Mumbai: GlaxoSmithKline Pharmaceuticals Ltd or GSK India, the Indian subsidiary of British drug giant GlaxoSmithKline Plc., posted more than 20% growth in net revenue at Rs82.87 crore for the fourth quarter ended 31 December. The company’s sales, which grew by 14% over the year-ago quarter to Rs367.85 crore, was mainly pushed by the products exempted from government’s price control, says GSK India managing director Hasit B. Joshipura.
“The growth in sales was also contributed by new launches including the anti-thrombosis drug Arixtra, and cardiology drug Carzec this year,” he added. GSK had introduced four new products during 2007.
Sales boom: GSK headquarters in Brentford, UK.
For the full year ended 31 December, the company’s net profit and sales grew by almost 11% to Rs399.72 crore, and by 7.8% to Rs1,712.84 crore, respectively. GSK share on the Bombay Stock Exchange shot up by 2.15% to close Friday trading at Rs953.45.
The company has recommended a dividend of Rs36 per share (including a special additional dividend of Rs18 per share), which according to a company release will absorb a total of Rs330 crore, for the year. According to Joshipura, GSK continues to enjoy a leading position in the segments in which its products are represented currently, and the pharmaceutical company continues the search for new opportunities through alliances and product in-license deals. “The key strategy for business development is now to identify new products in high growth therapeutic areas like cardiology and diabetes and in the therapeutic areas in which the company has a well-established presence,” he added.
Renault-Nissan to build plant in TN
Chennai: Japan’s third largest auto maker, Nissan Motor Co., and its affiliate, Renault SA, will build a Rs4,500 crore plant in India to gain access to one of the world’s fastest growing passenger car markets.
The companies have reached an agreement with the government of Tamil Nadu on the project, they said on Friday in a joint release . The plant will have a capacity of 400,000 cars a year.
The factory will also help the companies, which will have equal stakes in the project, to ship cars to overseas markets. “We see India as another export base,” Nissan’s executive vice-president Carlos Tavares said in the release.
The announcement comes a month after Mahindra and Mahindra Ltd, India’s largest sport utility vehicle maker, pulled out of a venture with Renault and Nissan, leaving them without a local partner. The automakers are looking for sales growth in emerging markets to make up for stagnating demand in their home countries.
Hero Honda joins IPL as co-sponsor
New Delhi: The country’s largest two-wheeler maker, Hero Honda Motors Ltd, on Friday signed as a co-sponsor for Twenty20 Indian Premier League (IPL), scheduled to start from 16 April.
“Indian cricket, as indeed cricket worldwide, is witnessing historic developments with the highly innovative concept of IPL, and we are happy to be a part of it,” Hero Honda Motors managing director Pawan Munjal said in a statement. The Twenty20 format of the IPL is set to take cricket’s popularity to a new high, he added.
He, however, did not disclose the value of the co-sponsorship deal.
The Board of Control for Cricket in India vice-president and IPL chairman and commissioner Lalit Modi said the bike maker’s association with IPL would add value to the entire event.
“Hero Honda brings to the table its immense experience in the field of corporate association with cricket both at national and international level,” Modi said.
SC dismisses PIL against Thackeray
New Delhi: The Supreme Court on Friday dismissed a public interest litigation (PIL), which sought directions from the court to the Election Commission to derecognize Raj Thackeray’s Maharashtra Navnirman Sena (MNS) for his controversial remarks relating to north Indians. The PIL was filed by an advocate, Arvind Kumar Shukla.
It said that if MNS activists do not stop their attacks on north Indians, it may lead to a civil war. It said there have already been retaliatory attacks against Maharashtrians in Jharkhand.
A three-judge bench, headed by Chief Justice K.G. Balakrishnan, expressed concern over the issue but declined to pass orders against Thackeray.
“We understand what is happening. We can’t permit Balkanization of this country,” the bench said. The judges said they cannot pass directions on a law and order problem and asked the petitioner to approach the Bombay high court or the government of Maharashtra.
Basu wants to step down from politburo
Kolkata: Veteran Marxist leader Jyoti Basu on Friday said he wants to quit CPM politburo, citing health reasons, and wants to skip the party meet next month in Coimbatore. Basu has been a member for 44 years.
A similar desire expressed by him in September 2006 was turned down by the politburo, the party’s top policymaking body. “I do not wish to continue and I have communicated this to the party leadership. I have written to Prakash Karat that I will not be attending the party congress,” Basu said.
The 94-year-old leader has been a politburo member since the formation of the party.
Nicholas Piramal in microbe hunt tie-up
New Delhi:The research unit of drug maker Nicholas Piramal India Ltd (NPIL) has entered into a partnership with the department of biotechnology to search for a wide variety of microbes. The project aims to generate a database of 200,000 samples, which includes bacteria and other life forms that are potential antibiotics for cancer and diabetes. While a network of nine government institutions and universities will do the search and collect samples, NPIL Research and Development Ltd will identify which of the microbes could be useful for developing drugs. The project is expected to cost Rs24.86 crore, and NPIL will put in 27% of the amount.