Drug firm Aurobindo Pharma Ltd said it received final approvals from the US health regulator to sell multiple strengths of its generic ampicillin and sulbactam for injections.
The company said, the US Food and Drug Administration (USFDA) has approved its three Abbreviated New Drug Applications (ANDA) for ampicillin and sulbactam antibiotic injections that are used for treatment of skin infections, abdominal and gynecological infections.
"The product has a market size of about $50 million according to IMS Health as of June 2009 and is ready for launch," the company said.
With these approvals, the company's penicillin sterile injectable formulation facility in Hyderabad, now has five injectable products approved by USFDA. Aurobindo has a total of 126 ANDA approvals (97 final approvals and 29 tentative approvals) from USFDA.
On Friday, Aurobindo Pharma shares rose 1.5% to Rs1,062 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.9% up at 20,045 points.
Hero Motors Ltd, a part of the Hero Group, and Magna Steyr India Pvt Ltd, a co-operation between Magna Steyr and Magna Powertrain, said they have entered a business development and technical assistance agreement. No financial details were provided.
As part of the agreement, Hero Motors and Magna Steyr India will co-operate in the development of new product lines, including drivetrain assemblies for the global recreation market as well as the India automotive industry.
"The alliance uniquely positions Hero Motors to provide end-to-end solutions for powertrain products worldwide," said Pankaj Munjal, managing director, Hero Motors. "As a player in the automotive industry for drivetrain systems, Hero felt the need for an alliance which would enhance our service capability to the customer by including design competence, advanced engineering and project management to our already existing manufacturing excellence."
with South Africa-based Befula Investments to explore opportunities in the power sector in that country.
L&T and Befula Investments have signed an agreement to form a joint venture firm Larsen Toubro TD SA, it said in a statement. The JV would capitalise on the power transmission and distribution opportunities in South Africa, it said.
The installed power capacity of South Africa is close to 44,000 MW and the current peak demand shortage is about 3,000 MW which is expected to grow 6% every year, the release said.
On Friday, L&T shares gained 0.9% to Rs2,016 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.9% up at 20,045 points.