“In a short span of time, Laurus has established global leadership positions in its key product offerings:” FIL Capital Advisors (India).
Fidelity Growth Partners India, the India-focused private equity arm of Fidelity Worldwide, has invested around Rs200 crore in the Hyderabad-based pharmaceutical company, Aptuit Laurus. The Hyderabad-based pharma company manufactures active pharmaceutical ingredients (APIs) for anti-retroviral (HIV-AIDS), oncology, nutraceutical and several other products with a customer base spanning in India and abroad. The company also has a growing contract research and manufacturing business offering, which works with several global pharma companies, the release said.
"In a short span of time, Laurus has established global leadership positions in its key product offerings, built world-class infrastructure and serves a top-tier customer base. The company continues to drive innovation in its strong product pipeline of difficult-to-make molecules, which, we believe will help it build a long-term defensible business," senior managing director at FIL Capital Advisors (India), Raj Dugar said. However, the company did not disclose the stake it will get in the pharma company after the announced investment.
Referring to this equity investment, chief executive officer of Laurus, Chava Satyanarayana said," Laurus has built a strong reputation in product development and manufacturing and a track record of high-quality products to its customers. We are glad to partner with FGPI in this phase of our growth, where, we will seek to continue the thrust on innovation and manufacturing excellence in offering cost effective products and services."
This is the tenth investment of the PE arm of Fidelity since 2008, which has earlier invested in Coastal Projects, telecom power system manufacturer- VMC, logistics and retail analytics firm Manthan Software among others.
Net sales of Wockhardt rose to Rs1,208.67 crore in the quarter ended 31 December 2011.
Drug firm Wockhardt Ltd said its consolidated net profit rose by 50.21% to Rs212.81 crore in the third quarter ended 31 December 2011, on the back of strong sales in the US market.
The company had posted a net profit of Rs141.67 crore for the corresponding period last fiscal, Wockhardt Ltd said in a filing to the BSE. Net sales of the company rose to Rs1,208.67 crore in the quarter ended 31 December 2011, from Rs950.80 crore in the same period last fiscal.
Commenting on the results, Wockhardt chairman Habil Khorakiwala said: "Wockhardt is exhibiting robust growth worldwide and our US operations have for the first time surpassed all records by crossing the $100 million-mark in a single quarter."
For the nine months period ended 31 December 2011, the company posted a net profit of Rs534.35 crore, while it had reported a net loss of Rs71.31 crore for the same period last fiscal. On a standalone basis, the company posted a net profit of Rs116.16 crore for the third quarter, as against Rs66.66 crore for the same period last financial year.
In the late afternoon, Wockhardt was trading at around Rs457.70 per share on the Bombay Stock Exchange, 1.03% down from the previous close.
Global sales of all passenger vehicles were at 66,785 nos. in January 2012, higher by 26% over the same month in the previous year.
The Tata Motors Group global wholesales, including Jaguar Land Rover, were 119,799 nos., in January 2012, higher by 21% over January 2011. Cumulative sales for the fiscal are 985,260, higher by 13% compared to the corresponding period in 2010-11.
Global sales of all commercial vehicles – Tata, Tata Daewoo and the Tata Hispano Carrocera range -- were 53,014 nos. in January 2012, a growth of 15%. Cumulative sales for the fiscal are 478,339 nos., a growth of 17%.
Global sales of all passenger vehicles were at 66,785 nos. in January 2012, higher by 26%. Cumulative sales for the fiscal are 506,921 nos., higher by 10%.
Global sales of Tata passenger vehicles and the distribution offtake in India of Fiat cars were at 37,492 nos., for the month, higher by 14%, over January 2011. Cumulative sales for the fiscal are at 261,216 nos.
Global sales of Jaguar Land Rover in January 2012 were at 29,293 vehicles, higher by 44% over January 2011. Jaguar sales for the month were 4,547 nos., higher by 49%, while Land Rover sales were 24,746 nos., higher by 43%. Cumulative sales of Jaguar Land Rover for the fiscal are 245,705 nos., higher by 25%. Cumulative sales of Jaguar are 44,468 nos., lower by 3%, while cumulative sales of Land Rover are 201,237 nos., higher by 34%.
In the late afternoon, Tata Motors was trading at around Rs286.05 per share on the Bombay Stock Exchange, 6.77% up from the previous close.