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UK
court ruling hits Ranbaxy
New Delhi: The Ranbaxy
scrip fell 9.5 per cent during the early morning on Thursday,
but rose a bit to close 6.3 per cent down at Rs 442.5
on the BSE after the company's patent challenge to Pfizer's
Lipitor was struck down by the UK High Court of Justice
on Wednesday.
Ranbaxy
said soon after the judgment that it would appeal against
the ruling in a higher court as it was confident of winning
in appeal.
The
market was not impressed however and brokers put a 'sell'
on the stock on Thursday.
Analysts
said one of the reasons for the current weak sentiment
on the stock is the rising legal fees globally which amounted
to Rs168 crore last year and is expected to be higher
this year. The company declined to give exact numbers
for the Lipitor litigation and added that cost of appeals
would be 'incremental'.
In
the past year, the Ranbaxy scrip has been among the worst
performing members of the Sensex. While the Sensex gained
46 per cent during the period, Ranbaxy declined 15.4 per
cent.
The
company has been under pressure from many sides for the
past few quarters on account of the shift to patent regime,
value added tax in India, increased R&D and legal
costs and fierce competition in overseas markets.
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Bannari
Amman Spinning to issue IPO to fund expansion plans
Mumbai: Bannari Amman Spinning Mills, part
of the Coimbatore-based Bannari Amman Group, is entering
the capital market with a public issue of 70-lakh equity
shares of face value Rs10 to fund its Rs290 crore capacity
expansion plan in spinning and weaving.
The
company has been sanctioned a term loan of Rs175 crore
for the proposed expansion while the rest would be contributed
through issue proceeds and internal accruals, according
to group chairman and managing director S V Bala Subramaniam.
The
price band has been fixed between Rs115 and Rs135 and
the total amount raised would be Rs80.5 crore at the lower
band and Rs94.5 crore at the upper band. The issue would
be open for bidding from October 19 to 25.
The
issue would constitute 44.44 per cent of the post issue
paid up capital of the company and would be made through
book building process wherein up to 50 per cent of the
issue shall be issued to qualified institutional buyers,
he said.
At
least 15 per cent of the issue shall be available for
allocation on a proportionate basis to non-institutional
bidders and at least 35 per cent would be available for
allocation on a proportionate basis to retail bidders.
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Amtek
India's $75-million FCCB issue subscribed
Mumbai: Amtek India has said its $75-million
foreign currency convertible bonds (FCCB) issue has been
fully subscribed.
The
company has allotted the $75 million FCCBs to subscribers,
which will be listed on Singapore Stock Exchange, subject
to regulatory approvals.
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Pantaloon
to allot four-lakh preferential
warrants
Mumbai: Pantaloon
Retail (India) is allotting 4,08,165 shares as warrants
on a preferential basis.
The
warrant-holders will have the option to acquire, for every
warrant, one fully paid up equity share within 18 months
from the date of allotment as per SEBI guidelines, the
company informed the Bombay Stock Exchange.
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Sanwaria
Agro to split equity shares
Mumbai:
Sanwaria Agro Oils, an agro-based solvent extraction
company has announced that it would split equity shares
of the company.
The
board of directors have approved the splitting of equity
shares from the present Rs5 paid up per share to Rs2 each,
the company informed the Bombay Stock Exchange.
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