Aurobindo Pharma gets MCC approval for 23 registrations

Aurobindo Pharma Ltd said it has received the approval of South African regulatory authority Medicines Control Council (MCC) for 23 product registrations to manufacture and market these products in that country.

Aurobindo now has a total of 48 products representing 91 registrations approved by the MCC, the Hyderabad-based company said in a statement.

On Thursday, Aurobindo shares declined 0.7% to Rs1,030 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% up at 18,799 points.

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Steel Strips Wheels gets €120,000 order from Eastern Europe

Steel Strips Wheels Ltd (SSWL) said it received an order from Pneumat Trading, a distributor of wheel and tyre assemblies in Eastern Europe, for the supply of steel wheel rims.

SSWL will supply almost 12,000 wheels with expected forex earning of €120,000. The shipments are scheduled in October and November.

On Thursday, SSWL shares ended 2.7% higher at Rs262 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% up at 18,799 points.

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Piramal gets Rs10,271 crore as first payment from Abbott

Piramal Healthcare Ltd said following the sale of its domestic formulations business it received Rs10,271 crore as initial payment from to US-based Abbott Healthcare Ltd.

Piramal had entered a definitive agreement with Abbott in May this year for sale of its domestic formulations business, including its branded formulations business and its manufacturing facility at Baddi, for about Rs18,000 crore.

According to the agreement Abbott had agreed to pay $2.12 billion upfront and the remaining amount in four annual installment of $400 million.

As part of the agreement, Piramal will not engage in generic pharmaceutical business in the country for the next eight years. The completion of the deal would also lead to transfer of more than 5,000 employees of the domestic formulation business to Abbott.

On Thursday, Piramal Healthcare shares gained 1% to Rs526 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% up at 18,799 points.

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