Hindustan Zinc makes advance tax payment of Rs400 crore for Q3

In the first three quarters of the current financial year, Hindustan Zinc has cumulatively paid Rs1,025 crore in advance tax

Vedanta Group firm Hindustan Zinc has paid Rs400 crore as advance tax for the October-December quarter, an over 23% rise on a year-on-year basis, the company said.

"The higher advance tax payment is due to improved efficiency in business operations and expansion in business," it said in a statement, adding that the company had paid Rs325 crore for the same period last fiscal.

In the first three quarters of the current financial year, the  Rajasthan-based zinc, lead and silver producer has cumulatively paid Rs1,025 crore in advance tax, the statement added.

Hindustan Zinc, in which the government sold a majority stake to Vedanta Group in 2002, currently produces 10,64,000 tonnes of zinc and lead, while its silver production stood at about 180 tonnes in 2010-11.

Stating that the Vedanta Group firm has invested about Rs12,000 crore on expansion since its disinvestment, the statement said the company recently commissioned a 1,00,000 tonnes per annum lead smelter at Dariba, in Rajasthan, and 350 tonnes per annum silver refinery at Pantnagar, in Uttarakhand. "These are only going to give a boost to the company's revenue," it added.

In the late afternoon, Hindustan Zinc was trading at around Rs116.80 per share on the Bombay Stock Exchange, 0.09% down from the previous close.

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Strides Arcolab gets USFDA nod for cancer drug

According to IMS data, the US market for cytarabine is worth nearly $12.3 million

Drug firm Strides Arcolab said it has received approval from the US health regulator to market cytarabine injections, used in the treatment of cancer, in the American market.

Onco Therapies Ltd, a wholly owned subsidiary of Strides Arcolab, has received approval for three abbreviated new drug applications of cytarabine injections from the US Food and Drug Administration (USFDA), Strides Arcolab said in a statement.

The company has received approval for "cytarabine injection 20 mg/mL, packaged in 500 mg/25 mL multiple-dose vials, 20 mg/mL, packaged in 100 mg/ 5 mL single-dose vials and 20 mg/mL, packaged in 1,000 mg/50 mL pharmacy bulk packages," it added.

According to IMS data, the US market for cytarabine is worth nearly $12.3 million. Cytarabine is part of Strides' oncology portfolio licenced to Pfizer in January, 2010, for the US market and is expected to be launched shortly, the company said.

Cytarabine is used to treat different forms of leukaemia, including acute and chronic myelogenous and acute lymphocytic leukaemia.

It is also used to treat cancer found in the lining of the brain and spinal cord.

In the late afternoon, Strides Arcolab was trading at around Rs389 per share on the Bombay Stock Exchange, 2.35% down from the previous close.

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Dr Reddy’s raises Rs1,077 crore debt in Q3

According to Dr Reddy, the loan is being used predominantly for refinancing of short-term debt and partly for working capital requirements

Pharma company Dr Reddy's Laboratories has raised Rs1,077 crore debt in the current quarter to meet working capital requirements and also refinancing old loans.

In a filing to the Securities Exchange Commission, DRL informed that one of the Company's subsidiaries in Switzerland entered into a loan agreement with a consortium of International banks to borrow the sum of Rs1,077.50 crore (USD 220 million).

"On October 20, 2011, the company, through its Swiss Subsidiary, drew down an amount of Rs1077.50 crore (USD220) under its loan agreement dated September 28, 2011 with Citigroup Global Markets Asia Ltd and the other Swiss Subsidiary Lenders," the DRL statement said.

When contacted a DRL spokesperson said, "the loan is being used predominantly for refinancing of short-term debt and partly for working capital requirements". The term of the loan is for 60 months starting from September 30, 2011.

In the late afternoon, Dr Reddy's Laboratories was trading at around Rs1613.70 per share on the Bombay Stock Exchange, 1.73% up from the previous close.

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