing the transaction to Rs 2.90 crore
Morgan Stanley Asia (Singapore) has sold 22.09 lakh shares of Udaipur Cement Works through the open market route. The shares were sold on an average price of Rs 13.11 valuing the transaction to Rs 2.90 crore.

Udaipur Cement Works, formerly known as JK Udaipur Udyog was incorporated on March 15, 1993 and obtained Certificate of Commencement of Business on March 24, 1993 from the Registrar of Companies, Rajasthan at Jaipur. The company is presently engaged in the business of manufacturing and sale of cement.
source : ventura

 

ONGC plans to spend Rs 3,500 crore for developing three CBM blocks

The State-owned company will drill over 350 wells in three blocks in Jharia, Bokaro and North Karanpur in Jharkhand
Oil and Natural Gas Corporation (ONGC) is planning to spend Rs 3,500 crore in extracting gas lying below coal seams (CBM) in three coal-bed methane blocks in eastern India. The State-owned company will drill over 350 wells in three blocks in Jharia, Bokaro and North Karanpur in Jharkhand.

A fourth block in Ranigajan North in West Bengal may be relinquished as it may fall in way of a planned air-strip. The company board has approved an investment of Rs 1,200 crore in the Bokaro block to produce a peak gas of 0.7 mmscmd.

ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is India’s largest oil and gas exploration and production company.
source : ventura

 

Biocon introduces ‘CIMIVIR-L’ for treatment of Hepatitis-C in India

CIMIVIR-L is a fixed dose combination of Ledipasvir 90 mg and Sofosbuvir 400 mg, which is an equivalent of the innovator product commercialized by Gilead Sciences in the US
Biocon, Asia’s premier biotechnology company, has introduced an advanced novel therapy CIMIVIR-L for the treatment of Hepatitis C in India. CIMIVIR-L is a fixed dose combination of Ledipasvir 90 mg and Sofosbuvir 400 mg, which is an equivalent of the innovator product commercialized by Gilead Sciences in the US. The Drugs Controller General of India (DCGI) recently approved the sale of Sofosbuvir- Ledipasvir combination, which is being manufactured in India under a license from Gilead.

CIMIVIR-L, a once-a-day oral therapy, will offer a convenient, effective and safe alternative to people infected with the Hepatitis-C virus (HCV). It is estimated that nearly one lakh people die annually in India from HCV infection and co-morbidities. CIMIVIR-L is indicated for Hepatitis-C Genotype 1 patients who account for 25% of the total estimated HCV patient population of 18 million in the country.

CIMIVIR-L will be made available to patients in India at a fraction of the global cost of the innovator brand. The cost of a 12-week course of this combination therapy in the US is $94,500.
source : ventura

 

Srikalahasthi Pipes bags orders worth Rs 1,053 crore

The company has bagged orders during the month of December, 2015 for supply of Ductile Iron Pipes
Srikalahasthi Pipes (SPL), a water infrastructure company and a leading Ductile Iron Pipe manufacturer in the country, has bagged orders of Rs 1,053 crore during the month of December, 2015 for supply of Ductile Iron Pipes.

Out of total Rs 1,053 crore, Rs 891 crore orders are for Telangana Drinking Water Supply Project (popularly known as Telangana Water Grid). These orders are mainly from major Infrastructure companies which include L&T, NCC, Megha Engineering and Infrastructures, Indian Hume Pipes, KLSR Infratech amongst others.

Srikalahasthi Pipes is engaged in the manufacturing of Ductile Iron pipes, pig iron and portland slag cement with DI pipes being the main product.
source : ventura

 

Maruti Suzuki to donate Rs 2 crore to PM’s National Relief Fund

The contribution is to strengthen the relief and rebuilding efforts of the government for victims of the recent floods in Tamil Nadu
Maruti Suzuki India will contribute Rs 2 crore to the Prime Minister’s National Relief Fund for victims of the recent floods in Tamil Nadu. The contribution is to strengthen the relief and rebuilding efforts of the government for victims of the recent floods in Tamil Nadu.

The unprecedented rains in Chennai and adjoining areas earlier this month led to huge production losses for auto makers and suppliers.
source : ventura