Lupin gets tentative FDA approval for Pregabalin capsules

Lupin Pharmaceuticals, Inc has received tentative approval from the United States Food and Drugs Administration for Pregabalin capsules

Pharma major, Lupin announced today that its US subsidiary, Lupin Pharmaceuticals, Inc has received tentative approval for Pregabalin capsules, 25mg, 50mg, 75mg, 100mg, 150mg, 200mg, 225mg and 300mg from the United States Food and Drugs Administration for the company's Abbreviated New Drug Application (ANDA) to market a generic version of CP Pharmaceuticals CV, Lyrica (Pregabalin) capsules.  

Lupin's Pregabalin capsules are the AB-rated generic equivalent of Lyrica capsules, which is indicated for neuropathic pain associated with diabetic peripheral neuropathy, post herpetic neuralgia and adjunctive therapy for adult patients with partial onset seizures and fibromyalgia.

Lyrica Capsules had annual US sales of approximately $1.7 billion for the twelve months ending March 2011, based on IMS Health sales data.

In the late afternoon, Lupin was trading at around Rs462.20 per share on the Bombay Stock Exchange, 2.65% up from the previous close.

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Magma Fincorp targets 50% growth in Punjab & Haryana in FY12

Magma Fincorp, which disbursed Rs497 crores in Punjab & Haryana in FY11, plans to disburse another 50% in retail loans in these states in FY12

Magma Fincorp has announced its growth plans for Punjab & Haryana for the financial year 2012. The company, which disbursed Rs497 crores in Punjab & Haryana in FY11, plans to disburse another 50% in retail loans in these states in FY12. Magma, headquartered in Kolkata, already has a footprint in the two states with its 13 offices in Punjab & six offices in Haryana.

Sanjiv Jha, zonal sales manager, Magma Fincorp said, "We will continue with our focus on providing asset finance to the economically disenfranchised in Punjab & Haryana and expect to further grow in the states. This will help in strengthening our market share in each of the segments. For this, we would also increase our manpower strength to suit the challenge of high growth trajectory."

He also said that the company, apart from consolidating its position for its core products like car, commercial vehicle & construction loans in the market, will also focus to grow the higher yield products such as Suvidha, tractor and SME Loans, which will contribute significantly in the company's business.

In the late afternoon, Magma Fincorp was trading at around Rs80.80 per share on the Bombay Stock Exchange, 1.96% up from the previous close.

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Coromandel inks pact with Qatar Fertiliser for supply of urea

Qatar Fertiliser Company is currently producing around 3 million tonnes of prilled/granular urea

Fertilizer manufacturer Coromandel International has signed an agreement with Qatar Fertiliser Company (QAFCO) for supply of urea. No financial details were provided.

Qatar Fertiliser Company is currently producing around 3 million tonnes of prilled/granular urea. With current expansion going on with QAFCO 5 & 6, the company will become the largest single-site producer of ammonia and urea in the world with ammonia capacity of 3.8 million tonnes and urea capacity of 5.6 million tonnes.  

The supply contract between QAFCO and Coromandel was signed on 5th July, in Secunderabad.

In the late afternoon, Coromandel International was trading at around Rs348.90 per share on the Bombay Stock Exchange, 3.19% up from the previous close.

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