Anil Ambani-promoted Reliance Power is likely to announce the financial closure of its 3,960-Mw Sasan ultra mega power project (UMPP) in a few weeks.
Dr Reddy's has reached an out-of-court settlement to launch the Glaxo-patented Imitrex, a migraine drug that had annual sales of $878 million as of March 31, 2006, in the US. Experts estimate Dr Reddy's may not get more than $8-$15 million sales in 2009 since majority of sales revenue has to be given to GSK, for allowing the launch the authorised generic version.
Retail sales of Ranbaxy Laboratories, Cipla, Nicholas Piramal, Lupin and other drug makers have jumped by over 10 per cent in the domestic market despite the sales of generics or copycat versions of patented drugs falling in leading global markets such as the US and Europe.
Information technology firms, which are already in trouble due to the slowdown in their key markets, are now facing payment delays. Many firms said collections cycles (receivables) are getting extended.
Drug maker agrees to cooperate with Scottish investigation.
Dr Reddy's Laboratories, Nicholas Piramal and other Indian drug makers are relying on niche and smaller value, acquisition strategy for growth owing to global slowdown and failure of big-ticket acquisitions in the past.
Glenmark plans to start selling its anti-diarrhoea drug, Crofelemer, by the first-half of 2010 across the globe, except in North America, Europe, Japan and China, the company said. The confidence to sell the drug ahead of its rivals comes as the Crofelemer's original developer, Napo Pharmaceutical Inc, recently entered into a tie-up with a US-based drug maker, Salyx, for selling the drug in the US market, paving the way for Glenmark to sell it in the rest of the world.
Fearing the slowdown, hospital managements suspended some of their new medical equipment purchase plans," said A Vaidheesh, managing director, Johnson & Johnson Medical, one of the largest medical equipment companies operating in India. India's medical and hospital equipment industry, which consists of multinational players such as Siemens, Philips, Johnson & Johnson, GE Healthcare and home grown Medtronics, has an annual turnover of over Rs 5,000 crore (Rs 50 billion).
Venture capitals in India, which traditionally invested in urban segments or technology sector, have begun investing in rural-centric technology firms. Avishkaar India Micro Venture Capital Fund, Acumen Fund, and Rural Innovations Network are showing increased focus on rural markets.
On the back of a global meltdown, big-ticket firms may not be flocking at the premier Indian Institute of Technology campuses. IITians, however, have not lost all hope. Many are looking at start-ups for their first jobs.
First time, an Indian court revisits a patent office order.
A segment of drug companies such as tablet and capsule makers may benefit from the government's move to review polluting status of these companies, which may help them save costs on pollution control equipment.
Ranbaxy, Dr Reddy's and other Indian drug makers may cut production as overseas buyers, hurt by the credit crunch, defer export orders. The move could also lower the country's drug exports by at least 10 per cent in the year ending March 2010, industry experts say."Many of our members have been intimated by their importers to stop shipments until further notice," said Venkat Jasti, chairman, Pharmaceutical Exports Promotion Council.
Leading power players Reliance Infrastructure and GMR Energy believe this will help ensure coal availability for their mega projects in the pipeline. "They have various proposals on their table, which are relatively cheaper when compared to the scene before the beginning of the financial crisis. However, the acquisitions will depend on the ability of the acquirers to raise funds as the banks have stopped lending at cheaper rates," said a source.
Ben Verwaayen, CEO, Alcatel-Lucent, does not consider India as a low-cost destination. Rather he does not like to use the word offshore in the context of India. "If it is just about cost then I would not have been in India but to some other low-cost country. For me, India is a high talent country," he adds. As the person who was heading British Telecom's operations before taking over Alcatel-Lucent, he has pushed over a billion dollar of outsourcing work to India.
The IT industry, which has already taken a hit of more than Rs 500 crore in the second quarter because of the appreciating dollar against the rupee, will now be hit by adverse cross-currency movements even as they attempt to boost the share of revenue from the UK and the Eurozone. Unfortunately, the hit will be despite attempts by software makers to step up hedging in the pound and the euro. The IT industry earns about 60 per cent of its revenue from the US.
Industry insiders as well as sector experts said that companies are unlikely to miss this opportunity to rationalise bloated boom-time salaries.
The move, which comes in the backdrop of a global slowdown, aims to improve profit margin amid falling demand for polyester products worldwide. "The company has shut down plants for manufacturing polyester filament yarn, polyester staple fibre, paraxylene, purified terephthalic acid and linear alkyl benzene. However, it is yet to close down the second units of PSF and PFY," sources said.
In fact, firms like NIIT Technologies and EXL Services are already reaping the benefit of the first- mover advantage with over 20 per cent of their revenues coming from non-linear business in the quarter ended September 30. A non-linear business' focus moves away from the tendency to measure growth on the basis of headcount or the concept that the more the number of people working, the more the revenue.
Drug major Wockhardt has challenged the US patent of Stalevo, a new generation combination drug for the treatment of Parkinson's disease, originated by Finland-based Orion Corporation and marketed by Novartis.
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