Lupin resumes anti-diabetic drug sales in US after court nod

Lupin resumed sales of generic version of Shionogi's Fortamet tablets used in the treating diabetes, in the American market

New Delhi: Pharma company Lupin said it resumed sales of generic version of Shionogi's Fortamet tablets, used in the treating diabetes, in the American market after getting clearance from a US Court, reports PTI.

“US Court of Appeals for the Federal Circuit has granted its (Lupin's) request to stay the preliminary injunction that had earlier barred sales of its generic of Shionogi's Fortamet tablets,” Lupin said in a statement.

In December last year, Shionogi's request for a preliminary injunction had been granted and had blocked Lupin from further sales of the product.

Lupin had received final approval for its generic version from the US Food and Drug Administration and had launched the product in September 2011.

Following the court order, the Mumbai-headquartered company said it has now resumed sales of the product in the US market, it added.

Fortamet is indicated as a supplement to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.

Citing IMS Health data, the company said annual US sales for Fortamet stood at $70.2 million for the twelve months ending December 2011.

Lupin shares closed marginally lower at Rs551.80 per share on the Bombay Stock Exchange, while the benchmark Sensex closed marginally higher at 17,503.

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Infotech Enterprises Q4 net profit up 87% at Rs70 crore

The IT company hinted that its net profit may come down in the current quarter due to the proposed salary hike

Hyderabad: Infotech Enterprises posted 87% growth in profit after tax at Rs69.8 crore for the fourth quarter ended 31 March 2012, on strong growth in engineering services vertical, reports PTI.

Revenues for the quarter stood at Rs417.3 crore, up 28% year-on-year basis, BVR Mohan Reddy, chairman and managing director of Infotech said.

Net profit for the fiscal ended 31 March 2012 stood at Rs161.4 crore, a growth of nearly 16% while total revenues grew 30.7% to Rs1,553 crore, he said.

“We started FY13 with a strong order pipeline and a large order back log. We are confident of an equally good FY13. Engineering services contributed Rs1,066 crore to the overall revenues in FY12,” he said.

Margins from the engineering services for the year were at 18.9%, which is a 244 bps improvement over the previous year. The company was also able to increase margins in Q4 by 70 bps over Q3 in spite of rupee appreciation.

Mr Reddy hinted that PAT may come down in the current quarter as the company proposes salary hike. He said, “In spite of the macro-economic uncertainty around the globe, we had a very good year in line with our expectations.”
 
He said the company has been re-aligned into four business units (BU) – aerospace; heavy equipment; transportation and hi-tech; utilities, telecom and content, which reflect the markets and the solutions it provides.

Replying to a query, Mr Reddy said the company is looking for acquisitions in the $40 million-$50 million range. He said Infotech will add 1,500 new employees in the current fiscal. Of this, 30% will be freshers. As on 31 March 2012, the company's headcount was 9,334.

Infotech Enterpises shares closed marginally lower at Rs165.70 per share on the Bombay Stock Exchange, while the benchmark Sensex closed marginally higher at 17,503.

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Indian government says global trade bodies cannot pressurise in Vodafone case

Trade bodies are no one to pressurise on what to tax and what not to and similar retrospective amendment was made in UK last month and Vodafone was made to pay tax there, then why are they having problems in India? a senior official from the Indian government asked

New Delhi: The Indian government on Thursday brushed aside the pressure being built by the global trade bodies in the Rs11,000 crore Vodafone tax dispute case and asserted that the British telecom major cannot invoke the India-Netherlands investment treaty as the $11.2 billion deal was signed in Cayman islands, reports PTI.

"The trade bodies are no one to pressurise the government on what to tax and what not to. Similar retrospective amendment was made in UK last month and Vodafone was made to pay tax there. Then why are they having problems in India?" questioned a senior Finance Ministry official.

Several global bodies have written letters to Prime Minister Manmohan Singh and other ministers saying that the government's proposal to amend Income Tax Act to bring into tax net Vodafone-type overseas deals involving domestic assets would hurt foreign investment.

They have asked US Treasury Secretary Timothy Geithner to raise the controversial issue at ongoing IMF-World Bank Spring Meetings at Washington and also with Finance Minister Pranab Mukherjee during the bilateral talks.

Referring to the recent threat of Vodafone to invoke bilateral investment treaty with the Netherlands on the tax issue, the official said the arbitration clause in the Bilateral Investment Protection Agreement (BIPA) cannot apply in Vodafone-Hutchison deal as it was signed in Cayman islands.

"The deal happened in Cayman islands and they are invoking India-Netherlands BIPA," the finance ministry official said, adding "while in the Supreme Court Vodafone said that the deal happened outside India, under BIPA it is saying it has made substantial investment in India."

Earlier this week the Dutch Subsidiary of UK-based Vodafone served a 'dispute notice' to the government threatening international arbitration under the bilateral investment treaty between India and the Netherlands for retrospective amendment of Income Tax Act.

The proposed amendment in Finance Bill 2012, when approved, would bring overseas deals such as Vodafone's purchase of Hutchison under tax net and the UK-based telecom firm would be liable to pay Rs11,000 crore tax for its acquisition of Hutchison's stake in Hutchison Essar Ltd in 2007.

Vodafone, it may be mentioned, had earlier won the tax dispute case in the Supreme Court which held that the company was not liable to pay Rs11,000 crore stemming from its 2007 acquisition of Hutchison's stake in Hutchison-Essar.

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