Lupin has also signed a pact with Medicis for development of multiple therapeutic compounds
Drug maker Lupin said it had settled all patent litigation over Solodyn tablets with Medicis Pharmaceutical Corp and signed a pact with the US-based firm for development of multiple therapeutic compounds. The pact would entail the Indian company receiving up to $38 million (over Rs165 crore).
After the settlement agreement for the anti-biotic used for treating acne, Lupin is entitled to sell its generic versions of Solodyn in 45mg, 90mg and 135mg strengths under a licence from Medicis commencing November 2011, or earlier under certain conditions, a company statement said.
The settlement also entitles Lupin to sell its generic versions of Solodyn in 65mg and 115mg strengths under a license from Medicis effective in February 2018, it added.
Further, Lupin can sell its generic versions of Solodyn in 55mg, 80mg and 105mg strengths under a license from Medicis effective in February 2019, or earlier depending on certain conditions. In another development, the company said it had also signed a research and development agreement with Medicis Pharmaceutical Corp. Under the terms of the agreement, Lupin will receive a $20 million (nearly Rs90 crore) upfront payment from Medicis, it said.
The company will be primarily responsible for formulating certain novel therapeutic products for Medicis, utilising several of Lupin's formulation technologies, it added.
On the other hand, Medicis will have global exclusive rights (excluding India) for the products developed under the agreement, it said.
On Tuesday, Lupin ended 1.18% up at Rs462.65 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.87% to 18,518.22.
The other income of the company stood at Rs180.07 crore compared to Rs100.44 crore in the year-ago period. "It will be interesting to see if the MSI can sustain this growth in the next quarter," MSI chief financial officer Ajay Seth said
New Delhi: Amid challenging environment of high interest rates and fuel prices, Maruti Suzuki India (MSI), the country's largest car-maker today reported an 18.02% increase in net profit for the first quarter ended 30th June 30 to Rs549.23 crore, up from Rs465.36 crore for the same quarter of the last fiscal, reports PTI.
Total income from operations during the quarter stood at Rs8,529.30 crore against Rs8,309.18 crore in the same period last fiscal, an increase of 2.65%.
The better-than-expected result was partly on account of about 80% jump in other income to Rs180 crore.
"External environment was challenging from both volume and margin perspective... Petrol prices were unprecedented and interest rate hikes hurt customer confidence (during the quarter)," MSI chief financial officer Ajay Seth said in a conference call with analysts.
Higher commodity prices and foreign exchange volatility also put greater pressure on margins compared to the corresponding period of the previous fiscal, he added.
Mr Seth said the market was sluggish, mainly due to a sharp increase in fuel prices and higher interest rates.
The company's total sales were marginally down during the quarter, at 2,81,526 units, as against 2,83,324 units in the same period in 2009-10.
During the quarter, MSI sold 2,50,683 units in domestic market. Exports were at 30,843 units as against 40,437 units in the same period of the previous year, down 24%.
Mr Seth said export volumes decline was mainly on account of lower demand from Europe.
"Europe used to account for about 50% of total exports last year but this quarter it has declined to 33%," he said, adding MSI is diversifying into other markets.
He also said the 13-day-long strike by workers at the Manesar pant of the company had also impacted the overall performance.
Analysts, however, pointed out that MSI's results were above expectations.
"This is a very optimistic result for Maruti as numbers are very optimistic. We were not expecting such good numbers as the last couple of months were not very good for MSI," IHS Automotive India managing director Deepesh Rathore told PTI.
"The high other income during the quarter may have given a very good boost. It will be interesting to see if the MSI can sustain this growth in the next quarter," he added.
The other income of the company stood at Rs180.07 crore compared to Rs100.44 crore in the year-ago period.
Mr Seth said "some capital gains due to some long-term investments and higher yields" helped in higher other income.
During the period under review, consumption of raw materials and components cost rose to Rs6,502.35 crore as against Rs6,079.72 crore in the same period of the last fiscal.
Mr Seth said the company tried to reduce the impact by implementing cost reduction measures and calibrated price rise of its products.
Commodity prices have almost stabilised and rubber prices are likely to come down in the coming quarters, he added.
Commenting on the outlook, Mr Seth said: "Market conditions continue to be sluggish and the rate hike by the RBI by 50 basis points will have an effect on consumer sentiment."
The festive season however would act as a positive trigger for sales, he added.
To push volumes during the last quarter, MSI's discounts went up by an average of Rs1,200 per vehicle and it is likely to go up further.
When asked about the new Swift, Mr Seth said the company will launch the car next month and it has already received bookings of about 30,000 units. It will start with producing 15,000-17,000 units of the new Swift every month.
The company is likely to launch the DZiRE on the new Swift's platform in the next 6-8 months.
Elaborating on its exports, Mr Seth said revenue from the overseas market stood at Rs867 crore in April-June quarter.
"Europe is still down. So we are diversifying into other markets. At present we are exporting to 100 markets," he said.
Besides, the company's rural sales contributed about 20% to the total sales.
Shares of the company ended 0.32% down at Rs1,177.95 apiece on the Bombay Stock Exchange, amid overall market weakness.
It seems that a female diplomat has been caught by the FBI with a large sum of money that might actually belong to you!
Nigerian scam messages have been doing the rounds since the time there have been spam emails. The standard email declares that the receiver will get a large sum of ill-gotten money and that he would have to part with some money to claim the full amount. Further, the receiver must give details of his bank account to the sender. It's a wholesale fraud with no chance of recovering the money one may spend, let alone gaining any money.
In a new twist in these emails, the sender describes the case of a female diplomat caught by the Federal Bureau of Investigation (FBI) with a large sum of money. The sender informs that the receiver is the rightful owner of the money and that the money originates from Nigeria. All that you need to do in order to gain ownership of the money, is to produce some Nigerian documentation that says the money is legal and that you are the owner; that is, an Award Ownership Certificate must be secured from the office of the senate president in Nigeria. But if one doesn't know how to go about it, he should contact Dr Ernest Ebi (on email: [email protected] ) in Nigeria. Again, this is another scam to get people to spend money, in the chase for a large amount of money that does not exist at all.
Time and again, these scams surface through email, trying to trap the gullible and greedy, who are ever-willing to chase the money that is promised, even if it does not belong to them in the first place.
The email concludes with the warning that if the money is not claimed within three days, it would be confiscated into a World Bank account and you could be prosecuted for money-laundering. This pushes the greedy person to act immediately, make contact, and lose money in the process.
It is important that people do not reply to such messages, or give banking particulars in reply to these spam messages. Most certainly, people should not spend money to chase such ever-elusive fortune. Until Internet technology improves and can completely block communications from such scamsters, we must stay cautious and not try to contact them.