Ashiana buys plot in Rajasthan, sells Jodhpur property

Ashiana sold its 10.92 acre property in Jodhpur and bought 4,154 sq mt plot in Alwar district of Rajasthan

Mumbai: Realty company Ashiana Housing on Thursday said it acquired over 4,154 sqmt of land in Rajasthan to develop a residential project, reports PTI.

The company has bought a 4,154.73 sq mt plot in Alwar district of Rajasthan in an auction conducted by the Urban Improvement Trust in Bhiwadi.

"The land will be utilised to develop a residential project comprising 4/5 BHK apartment with retail units on the ground floor," a company release said.

The total saleable area will be around 1.2 lakh sq ft, it said. Ashiana plans to receive the requisite approvals in the next three months and start development thereafter.

Meanwhile, the company also said it sold its 10.92 acre land in Jodhpur which it had purchased in 2007.

"The company decided to sell the land as the access to the land currently available is not of requisite quality and the possibility of getting better access in the near future is not visible. As the land would have remained undevelopable for the near term, the company envisaged it better to exit the project," the statement said.


Reliance Power Q4 consolidated net profit up 24% to Rs231 crore

On a standalone basis, Reliance Power reported a net profit of Rs30.77 crore, a fall of more than 50% compared with Rs62.72 crore a year ago

New Delhi: Reliance Power (RPower) on Thursday posted nearly 24% jump in consolidated net profit at Rs231 crore for the fourth quarter ended March 2012 from Rs186.62 crore a year ago, reports PTI.

RPower's total income in Q4, 2012 climbed to Rs653 crore from Rs598 crore in the same period a year ago.

Reliance Power CEO JP Chalasani said the company is well on track to become a 5,000 MW operating company by end of 2012. "We have successfully completed commissioning of the 1,200 MW Rosa plant in Uttar Pradesh four months ahead of PPA schedule again showcasing our strong project execution abilities," he said in a statement.

In 2011-12, the 600 MW Rosa Phase I plant operated at an availability of over 86% for the year and generated net profit of Rs335 crore.

"We have successfully commissioned India's largest solar photovoltaic project, a 40 MW project in Rajasthan, in just 129 days," he added.

The company's consolidated net profit in the last fiscal jumped 14% to Rs867 crore. In the comparable period, the same stood at Rs760 crore.

Reliance Power's total income went up to Rs2,767 crore in 2011-12 from Rs1,892 crore in the year-ago period.

The company has completed the boiler hydro test of the first 660 MW unit of upcoming 3,960 MW Sasan Ultra Mega Power Project (UMPP) in Madhya Pradesh. The first unit is expected to be expected to be commissioned by December 2012, it said.

According to the company, the 600 MW Butbori project is set to be commissioned in the second quarter of current fiscal.

On a standalone basis, Reliance Power reported a net profit of Rs30.77 crore in the three months ended March 2012. In 2011 March-quarter, the net profit was at Rs62.72 crore, as per filing to the BSE.

Standalone total income stood at Rs26.37 crore in the latest March quarter compared to Rs 100.92 crore in the year-ago period.

For the 2011-12 period, Reliance Power's standalone net profit increased to Rs310.86 crore. In 2010-11, it was at Rs274.55 crore.

Total standalone income rose to Rs531.85 crore in the last financial year compared from Rs470.47 crore in 2010-11 period.

Shares of Reliance Power were trading at Rs 92.55, up 2.78%, in late afternoon session on the BSE.


Sun Pharma gets USFDA nod for nasal spray

Sun Pharma received approval from the USFDA for its generic Azelastine HCL nasal spray

New Delhi: Sun Pharmaceutical Industries on Thursday said it has received approval from the US health regulator to sell its generic version of Astelin, used in treating nasal allergies, in the American market, reports PTI.

The company has received approval from the US Food and Drug Administration (USFDA) for its generic Azelastine HCL nasal spray, which is therapeutically equivalent to Medpointe Pharm HLC's Astelin nasal spray, Sun Pharma said in a statement.
Sun Pharma has received approval for its product in the strength of 0.1% (137 mcg/spray), it added.

According to the company estimates, Azelastine HCL nasal spray has annual sales of around $144 million in the US.

The drug is indicated for the treatment of the symptoms of seasonal allergic rhinitis such as rhinorrhea, sneezing and nasal pruritus.

It is also used for treating symptoms of vasomotor rhinitis, such as rhinorrhea, nasal congestion and postnasal drip in adults.

Shares of Sun Pharma were trading at Rs565.10 on the BSE in afternoon trade, down 1.1% from its previous close.


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