New Delhi: Drug price watchdog National Pharmaceutical Pricing Authority of India has brought two new drugs under price control, invoking a crucial public interest provision in the law, and fixed their prices.
Novartis India Ltd’s ointment of the pain drug Voveran— it generated revenues of Rs12.37 crore as per ORG-IMS for 12 months ended November—will be sold at Rs70.24 per tube. The 2ml vial of nausea drug ondensetron, sold as Ondem Injection by Bergen Healthcare, is the other drug whose price has been capped at Rs16. NPPA found the price of these drugs rose more than 10% in a year and dissatisfied by the company responses, imposed price caps under Para 10(b) of Drug Price Control Order, 2005.
Five in fray for top job at Sebi, interview on 29 January
New Delhi: The search committee, set up to identify the next chairman of the Securities and Exchange board of India (Sebi), has called five candidates for interview on 29 January. The list of candidates include current Sebi chairman M. Damodaran. The others are C.B. Bhave, chairman and managing director of National Securities Depository Ltd (NSDL); U.K. Sinha, chairman and managing director of Unit Trust of India (UTI) Asset Management Co. Ltd; M.B.N. Rao, chairman and managing director of Canara Bank and Jaimini Bhagwati, additional secretary, economic relations, ministry of external affairs. Staff Writer
Aseem Dhru appointed as MD & CEO of HDFC
Mumbai: HDFC Securities, a subsidiary company of HDFC Bank has announced the appointment of Aseem Dhru as its new managing director and chief executive officer, effective immediately.
Dhru, who is 37-years-old, was earlier with HDFC Bank as its executive vice- president, head—business banking, mortgages, commercial transportation. In his new role at HDFC Securities, he will oversee and drive strategies to further enhance the growth of the company. Staff Writer
M&M launches Scorpio, Pik-Up in Brazil
Mumbai: India’s largest utility vehicle maker Mahindra and Mahindra Ltd (M&M) launched its Scorpio sport utility vehicle (SUV) and its Pik-Up range (single and double cab) in Brazil, the world’s fifth largest automotive market. M&M is partnering Bramont-Montadora Industrial e Comercial de Veiculos Ltda for its Brazil entry.
A plant with an initial capacity to assemble 5,000 vehicles has been set up. Bramont will put together the chassis, engine and transmissions at its plant in Manaus in northern Brazil, while Usiparts, a unit of Usiminas System, will undertake the body assembly.
“This is the first assembly facility in South America for the Mahindra Scorpio platform and helps consolidate our presence in the Mercosur region,” said Pravin Shah, executive vice-president (international operations) of M&M. Ammar Master
Zydus, US firm in drug development deal
Mumbai: Drug maker Cadila Healthcare Ltd, or Zydus Cadila, has signed a collaborative drug development deal with US-based drug delivery research company, Prolong Pharmaceuticals Inc., for a novel biological drug for severe anaemia.
The deal will enable Zydus to develop this new biopharma drug, which is under patent protection for a period of 20 years, for the global market . Biopharmaceutical market is now opening up in the US and Europe.
“Since biotechnology drugs have high market potential in the future, this patented molecule will be a very important product for the company’s global portfolio,” said Zydus chairman and managing director Pankaj Patel.
Under the deal, which was structured by Yes Bank Ltd on behalf of Prolong Pharma, Zydus will conduct global clinical trials of the drug. Staff Writer
French aerospace firm plans India expansion
New Delhi: French aerospace and communications firm, Safran SA, on Thursday said it will expand its base in India by opening an engine repair facility, an airline engineer training centre and a new sim card production facility.
The Paris-based firm said its new factory in Noida will help it double production of sim cards from 70 million at present to 300 million annually.
“India is one of the top five, even three I would say, countries for (expanding) our global footprint,” said Jean-Paul Herteman, chief executive officer, who is in India as part of French President Nicolas Sarkozy’s delegation.
Safran has several tie-ups in India including the one with Hindustan Aeronautics Ltd to develop ‘Shakti’ engines for advanced light helicopter ‘Dhruv’. The engines, also called Ardiden, will be supplied to other clients of Safran later with India as the production base, Herteman said. Tarun Shukla
FMC regulator to get more punitive powers
New Delhi: The Union government on Thursday decided to enhance the powers of the commodity markets regulator through an ordinance.
The Forward Market Commission (FMC) is an oversight body to regulate and promote futures trade. The ordinance is meant to give FMC punitive powers for the first time, minister for information and broadcasting Priya Ranjan Dasmunsi said after a meeting of the Union cabinet chaired by Prime Minister Manmohan Singh where the decision was taken.
FMC will be able to determine the listing and de-listing of commodity bourses and take other regulatory decisions as well, Dasmunsi said.
In a number of other decisions, the cabinet has authorized the Indian Railways to sign a memorandum of understanding with its French counterpart during French President Nicolas Sarkozy’s official visit to India beginning 26 January.
The Cabinet’s Economic Affairs Committee (CCEA) has decided to set up data centres in all states and Union Territories at more than Rs1,623 crore up to 2013, under the National e-Governance Action Plan. The CCEA also decided to continue with another ongoing project, to create consumer awareness through the electronic and print media. Pragya Singh
Bad-loan recovery aids PNB to net Rs541 crore in Q3
New Delhi: India’s fourth largest bank by assets, Punjab National Bank (PNB), recorded a net profit of Rs541.46 crore in the third quarter of fiscal 2008—higher on-year by 26%, largely on account of recovery of bad loans.
The bank recovered about Rs800 crore of bad loans in the third quarter and expects to recover another Rs800 crore in the current quarter, said K.C. Chakrabarty, chairman and managing director, PNB.
PNB’s income in the third quarter was Rs4,120 crore—higher on-year by 26%. The operating expenses rose 12.8% year-on-year to record Rs916 crore. PNB’s advances on 31 December was Rs1,01,534 crore—a 16% growth year-on-year, compared with the banking industry’s advances (up to 18 January) growth of 21.5%.
The numbers reflect a shift in PNB’s operational emphasis to recovery of bad loans through special measures such as creating special task forces for collections rather than just credit growth, said a senior bank executive who did not want to be identified.Sanjiv Shankaran