Glenmark Pharma unit signs agreement with Italian company

Glenmark Pharmaceuticals said its subsidiary signed an in-licensing agreement with Italian biotechnology company Lay Line Genomics to commercialise antibody 'BXL1H5'. No financial details were provided.

The molecule, which is a painkiller monoclonal antibody for TrkA receptor responsible for chronic pain, will be developed by Glenmark's biologics research and development centre in Switzerland, the Indian company said in a statement.
The global market for painkiller medicines is worth more than $25 billion, Glenmark said.

Glenmark will leverage its expertise in monoclonal antibodies to progress BXL1H5 rapidly into clinical development, Glenn Saldanha, chief executive and managing director, said in the statement.

On Wednesday, Glenmark Pharma shares ended 1.5% up at Rs319 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.7% to 20,543 points.


Gems and jewellery exports may grow 30%-35% in FY 11: GJEPC

Mumbai: India's gem and jewellery exports are expected to clock a 30%-35% growth in FY 11, reports PTI quoting a top industry official.

"We expect a growth of 30%-35% in gems and jewellery exports in the current financial year. We have already achieved a 61% export growth till August 2010, following increased trading activities," the Gem and Jewellery Export Promotion Council (GJEPC), chairman, Rajiv Jain told PTI here.

The country's gems and jewellery exports stood at $29.33-billion in FY 10.

The US is the biggest buyer with India exporting nearly 34% of gems and jewellery to that country and the rest to others. Reports of the US economy rebounding is a good sign, Mr Jain said.

"Our main focus is to boost exports of gems and jewellery and we see a good growth in the coming five-year period," he said.

Commenting on initiatives to boost exports, Mr Jain said GJEPC is organising the 3rd International Diamond Conference, Mines to Market on 12-13 October2010 in Mumbai.

Since its inception, the conference has become an international platform for a significant exchange between all stakeholders of the diamond industry across the pipeline, receiving an enthusiastic worldwide response.

"India today is surging forward to establish itself as the centre of global gems and jewellery trade. In manufacturing, we are the leading global player. On the domestic front there has been a proliferation of brands being offered to the Indian consumer," Mr Jain said.

Today, the jewellery industry is set to take-off on a journey of exponential growth with increasingly open policies and a rapid development of Special Economic Zones (SEZ) in different parts of the country.

"It's time we realise the potential of India as a "Global Brand" and I sincerely hope that Mines to Market will aim at taking stock of the diamond industry globally, and evolving a way forward for the future," GJEPC vice-chairman, Sanjay Kothari, said.

GJEPC is also organising the 37th annual awards function for the gems and jewellery industry on 11th October at Mumbai.

The Gem & Jewellery Export Promotion Council is an all-India apex body representing 5,500 members.


India Inc hiring activity rises 22% in Sept:

New Delhi: Hiring by India Inc surged by 22% in September this year, driven by improved confidence in the economy, reports PTI quoting a report by job portal

According to the monthly Naukri Job Speak Index, hiring level rose to 943 in September this year, from 773 in the same period last year.

"The stability of the Naukri Job Speak index for the past four months clearly indicates a steady hiring scenario and improved business sentiment in the country," the report noted.

However, when compared to the data in August — 956, the job index in September has seen a marginal drop of 1.2%.

As per data available with, the maximum hiring activity has been witnessed in the IT sector, which has significantly ramped up recruitment activities with the job index steadily moving in a positive direction and touched its highest ever point at 1,047.

The sector moved up by 45% from 718 in September last year.

"Hiring activity in the IT sector is back to the pre- recession levels. Key IT players in the country are acquiring multiple projects from India as well as overseas, which has led to this boom. Software professionals can hence look forward to a favourable hiring environment over the next few months," Info Edge CEO and MD Hitesh Oberoi said.

Apart from IT, telecom and pharma sectors also maintained steady hiring levels.

However, the insurance sector has witnessed the highest-ever decline in September. Hiring activity in the sector fell by 58% in the period under review when compared to the same time a year ago.

As against August this year, the ITES and insurance sectors saw the steepest monthly decline with the index dipping by 14% and 29%, respectively in September over previous month.

Almost, all the other key industry sectors, auto, construction, oil & gas and banking have registered a dip in their indices ranging from 2%-5%.

Among cities, Mumbai, Bangalore, Kolkata and Chennai saw an upsurge in jobs in September. On the contrary, Delhi and Pune witnessed a dip in the recruitment levels over the same time period.


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