Magma Fincorp to disburse Rs240 crore retail loans in Tamil Nadu

Magma Fincorp Ltd, a retail asset finance company, said it will disburse Rs240 crore in retail loans in Tamil Nadu during 2010-11.

Headquartered in Kolkata, the company already has a well spread out presence in Tamil Nadu with seven offices.

Dhrubashish Bhattacharya, vice president, Magma Fincorp Ltd said, "By penetrating deeper, we will focus on providing asset finance to the economically disenfranchised in the state. We expect to grow our business in the state by over 170% in this financial year. There would be a considerable increase in our manpower requirements to meet the target. Our target is to enhance our market share in the state."

On Friday, Magma Fincorp shares declined 2.1% to Rs78 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.9% up at 20,045 points.

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Suzlon crosses 5,000 MW of wind power installations

Wind turbine manufacturer, Suzlon Energy Ltd (SEL) said it has crossed 5,000 MW of cumulative installations in India, underlining the strong momentum in India's fast growing wind energy market.

This cumulative power generation capacity has the potential to light up 4 million homes annually. Suzlon has cumulatively added over 5,000 MW of wind power capacity for over 1,500 customers in India across 40 sites in eight states.

On Friday, Suzlon shares gained 1.1% to Rs54 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.9% up at 20,045 points.
 

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Aurobindo gets FDA nod for three generic antibiotic injections

Drug firm Aurobindo Pharma Ltd said it received final approvals from the US health regulator to sell multiple strengths of its generic ampicillin and sulbactam for injections.

The company said, the US Food and Drug Administration (USFDA) has approved its three Abbreviated New Drug Applications (ANDA) for ampicillin and sulbactam antibiotic injections that are used for treatment of skin infections, abdominal and gynecological infections.

 "The product has a market size of about $50 million according to IMS Health as of June 2009 and is ready for launch," the company said.

With these approvals, the company's penicillin sterile injectable formulation facility in Hyderabad, now has five injectable products approved by USFDA. Aurobindo has a total of 126 ANDA approvals (97 final approvals and 29 tentative approvals) from USFDA.

On Friday, Aurobindo Pharma shares rose 1.5% to Rs1,062 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.9% up at 20,045 points.
 

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