Companies & Sectors
Dr Reddy's receives FDA warning over three facilities
 Leading drugmaker Dr Reddy's Laboratories on Friday acknowledged having received a warning letter from the US FDA relating to its three manufacturing plants in Andhra Pradesh and Telangana.
 
Reddy's also said it would respond with a comprehensive plan to the US Food and Drug Administration (FDA).
 
The US regulator issued the warning over inadequate quality control at API (active pharmaceutical ingredient) manufacturing facilities at Srikakulam in Andhra Pradesh and Miryalaguda in Telangana, as well as oncology formulation manufacturing facility at Duvvada, Visakhapatnam, also in Andhra.
 
The action followed inspections of these sites by the agency in November 2014 and January and February this year, Dr Reddy's said in a statement.
 
The company said it takes quality and compliance matters seriously and stands by its commitment to fully comply with the CGMP (current good manufacturing practice) quality standards across all its facilities.
 
"We will respond with a comprehensive plan to address these observations within the stipulated time-frame of 15 days. We will continue to actively engage with the agency to resolve these issues," said G.V. Prasad, CEO at Dr Reddy's.
 
"We have also embarked on an initiative to revamp our quality systems and processes, as an organisation-wide priority," said Prasad.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Punjab National Bank posts Rs.621 crore net profit
The state-owned Punjab National Bank closed its second quarter with a net profit of Rs.621.03 crore, the bank said on Friday.
 
In a regulatory filing with BSE, the bank said it has logged a net profit of Rs.621.03 crore for the quarter ended September 30, 2015 -- up from Rs.575.34 crore posted during the corresponding period of the previous year.
 
According to the bank, the total income increased from Rs.13,020.46 crore for the quarter ended September 30, 2014 to Rs.13,701.93 crore for the quarter ended September 30, 2015.

 

Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Realty likely to miss out Diwali dazzle despite marketing fireworks
Reeling under a slump in sales and sitting on huge unsold inventories, real estate developers are using every possible marketing trick in their arsenal to excite indifferent buyers to come out and invest during this festive season.
 
Some desperate developers have reduced the booking amount to as low as Rs 20,000 and upfront payment as low as 2-5 percent of property value with no EMI till possession. Besides standard freebies like cars, white goods, modular kitchens, gold coins, foreign holidays and car parking, there are perks that include waiver of stamp duty and registration charges and lucky draw. Developers like Tata Housing are making mega offer of a complimentary extra room on buying a 2-room flat. And there is this innovative offer By a Mumbai developer of a Rs 6 lakh home in a suburb with job offer for a female member of the family. The broad real estate marketing themes of this festive season include online home selling, ready-to-move-in homes, discounted property, attractive payment plans, interest waiver, assured returns and no new launches.
 
Online Home Selling: What started as an innovative concept in 2013, with Tata Housing selling their homes in Google's Great Online Shopping Festival, has now caught up with other developers. Realising the huge potential of online marketing in reaching out to prospective buyers in a faster and cost-effective manner, developers have not just partnered with property portals but also with leading e-commerce portals to launch Diwali home sale festivals. So much so that even the apex body of developers - MCHI- CREDAI - has partnered with property portal Housing.com for a 25-day-long Virtual Property Expo, showcasing 300 projects across India. First time, the all-new concept of 'Social Sell' is being tried out as Tata Housing has tied up with Facebook to sell leisure homes in Goa.
 
Ready-to-move homes: With home buyers fighting shy of investing in under-construction property due to large-scale delivery defaults, a number of real estate developers and brokers with large unsold inventory have been focusing on marketing ready-to-move-in homes. Buyers are being lured to invest in such properties as there is no fear of delivery delays.
 
Discounted properties: With slow growth in salaries in comparison to rise in property prices, coupled with a poor job market, leading to low affordability, developers have realized that key to home sales lies in making property affordable. But breaking the price barrier has not been easy for most developers in view of low margins and as such price discounts are far and few and not substantial to woo buyers. But some developers have hit upon the idea of reducing unit sizes with varied sizes to make homes affordable. In one of the worst hit markets of Gurgaon, developers are offering independent floors for less than Rs.2,500 per sq ft. Several developers availing Haryana government's 'Affordable Housing Policy', are able to offer 1BHK/2BHK homes at Sohna and Gurgaon, for as low as Rs.13 lakh and Rs.18 lakh respectively. At the pan-India level, developers are also taking to innovative marketing concepts of 'All Inclusive pricing' and 'One Nation. One Price' to woo buyers.
 
Attractive payment plans: To lessen the impact of high EMIs, developers have been offering attractive payment plans to push sales. But since these subvention plans could not create much impact,some developers have gone to the extent of offering a 2:98 plan (just two percent down payment with no EMI till possession). Some developers are further sweetening the subvention deals by offering 10 percent discount and lease guarantee. One has come up with free club membership, zero PLC charges free car parking while another is offering an assured exit plan @ 15 percent per annum.
 
Interest waiver: Since most developers are not providing relief on property prices, some of them have taken to home loan waiver to lessen the burden of home buyers.They have tied up with lenders to offer subsidised home loans one as low as five percent p.a against the average existing rate of about 9.5 percent p.a.
 
Assured returns: Fund-starved real estate developers are luring property buyers with assured returns (9-14 percent) as this is the easiest and cheapest source of fund raising for them without any collateral. However, for property developers, there is the risk about the safety of their investment as they have to pay full or a substantial part of property value up-front and they can't approach any regulator in case of defaults by the developers.
 
No new launches: It has always been a practice with property developers to launch new projects at attractive prices during festive season to increase home sales. But this time, the cash- strapped developers, as part of their marketing strategy, are avoiding this as home buyers are refraining from investing in under-construction projects to safeguard their investments in view of massive delivery defaults by developers.
 
All these high-pitched marketing initiatives are unlikely to light up Diwali this year as demand is not translating into sales due to unaffordable property prices, high interest rates, economic instability amidst high inflation,job insecurity, stagnant salaries and, above all, buyers' fear about safety of their investment in view of long delays in the delivery of property.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)