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Dr
Reddy's begins phase-I trials on dyslipidemia drug
Hyderabad: Dr Reddy's Laboratories Ltd, the Hyderabad-based
pharma major, has announced the launch of phase-I clinical
trials in Canada of its drug candidate (DRF-10945) targeted
for the treatment of blood lipid dysfunction (dyslipidemia).
The development represented the first new chemical entity
(NCE) submission in Canada and overseas. It has received
no objection from the Therapeutic Product Directorate,
Canada, for clinical investigation. Dyslipidemia is a
condition that results in abnormal levels of triglycerides
and cholesterol in the blood and increases the risk of
cardiovascular diseases, a company release said. Currently,
Dr Reddy's conducts its drug discovery research activities
in facilities at Hyderabad and Atlanta. The company currently
has eight new molecules under various stages of clinical
development.
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Zee
Tele: To dip into share premium account
Mumbai: Zee Telefilms Ltd (ZTL) has convened an
extraordinary meeting of its shareholders on March 25,
to gain shareholders' approval to use up to Rs 1,920.7
crore from its securities premium account to set off permanent
diminution in the value of earlier made investments.
ZTL is dipping into its share premium account to set off
permanent diminution in the value of investments to the
nature of Rs 1,771.6 crore in the equity share capital
of Winterheath Company Ltd and Zee Multimedia Worldwide
Ltd and Rs 149.1 crore in the equity share capital of
Siticable Networks Ltd.
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Tata
Motors board to meet
Mumbai: Tata Motors has informed the BSE that a
meeting of its board will be held on March 8 to consider
a proposal for raising additional long term resources
for the company's present and future needs, subject to
requisite approvals.
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Apollo
Tyres to consider preferential allotment to Michelin
New Delhi: The board of directors of Apollo Tyres
Ltd (ATL) is to meet on March 10 to consider a preferential
allotment of shares to Compagnie Financiere Michelin,
France. Michelin is seeking to pick up a 14.9-per cent
stake in ATL through the preferential allotment route
for a consideration of about Rs 135 crore. The board will
also consider the induction of two Michelin nominees on
the company's board. Michelin had in November last year
entered into an agreement for setting up a joint venture
company — Michelin Apollo Tyre Ltd — for the
manufacture and sale of truck and bus radial tyres in
the country.
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GM
to buy Daewoo Motors assembly assets in India
New Delhi/Mumbai: General Motors Corporation has
offered to purchase the passenger car assembly assets
of Daewoo Motors India Ltd (DMIL) and the principal creditors
of the Surajpur-based DMIL (ICICI Bank, IDBI and Exim
Bank) have accepted the offer, subject to approval of
the respective boards of General Motors, the creditors,
and judicial and governmental authorities. With the sale
coming through GM would purchase 100 per cent of DMIL's
car assembly assets. The final purchase price, according
to the company, will be decided after conducting due diligence
at the Surajpur facility, which will be completed in the
next 2-3 months.
The statement said that the plant would be used for the
assembly of a mini-car for the Indian market, and that
following refurbishment, production is expected to begin
next year. The Surajpur facility has an annual manufacturing
capacity of 85,000 units. It is being speculated that
General Motors may use the Surajpur facility to produce
the mini-car Chevrolet Spark (erstwhile Daewoo Matiz).
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Sathavahana
commissions batteries
Hyderabad: Sathavahana Ispat Ltd, a Rs 84-crore
pig iron manufacturer, has commissioned non-recovery type
metallurgical coke oven batteries with installed capacity
of 1.5 lakh tonnes per annum at its existing site. In
a release to stock exchanges, the company said the facility
was for its captive requirements of metallurgical coke.
The company's manufacturing facility is located at Haresamudram
in Ananthapur district of Andhra Pradesh.
