HDFC Mutual Fund new issue closes on 27th July
HDFC Mutual Fund has launched HDFC FMP 375D July 2011 (2), a close-ended income scheme.
The investment objective of the scheme is to generate income through investments in debt/money market instruments and government securities maturing on or before the maturity date of the respective plan(s). The tenure of the scheme is 375 days.
The new issue closes on 27th July. The minimum investment amount is Rs5,000.
Crisil Liquid Fund Index is the benchmark index. Miten Lathia is the fund manager.
The company says it wants to get the HSBC Bank repayment case out of the way. Will also file Rs20 crore defamation and damages case against the bank
Compact Disc India (CDIL) has put on hold its delisting plan, pending the resolution of a dispute with HSBC Bank, and this is hurting investors all over again. The news of the decision has knocked the stock down by more than 20% since 11th July, when the company announced that it would also file a criminal, defamation and damages case of Rs20 crore against the Bank.
Moneylife has reported earlier on CDIL's delisting plan, which has angered investors who are questioning the company's motives. Investors have been asking how the company could afford to buy back shares, when it had not paid dividends that have been announced over the past few years, and it has not paid HSBC Bank because it does not have money. (Read, "Compact Disc investors disappointed over delisting plan; bank serves recovery notice".) The Debts Recovery Tribunal-II, Delhi, has also restrained the company from starting the process of delisting its shares, following a recovery suit filed by HSBC Bank.
The company said in a statement to the Bombay Stock Exchange (BSE) recently, that "The management has decided not to proceed with the delisting process until the issues with HSBC Bank are settled, to avoid any kind of uncertainty with the delisting process."
On 8th July, CDIL informed the BSE that "the company will file a criminal, defamation and damages suit of Rs20 crore against HSBC Bank for damaging the company's reputation by unauthorisedly contacting third parties."
CDIL announced its delisting plan in January 2011 and in an update on 13th April it informed the Bombay Stock Exchange (BSE) that the board of directors had approved a delisting price of Rs75.
In an interview on CNBC-TV18, Suresh Kumar, chairman of CDIL had said, "We owe them (HSBC Bank) about Rs18 crore, out of which we have already paid them Rs2 crore. We have already committed to the court and HSBC that we will pay this entire money by December 2011. We are making all possible efforts to repay the entire outstanding loan in the next 30 days."
On 04th July, the stock price of CDIL jumped by more than 20% after the company has said it will, "review and reconsider the proposed delisting of the equity shares of the company".
However with the company's decision to put on hold the process of delisting, the stock has lost over 20% from the intra-day high of Rs63.45 on 11th July. Today, the CDIL stock lost over 2% to close trading at Rs49.20.
The company's standalone net sales during the first quarter ended June 2011 increased by 5.1% to Rs338.90 crore from Rs322.40 crore in first quarter of 2009-10. However, its standalone net profit declined sharply by 16.5% to Rs60.40 crore from Rs72.30 crore
Mumbai: Biotechnology major Biocon has suffered minor setback during the first quarter ended June 2011 on account of profit from discontinued operations of AxiCorp GmbH, Germany in the last period. Its consolidated net profit declined by 8.7% to Rs70.05 crore from Rs76.74 crore in the corresponding period of last year, reports PTI.
Its consolidated net sales increased by 10.1% to Rs441.68 crore from Rs401.06 crore in the year-ago period. Sales from pharmaceutical segment moved up by 7.7% to Rs354.28 crore from R.329.02 crore on the back of growth in the sales of immunosuppressant and the branded formulations segments. Statins continue to remain buoyant with Atorvastatin and Fluvastatin leading the sales in this segment. Biocon began the sales of fidaxomicin API to Optimer in June 2011 and Optimer launched this product in US and planing to launch in Europe by the end of this year.
The six verticals in branded formulation- diabetology, oncotherapeutics, nephrology, cardiology, dermatology and comprehensive care-have posted a combined year-on-year growth of 28% during the first quarter ended June 2011.
Biocon's sales from contract research & manufacturing services (CRAMS) went up by 19.7% to Rs93.98 crore from Rs78.52 crore earlier.
The company's standalone net sales during the first quarter ended June 2011 increased by 5.1% to Rs338.90 crore from Rs322.40 crore in first quarter of 2009-10. However, its standalone net profit declined sharply by 16.5% to Rs60.40 crore from Rs72.30 crore.
Shares of the company were trading 2.10% lower at Rs363 apiece in the post-noon session on the Bombay Stock Exchange today.