Glenmark arm gets USFDA nod to sell oral contraceptive

Glenmark Pharmaceuticals US-based arm, Glenmark Generics Inc, has got final approval for its abbreviated new drug application for Norethindrone and Ethinyl Estradiol from the United States Food and Drug Administration

Glenmark Pharmaceuticals Ltd said its US-based unit has received final approval from the US health regulator to market a generic oral contraceptive drug, 'Briellyn', in the American market.

The company's US-based arm, Glenmark Generics Inc, has got final approval for its abbreviated new drug application (ANDA) for Norethindrone and Ethinyl Estradiol, USP 0.4mg/0.035mg tablets, from the United States Food and Drug Administration (USFDA), Glenmark Pharmaceuticals said in a filing to the Bombay Stock Exchange (BSE).

The combination of Norethindrone and Ethinyl Estradiol, a generic version of the Ovcon 35 tablets of Warner Chilcott, Inc, will be marketed under the trade name Briellyn and distribution is expected to start immediately, the company added.

According to IMS Health, for the 12-month period ending December 2010, this combination achieved sales of $30 million.

According to the company, Briellyn provides a continuous 28-day regimen for oral contraception derived from 21 tablets composed of Norethindrone and Ethinyl Estradiol.

According to IMS Health, a total market sale of Glenmark's current hormonal product line is nearly $141 million for the 12-month period ending December 2010.

On Wednesday, Glenmark Pharmaceuticals ended 2.96% up at Rs279.70 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.21% to 18,206.16.

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Bank credit offtake rise over 23%, deposits up over 16%

According to RBI's latest data, credit offtake during the one-year period ended 11th March stood at Rs39.37 lakh crore as against Rs32.20 lakh crore a year ago. During the same period, deposits went up to over Rs52.85 lakh crore from Rs45.50 lakh crore

Mumbai, Mar 23 (PTI) Credit offtake from public and private sector banks in the country grew by over 23% for the one-year period ended 11th March, indicating an upswing in the industrial activity, reports PTI quoting Reserve Bank of India (RBI) data.

According to the latest data from the apex bank, credit offtake during the period stood at Rs39.37 lakh crore as against Rs32.20 lakh crore a year ago. During the period, deposits went up to over Rs52.85 lakh crore from Rs45.50 lakh crore as on 12 March 2010. This is a rise of over 16.1% on an annual basis.

RBI, in its annual monetary policy at the beginning of the fiscal, had estimated credit offtake to grow by 20% this financial year. However, in December 2010 the central bank expressed concern at the widening ratio between the credit and deposit rates of banks. This has the potential to affect the supply of liquidity in the system due to higher lending by the banks vis-à-vis lower deposits.

In its recent third quarterly monetary policy review, RBI had observed that the deposit growth moderated during 2010.

Several banks raised their deposit rates after the RBI's second quarter review of 2010-11, which contributed towards a larger deposit mobilisation in December.

Consequently, deposit growth increased to 16.5% by end-December 2010, close to the indicative projection of 17% for 2010-11.

However, annual non-food credit growth has been above the RBI's indicative projection of 20% since early October 2010, rising to 24% by end-December 2010, it said.

The wide gap between credit growth and deposit growth resulted in a sharp increase in the incremental non-food credit-deposit ratio to 102% by end-December 2010, up from 58% in the corresponding period of previous year, it added.

During the past few months, credit offtake has grown at the rate of 20% on an average.

Credit offtake has been higher this fiscal on account of large borrowings by telecom firms to pay for third generation (3G) spectrum licences.

The government realised over Rs1 lakh crore from the sale of spectrum for high-speed mobile and broadband wireless services, much higher than the budget estimate of Rs35,000 crore.

Credit rating agencies like Crisil had earlier said the country was likely to see credit offtake growth of around 20%-22% this fiscal.

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Tata launches Tata photon plus in Orissa

Tata Indicom has launched Tata Photon Plus mobile broadband service in Orissa

Tata Indicom has launched Tata Photon Plus mobile broadband service in Orissa. The service was inaugurated by Asis Bhatia, chief operating officer of Tata Indicom by lighting a ceremonial lamp.

Giving details of the product, Mr Bhatia said, Tata photon plus mobile broadband service allows customers to be connected anytime, anywhere-not only for e-mails but also for watching live TV, downloading and uploading heavy files and photos.

It will also support entertainment services such as music, download video streaming, images and file sharing.

The high-speed service will enable the customers to experience super-fast speeds at affordable prices, he said.

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