Bharti Airtel partners with Axis for mobile banking services

Airtel customers will now be able to open no-frills savings account in Axis Bank through their mobiles and can use it for regular banking transactions

Mumbai: Bharti Airtel customers will now be able to open no-frills savings account in Axis Bank through their mobiles and will be able to carry out transactions such as cash deposits, transfers and withdrawals, reports PTI.

Country's largest private mobile operator Bharti Airtel and Axis Bank on Wednesday announced a partnership to provide banking services through Airtel Money platform, a move that will help further the goal of reaching un-banked areas.

"Following the recent pan-India launch of Airtel Money, we are today excited to collaborate with Axis Bank to further strengthen our mCommerce proposition for customers," Bharti Airtel CEO - India and South Asia - Sanjay Kapoor said.

To begin with, savings and remittance solutions will be provided in Delhi and Mumbai on the sending side, and Bihar and East UP on the receiving side.

Thereafter, these services may be extended to other remittance corridors in the country, the company said.

"According to estimates, nearly 43% of the country's population does not have bank accounts...The 'airtel money Super Account powered by Axis Bank' acts as a no-frills bank account that comes with remittance capabilities," Mr Kapoor said.

Leading IT firm Infosys is the technology innovation partner for the offering.

"Our alliance with Airtel will help the Bank to reach out to excluded segments of our population, both in rural and urban centres, with reasonably priced banking and financial services," Axis Bank MD and CEO Shikha Sharma said.

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Glenmark gets nod from US for migraine tablets

Glenmark's unit in the US received the FDA approval for generic Zolmitriptan tablets which are used for treating migraines

New Delhi: Glenmark Pharmaceuticals on Wednesday said it has received tentative approval from the US health regulator for generic Zolmitriptan tablets used for treating migraines, reports PTI.

Glenmark Generics Inc, the US subsidiary of Glenmark Generic received tentative approval from US Food and Drug Administration (USFDA) for zolmitriptan orally disintegrating tablets, Glenmark Pharmaceuticals said in a statement. The approval is for zolmitriptan tablets in the strengths of 2.5 mg and 5 mg, Glenmark said.

The tablets are generic version of AstraZeneca's Zomig-ZMT tablets, it added.

Earlier in in September 2011, the company had received tentative approval for immediate release version of zolmitriptan tablets.

"According to IMS Health for the 12 month period ending March 2012, zolmitriptan immediate release tablets and orally disintegrating tablets achieved sales of $131 million and $31 million respectively," Glenmark said.

The company's current portfolio consists of 80 products authorised for distribution in the US and 38 abbreviated new drug applications (ANDA's) pending approval with the USFDA, it added.

Shares of Glenmark Pharmaceuticals were today trading at Rs 355 in the afternoon trade on BSE, down 2.83% from its previous close.

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Facebook raises IPO price range to $34-$38 due to strong demand

Facebook raised the price range for its IPO to $34 to $38 a share, from $28 to $35 a piece earlier. The move signals a strong demand from investors

New York: Social networking site Facebook has raised the price range for its initial public offering (IPO) to $34-$38 per share. Facebook is expected to garner additional $12.8 billion at the top end of the band, reports PTI.

Facebook said in a regulatory filing yesterday that it has raised the price range for its IPO to $34 to $38 a share, from $28 to $35 a piece earlier. The move signals a strong demand from investors.

Facebook, which will sell 337.41 million shares, is expected to raise about $12.8 billion at the top range of the stock price through the IPO.

With the new price range, Facebook would be valued at $93 billion to $104 billion.

It is expected to go public on 18th May and the stock will be listed on Nasdaq under the symbol 'FB'.

It's much anticipated IPO is expected to shadow that of other tech giants like Google which had raised $1.9 billion and valued the company at about $23 billion when it went public in 2004.

Facebook's 27-year-old CEO Mark Zuckerberg is planning to sell 30.2 million shares. He plans to use the proceeds to cover taxes. Zuckerberg would retain voting control of 58.8% of the company after the IPO.

Other stockholders who would be offering shares include the social network's early investors such as James Breyer of the venture capital firm Accel Partners, who's offering 38.2 million shares. Goldman Sachs is unloading 20% of its stake, or 13.2 million shares.

With 901 million users as of 31 March 2012, Facebook is the most popular social networking site in the world and a magnet for advertisers.

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