Lupin will market and distribute the entire range of Huminsulin brand. The total sales of the brand is close to Rs125 crore
Drug firm Lupin said it has inked a pact with Eli Lilly to promote and distribute the US firm's anti-diabetic drugs, including Huminsulin RTM in India and Nepal.
"Lupin and Eli Lilly have entered a strategic collaboration to promote and distribute Lilly's Huminsulin range of products, including Huminsulin RTM, Huminsulin NPHTM, Huminsulin 50/50TM, Huminsulin 30/70TM and Humapen Ergo II," Lupin said in a statement.
Lupin's India formulations business will promote and distribute the range of products in India and Nepal, virtually doubling the number of sales representatives behind the diabetes care product, it added.
According to IMS June 2011 data, the total Indian insulin market is valued at Rs975 crore and Huminsulin is the second biggest brand portfolio in the same.
"Lupin will market and distribute the entire range of Huminsulin brand. The total sales of the brand is close to Rs125 crore," the company said.
In the late afternoon, Lupin was trading at around Rs455.55 per share on the Bombay Stock Exchange, 0.21% up from the previous close.
Total revenues of Idea Cellular were up 23% at Rs4,520.72 crore for Q1, FY11-12
Telecom service provider Idea Cellular reported a 12% decline in consolidated net profit to Rs177.26 crore for the first quarter ended 30 June 2011.
The company had reported a net profit of Rs201.4 crore for the same period in financial year 2010-11, Idea Cellular said in a filing to the Bombay Stock Exchange.
However, total revenues of company were up 23% at Rs4,520.72 crore for Q1, FY11-12, compared to Rs3,653.7 crore in the same quarter of Q1, FY11.
In the late afternoon, Idea Cellular was trading at around Rs98.30 per share on the Bombay Stock Exchange, 4.19% up from the previous close.
Mahindra & Mahindra, today reported a 37.84% jump in its net profit for the quarter ended 30 June 2011, compared to Rs74 crore in the year-ago period
Mahindra & Mahindra Financial Services reported a 37.84% jump in its net profit for the quarter ended 30 June 2011, compared to Rs74 crore in the year-ago period.
Total income grew by 40.65% to Rs564 crore against Rs401 crore in the year-ago period.
"Having a diversified portfolio has helped us achieve this performance across the board. We have been aggressively financing commercial and construction equipment vehicles," Mahindra Finance managing director Ramesh Iyer told PTI.
Mr Iyer attributed the higher numbers to the lower non-performing assets, coupled with buoyant rural cash flow.
"We have improved our collection efficiency, bringing the NPAs down. This is the main reason for our profits," he said.
The firm's gross NPA currently stands at 4%, while the net NPA is much lower at 1%, he added.
Gross advances of the company, which has 559 offices, grew 34.34% to Rs3,834 crore over Rs2,854 crore, he said, adding that the network will touch 600 by March.
Mahindra Finance is a non-banking financial company and is into vehicle finance, both new and old, insurance brokering and rural housing finance.
Though Mr Iyer sounded bullish on growth, especially on the rural home finance front, he admitted that the recent 50 bps hike by Reserve Bank would put pressure on volumes.
On whether they would increase the lending rates, Mr Iyer said, "We are awaiting how the banks are responding to the RBI action. If the banks pass the hike to borrowers, then we would have to take a view. But we don't believe in passing on every rate hike burden to our customers." The company's average lending rate is 16%.
The RBI raised its short-term lending (repo) rate by 50 basis points to 8% and the short-term borrowing (reverse repo) rate by a similar margin to 7% to bring down inflation, this was the 11th hike in 15 months. Headline inflation for June stood at 9.44%.
In the late afternoon, Mahindra Finance was trading at around Rs669.05 per share on the Bombay Stock Exchange, 4.91% up from the previous close.