Elder Pharmaceuticals is also planning to spend up to Rs55 crore in the next two years for increasing its manpower
Drug firm Elder Pharmaceuticals will launch 12 new products this fiscal in the areas of gynaecology, pain management and nutraceuticals.
"All the products are in the mandate and prescription market and we are targeting gynaecology, pain management and nutraceuticals segments," he added.
The company is also planning to spend up to Rs55 crore in the next two years for increasing its manpower, mainly the sales force, updating its research and development facilities and for brand building exercises.
"We are looking at between Rs40-Rs55 crore investments for these exercises," Saxena said. The company had recently announced the plans to increase its sales and marketing force by 1,000 in the next two years. Saxena said Elder Pharmaceuticals is looking to expand in the over-the-counter (OTC) segment, in which it has almost negligible presence at present. "This [OTC] is the segment which we are looking at and probably is an area of growth for us as we go forward," he said.
He said the firm is also looking to enhance presence in the functional foods market, leveraging on UK-based NutraHealth Care, a company specialising in neutraceutical products, which it had acquired last year.
"The Indian [functional foods] market is estimated to be of Rs4,400 crore. Elder already has a range of products for women care and we are identifying opportunities where we can fulfil all daily nutritional and medical needs for women," Saxena said.
Elder Pharmaceuticals manufactures and markets prescription pharmaceutical brands, surgical and medical devices.
On Monday, Elder Pharma ended 0.15% up at Rs372 on the Bombay Stock Exchange, while the benchmark Sensex rose 1.24% to 16,341.70.
The bonds would have a flexible maturity period of three years and five years
Non-banking financial company Religare Finvest plans to raise up to Rs800 crore from retail investors through issue of bonds early next month.
"We will raise Rs800 crore through issue of retail bonds. This includes an option to retain another Rs400 crore over subscription," Religare Finvest chief executive Kavi Arora told PTI. The funds raised through this issue, after meeting the expenditure, will be used for company's various financing activities including lending and investments, he said. Arora said the bonds would have a flexible maturity period of three years and five years.
"We have filed for a retail bond issue with the Bombay Stock Exchange last week. We are hopeful of launching the issue in two weeks," he added. Religare Finvest had an asset base of Rs9,900 crore at the end of June with majority of it coming from secured loan, comprising mortgage lending, and commercial vehicles and construction equipment loan. Arora said Religare Finvest would now focus on extending loans to small and medium enterprises (SMEs) in the form of working capital.
"SME sector presents a significant opportunity for growth. With the economic expansion the sector's output will also increase," he added. Religare Finvest, a wholly-owned subsidiary of Religare Enterprises, is registered with the RBI as an NBFC and has presence in 48 cities through 39 branches. It currently provides consumer finance, IPO financing and personal financial services.
Reliance Mutual Fund new issue closes on 25th August
Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XX-Series 4, a close-ended income scheme.
The investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility. The tenure of the scheme is 184 days.
The new issue closes on 25th August. The minimum investment amount is Rs5,000.
Crisil Short Term Bond Fund Index is the benchmark index. Amit Tripathi is the fund manager.