The Mint Report for 09 May 2012

Leading pharmaceuticals company Ranbaxy Laboratories has posted bumper earnings for the three months to March. The firm’s net profit soared to Rs1,247crore from Rs304crore in the same period the previous year. That was on a 73% rise in net sales to Rs3,695crore. [Ranbaxy’s sales have rocketed up thanks to its generic version of the anti-cholesterol drug Lipitor. It also made forex gains of Rs345 cores. Not surprisingly, shares of the company jumped up 3.8% on the BSE to 512.45 on a day the Sensex fell 0.40%.

And in aviation, Air India’s protesting pilots have received another blow, this time from the Delhi high court. Air India officials have told Mint the court restrained pilots from striking. The high court was hearing a petition from Air India against the pilots. Earlier, on Tuesday, the airline had deregistered the Indian Pilots Guild, which led the protests. It has also fired 20 of the Guild’s executive members.

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Ranbaxy’s profits beat street estimates; Delhi high court restrains Air India pilots’ strike; markets fall, with the Sensex touching a four-month low

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And finally, Indian markets fell on Wednesday, marking their second straight session of losses. The Sensex plunged 67 points to 16,480, its lowest close in some four months. Meanwhile, the Nifty tumbled 25, to end at 4,975.