Dr Reddy’s aims at $1-bn yearly revenue for 3 years

Dr Reddy’s Laboratories aims to earn revenue of $1 billion per year from branded generics for the next three years

Pharma major Dr Reddy's Laboratories aims to earn revenue of $1 billion per year from branded generics for the next three years, said K Anji Reddy, its founder-chairman.

The second-largest Indian drug maker sold generics to the tune of $600 million globally in the nine months of this financial year ended 31 December 2010.

"While analysing our global generics segment recently, I have told our people that we will be able to sell a billion dollar worth of generics in next three years," Reddy said while speaking at the inaugural session of a national conference on 'Regulatory challenges - global pharmaceutical market'. The company's flagship brand, Omez, alone brings in Rs700 crore revenues to the company, he said.

The company had filed 141 abbreviated new drug applications (ANDAs) to the US FDA till December 2010. The company is awaiting approval for 62 ANDAs. Of these, 35 were filed with Para IV; and 13 are first-to-file products. Analysts say the key trigger for the company for future growth will be the opportunity arising due to off-patent of some of the blockbuster drugs worth $80 to $100 billion in the next five years.

"Some of the drugs like Pfizer's Lipitor will be off patented in the next three to four years. Dr Reddy's as a generic drug maker is well positioned to take the opportunities. Though the market size in terms of value comes down after the patent expiry, generic players will have sizable opportunity," Satish Kanteti of Zen Securities said. It also expects a big boost to generic sales from the proposed launch of generic Allegra-D in the US market and the first shipment of drugs under the GSK tie-up.

On Monday, Dr Reddy's ended 2.57% up at Rs1,609.50 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.43% to 18,222.67.

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Shipping Corporation to acquire 110 vessels by 2020

Shipping Corporation of India plans to acquire 110 vessels of 5.21 million gross tonnage at an estimated cost of Rs27,668 crore in next 10 years

Shipping Corporation of India Ltd (SCI) plans to acquire 110 vessels of 5.21 million gross tonnage (GT) at an estimated cost of Rs27,668 crore in next 10 years, Parliament was informed today.

Among these vessels, the Shipping Corporation is likely to place orders for 26 vessels by 2011-12, shipping minister GK Vasan said in a written reply to Lok Sabha.

He added that the acquisition of the vessels would take SCI's total tonnage to about 7.21 million GT by 2020.

Gross tonnage is a unitless index related to a ship's overall internal volume and is calculated based on the moulded volume of all enclosed spaces of the ship.

The shipping minister further said that SCI has placed orders for 36 vessels so far against the target of acquiring 62 vessels in 11th Five Year Plan, which includes acquisition of one resale vessel.

On Monday, SCI ended 1.27% down at Rs104.60 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.43% to 18,222.67.

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DB Realty accepts Shahid Balwa’s resignation

DB Realty Ltd has accepted the resignation of its managing director and director of the company Shahid Balwa with effect from 9 February 2011

DB Realty Ltd today said that it has accepted the resignation of its managing director and director of the company Shahid Balwa with effect from 9 February 2011.

"The Board of Directors of the company on 5 March 2011 has noted and accepted the resignation of Shahid U Balwa, as managing director and also as director of the company in view of his preoccupations relating to certain investigations as per his letter of the same date," DB Realty said in a filing to the Bombay Stock Exchange (BSE).

The CBI had arrested Dynamix Balwas (DB) group managing director Shahid Usman Balwa in connection with the 2G spectrum allocation scam on 8th February.

"The company continues its business in the normal course under managing director Vinod K Goenka with the guidance of the board," the filing added.

On Monday, DB Realty ended 3.74% down at Rs113.25 on the BSE, while the benchmark Sensex declined 1.43% to 18,222.67.

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