After five long years, India's largest FDI investment has got a nod from the environment ministry on Monday. Environment Minster Jairam Ramesh gave clearance to South Korean steel giant Posco on the steel project in Orissa, although with 60 additional conditions.The conditions include the likes of ensuring tribal rights, compensatory afforestation are few of the 60 conditions laid down. Posco will have to bear the cost of regeneration of degraded forest land.
Tuesday, 3 May 2011
Glenmark gets final US FDA nod for generic Cutivate lotion
Glenmark Generics Inc, the US arm of India’s Glenmark Pharmaceuticals, has received final approval from US Foods and Drugs Administration for its Abbreviated New Drug Application (ANDA) for Fluticasone Propionate skin lotion.Glenmark’s Fluticasone Propionate is the generic version of US pharmaceutical company Nycomed’s Cutivate lotion.Nycomed had in 2008 filed a patent infringement lawsuit in relation to Glenmark’s ANDA for fluticasone propionate lotion. Glenmark filed a paragraph IV certification that involves a patent challenge with the US drug regulator for its generic version.
Nycomed’s Cutivate lotion had sales of about USD 48 million in 2010 in the US market.
Nycomed’s Cutivate lotion had sales of about USD 48 million in 2010 in the US market.
RBI hikes key rates by 50 bps
In a bid to clamp down on resurgent inflation, the Reserve Bank of India, in its first monetary policy review of 2012, raised repo and reverse repo rates by 50 basis points,while lowering the economic growth projection to 8% for the current fiscal.The RBI has also increased the saving bank rate by 50 basis points to 4% to give higher returns to depositors in the wake of high inflation.RBI Governor D Subbarao announced these measures as part of annual credit policy to contain inflation, which is hovering around 9%, and sustain economic growth in the medium-term.
RBI has pegged GDP growth rate for the current fiscal at 8% against the government's projection of 9%. The economy grew by 8.6% in FY11.The reverse repo, the rate at which bank park funds with RBI, has been raised by 50 basis points to 6.25%. CRR remains unchanged at 6%.Savings rate has been increased to 4% from 3.5% for the first time since 2003.Inflation forecast for FY12 has been kept around 6% with an upward bias.Six-months comply to banks over 10% invesment in Mutual Fund liquid funds
RBI has pegged GDP growth rate for the current fiscal at 8% against the government's projection of 9%. The economy grew by 8.6% in FY11.The reverse repo, the rate at which bank park funds with RBI, has been raised by 50 basis points to 6.25%. CRR remains unchanged at 6%.Savings rate has been increased to 4% from 3.5% for the first time since 2003.Inflation forecast for FY12 has been kept around 6% with an upward bias.Six-months comply to banks over 10% invesment in Mutual Fund liquid funds
ARSS Infra bags Rs 45.54 cr order
ARSS Infrastructure Projects has received two new work orders from the Executive Engineer (R&B) Division, Bhubaneswar aggregating to Rs 45.54 crore.Recently, the company had bagged new work order from Madhya Pradesh Road Development Corporation (MPRDC), Bhopal for construction of Road from Damoh - Bhatiagarh - Hirapur on BOT basis. The total length of the road was about 69.60 kms.
Zuari Industries resumes Urea production
Zuari Industries has resumed the production of Urea which was affected due to the fire at the Zuarinagar’s factory premises. Earlier, Zuari Industries had reported fire incident outside the factory premises near the parking shade of DAP Gate. The cause of the fire was due to rupture of the Naphtha pipeline which supplies naphtha to the company's plant at Zuarinagar. The company’s factory premises caught fire on April 18, 2011 and it had reported an incident of fire on April 19, 2011 due to which the Urea production was stopped.
Bajaj Hindusthan’s Q2 net profit jumps 129%
Bajaj Hindusthan has announced the financial results for the quarter ended March 31, 2011.The company has reported a jump of 129% in its net profit at Rs 72.82 crore for the quarter ended March 31, 2011 against Rs 31.79 crore for the quarter ended March 31, 2010. The company has reported net sales / income from operations of Rs 1252.49 crore for the quarter ended March 31, 2011 against Rs 567.44 crore for the quarter ended March 31, 2010.The company has reported an EPS of Rs 3.19 for the quarter ended March 31, 2011 as compared to Rs 1.66 for the quarter ended March 31, 2010.
Andhra Sugars 60.35% surge in its Q4 net profit
Andhra Sugars has reported results for the quarter and the year ended March 31, 2011.The company’s net profit for the quarter ended March 31, 2011 has surged by 60.35% at Rs 20.22 crore as compared to Rs 12.61 crore for the quarter ended March 31, 2010. Its net sales / income from operations rose 12.68% at Rs 142.64 crore for the quarter under review from Rs 126.59 crore for the corresponding quarter of the previous year.
The company has registered a fall of 47% in its net profit for the year ended March 31, 2011 at Rs 35.38 crore as compared to Rs 66.76 crore for the year ended March 31, 2010. Its sales / income from operations has decreased by 14.79% at Rs 470.03 crore for the year from Rs 551.59 crore in year ago.