Aurobindo gets Aussie nod for CNS, osteoporosis drugs

Aurobindo Pharma has received approval from the Australian health authority to market Risperidone and Alendronate tablets, used in the treatment of schizophrenia and osteoporosis

Aurobindo Pharma said it has received approval from the Australian health authority to market Risperidone and Alendronate tablets, used in the treatment of schizophrenia and osteoporosis, respectively, in the Australian market.

The company's subsidiary, Aurobindo Pharma Australia Pty, has received approvals from the Therapeutic Goods Administration (TGA), Australia, for registration of Risperidone tablets in 0.5mg, 1mg, 2mg, 3mg and 4mg strengths, besides oral solution in 1mg/1ml strengths, Aurobindo Pharma said in a statement.

In addition, the company has received approval for marketing Alendronate tablets in 70mg strengths, it added.

According to IMS data, Risperidone products have a market size of nearly $27.5 million in Australia, while the market for Alendronate was worth $14 million for the twelve months ending September 2010.

With this approval, the Hyderabad-based firm now has eight approvals from the TGA, the company said.

Risperidone tablets and oral solution are used in the treatment of schizophrenia and fall under the neurological (CNS) segment. Alendronate tablets are used in the treatment and prevention of osteoporosis.

On Tuesday, Aurobindo Pharma ended 2.52% down at Rs189.65 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.13% to 18,137.35.

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IL&FS Engg wins $100-million UAE contract

IL&FS Engineering  has won a contract worth $100 million from Prime Star Energy FZE for the construction of a storage tank terminal at Fujairah, UAE

IL&FS Engineering & Construction Company (IECC) has won a contract worth $100 million from Prime Star Energy FZE for the construction of a storage tank terminal at Fujairah, UAE.

Prime Star Energy is part of the Emirates Trading Agency LLC group and has tied up with Infrastructure Leasing & Financial Services (IL&FS) to finance the project, IECC said in a statement.

The storage tank terminal, which will be built at an estimated cost of $165 million with an aggregate storage capacity of 600,000 cubic meters, is expected to be completed within the next two years, it said.

Prime Star Energy plans to undertake the development, operations and maintenance of the terminal for oil and oil products at Fujairah.

"The storage tank contract is an important development for IECC as it marks its first entry into the oil and gas sector in the Middle East and will enable IECC to qualify for other works in this space," it said.
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IECC, which is a joint venture between financial services provider IL&FS and Saudi BinLadin Group, had recently bagged an infrastructure project worth $100 million in Damman, Saudi Arabia.

On Tuesday, IECC ended 0.29% down at Rs172.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.13% to 18,137.35.

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SE Investments net profit up two-fold at Rs61 crore

SE Investments total revenue increased by 105.7% to Rs181.44 crore during FY’11 from Rs88.17 crore in the corresponding period a year ago

Financial services firm SE Investments reported over two-fold growth in net profit to Rs60.82 crore for the financial year ended 31 March 2011.
In comparison, the company had posted a net profit of Rs26.34 crore for the previous fiscal.

The company's total revenue increased by 105.7% to Rs181.44 crore during FY'11 from Rs88.17 crore in the corresponding period a year ago, SE Investments said in a statement.

"We will continue to emphasise more on strategy with discipline in execution, which will help us to strengthen SEIL services nationally while maintaining profitability," SE Investments managing director Sunil Agarwal said.

For the fourth quarter of the 2010-11 fiscal, the company reported a 2% growth in net profit to Rs7.93 crore. Total revenue also increased to Rs48 crore during the January-March quarter of FY'11, from Rs27.28 crore in the year-ago period.

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