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IOC:
To set up naphtha and polymer units
New Delhi: The board of Indian Oil Corporation
(IOC) has decided in-principle to set up a naphtha cracker
and a polymer unit involving an investment of Rs 6,300
crore. The proposed unit will utilise the surplus naphtha
from IOC's Panipat, Mathura and Koyali refineries. The
cracker will have a capacity of 80,000 tonne per annum
of ethylene production and associated units, including
butadiene extraction, benzene extraction, besides downstream
polymer units such as a high density polyethylene (HDPE)
unit and mono-ethyl glycol (MEG) unit. Plans to set up
a poly-propylene unit with a capacity of 30,000 tonne
per annum, as well as a poly-ethylene terethalate (PET)
project with a 170,000-tonne per annum capacity, and a
phenol unit are also in the pipeline.
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Finolex
to step up PVC pipes capacity
Pune: The Rs 800-crore Finolex Industries Ltd is
embarking on an expansion plan to meet increased demand
for the polyvinyl chloride (PVC) pipes from the agricultural
sector. The company would be increasing its PVC pipes
manufacturing capacity from 59,000 million tonnes (mt)
per annum to 65,000 mt per annum during the last quarter
of the current fiscal. Finolex is the largest manufacturer
of PVC pipes in the country.
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Dalmia
Cement to expand capacity
Chennai: Dalmia Cement (Bharat) Ltd plans to expand
capacity at its Dalmiapuram plant in Tamil Nadu by about
1.6 million tonnes a year at a cost of Rs 365 crore, according
to information provided by the company to the stock exchanges.
With this expansion, the total capacity would go up to
3.5 million tonnes. Along with the capacity expansion,
which was expected to take 18-22 months from now, Dalmia
Cement was also putting up a 29 MW captive thermal power
plant. The total capital expenditure for both the capacity
expansion and the captive power plant would be about Rs
500 crore.
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Sonata
Software in partnership with Gupta Tech
Bangalore: Sonata Software Ltd and Gupta Technologies,
LLC, a provider of embedded relational databases and visual
development tools, have announced a partnership under
which Sonata will provide product engineering services
for Gupta and be a value-added distributor for the Indian
market.
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Tata
Steel: Founder's Day celebrations
Kolkata: As part of its founder's day celebrations
in Jamshedpur, Mr Ratan N. Tata, Chairman of the Tata
Group; Dr J.J. Irani, Director of Tata Sons & Tata
Steel; Mr B. Muthuraman, Managing Director of Tata Steel;
Mr P.K. Kaul, Director; Dr T. Mukherjee and Mr A.N. Singh,
both Deputy Managing Directors; paid homage to the founder
of the company, Jamshedji Nusserwanji Tata, at the latter's
statue within the steel works.
As part of the celebrations, an exhibition, titled `Century
of Trust,' was inaugurated by Mr Ratan Tata at the Jubilee
Park in Jamshedpur. The exhibition, is meant to be a tribute
to the founder and other flag bearers of the company,
J.R.D. Tata and Naval Tata, and seeks to depict the life
history and contributions made by them in the industrialisation
of India.
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Deccan
Gold: To explore Dharwad and Hutti
Mumbai: Deccan Gold Mines Ltd, the country's first
listed gold exploration company, is gearing up to launch
advanced drilling exploration at some "potential
prospects" near Dharwad and Hutti in Karnataka. The
company, which has procured sophisticated drilling machines,
is optimistic of striking gold and commence production
of the yellow metal within the next two years.
The company has spent about Rs 16 crore so far for gold
exploration operations. The preliminary results, according
to the company are very encouraging. According to the
company, Karnataka and Andhra Pradesh share similar geological
characteristics with that of Western Australia, where
280 tonnes of gold is produced every year, as against
just 3 tonnes in India.
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ONGC:
Upbeat on the KG basin
Hyderabad: After Mumbai High, Oil and Natural Gas
Corporation (ONGC) Ltd is expecting a major gas find in
the deep-water region of Krishna-Godavari basin. According
to the company it had already drilled one well in the
KG basin, which was expected to yield up to 700 billion
cubic meters of natural gas. Several other wells were
being drilled simultaneously expecting a major gas find.
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