Companies & Sectors
IndusInd Bank partners with ElectraCard for prepaid forex card

A customer can load an amount on the card before travel, and use it to withdraw cash from ATMs and for shopping at merchant establishments in six different currencies

Mumbai: Private sector lender IndusInd Bank on Thursday entered the prepaid forex segment by launching a card offering in six currencies, reports PTI. IndusInd has tied up with ElectraCard Services (ECS), which will provide technology and processing services, the bank said in a statement.

 

A customer can load an amount in the card in the country before travel, and use the card to withdraw cash from automated teller machines (ATMs) and shopping at merchant establishments, the bank said in a statement.

 

IndusInd, amongst the youngest banks in the country with a relatively small size, will be competing for business in the segment with a host of other banks which already have similar offerings.

 

 

The Indus Forex card will be available in US Dollar, Euro, Sterling Pound, Singapore Dollar, Australian Dollar and Saudi Riyal, it said.

 

Customers can use multiple ways to track spends and check balances through various means. Also, in order to help them in case of card losses, customers are given two cards, so that the second one can be used, it said.

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Wockhardt to launch generic version of clot-buster drug Plavix

Wockhardt has received US FDA approval for marketing tablets of Clopidogrel bisulfate and Clopidogrel bisulfate, which are used to help reduce risk of heart attack or stroke

 
Mumbai: Pharmaceutical and biotechnology company Wockhardt has received final approval from the United States Food & Drug Administration (US FDA) for marketing tablets of Clopidogrel bisulfate and a tentative approval for the tablets Clopidogrel bisulfate, which are used to help reduce risk of heart attack or stroke, reports PTI.
 
Clopidogrel is the generic name for brand Plavix, marketed in the US by Bristol-Myers Squibb.
 
Wockhardt is launching the product immediately, a company statement said.
 
According to IMS Health, the total market for this product in the US was over $6.5 billion. Prevalence of atherosclerotic diseases is rapidly growing the world over.
 
But by inhibiting the clotting within blood vessels, it reduces risk of heart attacks and strokes and is one of the most used pharmaceutical products in the world.
 
"We have received two ANDA approvals in the last three days," Wockhardt chairman Habil Khorakiwala said.
 
"Wockhardt's rapidly growing presence has been aided in large, by the steady stream of new products," he said.
 
Wockhardt will be manufacturing the Clopidogrel bisulfate API in its facility at Ankleshwar, India and the tablets of Clopidogrel at its facility in Aurangabad, India.
 
The technology for the API and the tables were developed in-house, it said.
 

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Peerless Mutual Fund launches 'Peerless Flexible Income Fund'

The NFO, offers more flexibility to realign the portfolio's average maturity and asset allocation in the changing interest rate scenario, Peerless MF said

Mumbai: Peerless Mutual Fund has launched the Peerless Flexible Income Fund, a dynamic bond fund with the flexibility of changing both duration and asset allocation mix of the portfolio, reports PTI.

 

The new fund offer (NFO) will open for subscription on 16th August and close on 17th August and again reopen for sale from 21st August onwards, a company release said.

 

"We all know that price and interest rates have inverse relationship. Therefore, every change in interest rate provides capital appreciation opportunity. However, it would be difficult for retail investors to time the market and benefit from the same. Therefore, we have launched Peerless Flexible Fund which has more flexibility to realign the portfolio's average maturity and asset allocation in the changing interest rate scenario," Managing Director and Chief Executive Officer of Peerless Funds Management, Akshay Gupta said.

 

Kolkata headquartered Peerless Mutual Fund is promoted by the Peerless General Finance India Co and has an average assets under management (AUM) of Rs4,009 crore by the end of June 2012.

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