The company now has a total of 136 abbreviated new drug application approvals from the US Food and Drug Administration
Aurobindo Pharma today said that it has received final approval from the US health regulator for launching Donepezil Hydrochloride tablets, a central nervous system (CNS) drug, in the US market.
The company has received approval from the US Food and Drug Administration (USFDA) for Donepezil Hydrochloride tablets in strengths of 5mg and 10mg, Aurobindo Pharma Ltd said in a statement.
“The product has a market size of approximately $2.50 billion for the 12 months ending September, 2010, according to IMS and will be launched soon,” the company said.
Donepezil Hydrochloride tablets are the generic equivalent of the Aricept Tablets developed by Eisai Medical Research Inc, it added.
The tablets are used for the treatment of mild, moderate and severe dementia like Alzheimer’s and fall under the CNS therapeutic segment, it said.
The company now has a total of 136 abbreviated new drug application (ANDA) approvals from the USFDA.
Shares of Aurobindo Pharma were being quoted at Rs178.10 on the Bombay Stock Exchange in late afternoon trade today, up 0.82% from their previous close.
So far this year, FIIs have made a net investment of Rs13,798.50 crore in the debt market, whereas they have withdrawn Rs1,901.80 crore from the equities market
Foreign institutional investors (FIIs) are curtailing their investments in the equities market and are instead shifting their focus to the debt market where they have pumped in as much as Rs13,798.50 crore so far this year, reports PTI.
FIIs are giving equities a skip, owing to factors such as the impending slowdown in domestic economic growth, rising inflation and the high interest rate regime prevailing in the country, say experts.
Commenting on this trend, Ashika Stock Broking’s research head (Equities) Paras Bothra said, “This is a natural shift from FIIs or any other class of investor. With interest rates remaining astronomically high, portfolio allocation to debt market is raised up in the overall composition of the asset allocation structure.”
FIIs have so far this year made a net investment of Rs13,798.50 crore in the debt market, whereas they have withdrawn Rs1,901.80 crore from the equities market so far this year, according to information available on market regulator SEBI’s website.
“Oil/inflation and international bad news are at centre-stage and FIIs keep pulling out and putting in money in accordance with the news flow. It happens in any market,” said Abhinav Dwivedi, founder-president, Progressive Financial Ventures.
Mr Dwivedi added that the shift towards debt is not permanent. In a downtrend, offloading equities is normal.
The Sensex, has dived 9.78% from its peak of 20,509.09 points in January this year and 12.74% from its all-time high of 21,206.77, scaled on 10 January 2008.
Going forward, FII flows are likely to remain moderate to weak because of the natural tendencies of the equity market as an asset class becoming unfavourable with high interest rate regime, Mr Bothra said, adding that the recent political and corporate problems have also kept FIIs on tenterhooks.
Meanwhile, the number of FIIs registered with SEBI has marginally declined from 1,718 as on 31 December 2010 to 1,716 as on 31 May 2011. The number of registered sub-accounts has however increased from 5,503 in 31 December 2010 to 5,833 sub-accounts as on 31 May 2011.
FII inflows so far this year are in contrast to last year’s trend, when robust inflows helped the Indian stock markets sustain momentum, even when the global economy continued to reel under pressure.
In 2010, foreign investors had purchased stocks and bonds worth about Rs10 lakh crore, a record high for a year and nearly one-fifth of their overall investment so far.
The management team from Adani is in place and has taken over ownership and oversight of the operations of the port effective from today
Adani Group firm Mundra Port and Special Economic Zone today said that it has completed the acquisition of Abbot Point Port in Australia for 1.8 billion Australian dollars (Rs9,000 crore).
The name of the company has been changed to ‘Adani Abbot Point Terminal Pty Ltd’, an official statement said, reports PTI.
The management team from Mundra is in place and has taken over ownership and oversight of the operations effective from 1st June. The company’s nominated directors have come on the board of the target company, the statement said.
Mundra Port announced on 3rd May that it had signed a Sale and Purchase Agreement in respect of the Abbot Point X 50 Coal Terminal (APCT) following the international competitive bidding process conducted by the state of Queensland in Australia.
Queensland is selling the coal export terminal as part of a 15 billion Australian dollars asset sale programme. It will use the money for reconstruction following the devastation caused by floods and a cyclone in the region.
The port has two mechanised berths. MPSEZ aims to build another two in the next five years. It has a capacity of 50 million tonnes (MT). It is using 20MT at present.
Adani plans to fund the deal through debt and the sale of some equity in MPSEZ.
The company expects revenues from port operations to nearly triple to 305 million Australian dollars (Rs1,470 crore) by 2016 from 110 million Australian dollars (Rs530 crore) in 2011.