Ranbaxy can now market generic anti-fungal drug in US
New Delhi: Ranbaxy Laboratories Ltd (RLL) has received a tentative approval from regulatory authorities in the US to market a generic version of Pfizer's antifungal drug, Diflucan. The company said it has received tentative approval from the US Food and Drug Administration (FDA) to manufacture and market Fluconazole (or generic Diflucan) for oral suspension in the strengths 10 mg/ml and 40 mg/ml. Sales of Fluconazole's oral suspension clocked around $23.9 million, representing 3.5 per cent of the total $682.9-million market for Fluconazole. Sales and marketing would be supported by Ranbaxy Pharmaceuticals Inc.
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Reliance Industries shifts its headquarters
Mumbai: Reliance Industries has shifted its corporate headquarters from Maker Tower IV, at Nariman Point in downtown Mumbai, to Reliance Centre in Ballard Pier. Reliance Centre is created out of an old heritage building known as Cresent House, which was earlier the office of ICI Ltd. RIL has been managing their business empire from Maker Tower for the past 25 years. Maker Tower has become synonymous with the Ambanis ever since late Dhirubhai Ambani moved his office there in the late 1970s.
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CVC International to buy Jindal FCCBs
Mumbai: Jindal Strips has said that it has received a 'non-binding in-principle' letter of interest from CVC International (CVC), a unit of Citigroup Global Investments, for investing up to $10 million towards their intended purchase of outstanding foreign currency convertible bonds (FCCBs) from the existing holders. The possible purchase is with the objective of converting these bonds into equity shares of Jindal Stainless Ltd, post-demerger.

"The intended purchase by CVC is conditional upon various matters including approvals by the holders of the FCCBs and the investment committee of CVC, completion of a due diligence process, receipt of regulatory approvals [if required] and negotiation and execution of final detailed agreements with the company and the promoters," the company says. CVC intends to negotiate and finalise the agreements over the next few weeks. The in-principle letter of CVC is not binding and does not constitute an agreement or decision to purchase the FCCBs, the company said.
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BOC India plans to set up third unit in Jamshedpur
Kolkata: BOC India Ltd is planning to install its third gases plant at Jamshedpur for Tata Steel. At present BOC has two plants, one of 1,290-tpa capacity (tonnage plant) and the other (gaseous oxygen) of 225 tpd, to be commissioned shortly. "The third plant is being planned keeping in view the private sector steel giant's proposed modernisation and capacity expansion programmes," according to BOC India managing director Sanjiv Lamba.

Lamba, however, declined to comment on the type of plant to be installed at Jamshedpur, the likely capacity and the estimated investment. "The details are being worked out in tune with Tata Steel's requirement." BOC India chairman J N Sapru indicated that the company's performance in the current financial year is going to be better than that in the previous year. "Also, opportunities are being explored for several onsite supply schemes for which negotiations are under way."
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Coromandel Fertilisers, EID Parry to meet on merger
Hyderabad: Coromandel Fertilisers Ltd (CFL), part of the Chennai-based Murugappa group, has informed the bourses that the Andhra Pradesh High Court had directed the company to hold a meeting of the equity shareholders on 4 August in Hyderabad to consider the scheme of demerger proposed to be made between CFL and EID Parry (India). EID Parry has also informed the stock exchanges that the Madras High Court had directed the company to convene a meeting of its equity shareholders on 7 August for the same purpose.

According to the scheme of arrangement, it is proposed to demerge the farm inputs division of EID Parry and merge it with CFL. EID Parry, together with its subsidiaries, currently holds 78.21 per cent of CFL's equity. EID Parry is engaged in the business of fertiliser, sugar, sanitaryware and bio-products, and CFL is into manufacturing and selling phosphatic fertilisers. EID has a wide distribution network across India through which the fertiliser products of both EID and CFL are being sold.
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Hikal announces 1:2 bonus
Mumbai: Hikal Ltd has announced the issue of a bonus share in the ratio of one share for every two held. Its total turnover for the first quarter ended 30 June 2003 rose from Rs 32.36 crore against Rs 25.50 crore for the corresponding quarter in 2002 — a 27 per cent increase. It posted a net profit of Rs 5.44 crore for the quarter against Rs 4.53 crore in the corresponding previous period — an increase of 20 per cent.
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Xenos Technology to offer a wider product range
Chennai: Xenos Technology Ltd plans to expand its product categories. Xenos is the marketing arm of the Coimbatore-based Premier Instruments and Controls Ltd (Pricol), selling car and two-wheeler security systems in India. The Rs 300-crore Pricol has set up facilities to manufacture the security systems in technical collaboration with the US-based Directed Electronics, the market leader there in vehicle convenience and security systems. Directed is the supplier to GM, Hyundai, AC Delco and other automotive majors. It has also licensed its technology to Suzuki to manufacture and use vehicle security systems.

Xenos is marketing the Firewall range of security systems, Firewall 20 and 30 for two-wheelers, priced between Rs 1,400 and Rs 1,550 and Firewall 50, 100, 150, 250, and 350 for four-wheelers at prices ranging from Rs 2,600 to Rs 5,300, Vijay Mohan, vice-chairman and managing director, Pricol, said. "We are planning to launch car entertainment systems also with technology from Directed." Xenos marketing chief Jerry Daniel said. "After establishing the Xenos brand in the market, we will be adding more auto accessories like vehicle navigation systems and vehicle information systems sourced from Directed and other companies."
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Hindustan Motors' Kolkata factory faces stir
Kolkata: All India Trade Union Congress (AITUC), a trade union affiliated to the Communist Party of India (CPI), has threatened to call a strike at Hindustan Motors Ltd's factory near Kolkata within a couple of months if the management does not fulfil certain demands of the union regarding wages and dearness allowance. "The two major demands of the union are payment of monthly wages of the workers in time and an immediate payment of the increased dearness allowance, which the HM management is denying since 2001," AITUC general secretary and former Rajya Sabha member Gurudas Dasgupta, said at a press conference here Monday.
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Railways rolling stock exports touch Rs 34 crore
New Delhi: The Railways exported rolling stock comprising locomotives, wagons and passenger coaches worth Rs 34 crore in 2002-03 against Rs 34.44 crore exports in 2001-02. The exports of rolling stock are executed by Rites Ltd and Ircon International, the two public sector units of the railway ministry. General managers of the production units are also allowed in some cases to quote directly against export enquiries, whenever customers approach them directly. The railway ministry has identified export of rolling stock as one of the thrust areas, said a press release.

In line with this, Rites and Ircon have been directed to make aggressive marketing efforts for sale and lease of both new and old rolling stock. Both have been allocated specific countries to avoid duplication of efforts. Stiff competition in the international market was, however, being faced from China and South Korea, the release said. As part of measures taken to compete in the global market, the ministry has adopted flexible marginal costing approach to various global market forces and availability of surplus capacity. Besides, the price of the product is arrived at by taking into account 5 per cent overhead charges, nominal 3 per cent profit and 2 per cent pro forma charges in order to make the product globally competitive
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