Marg wins order worth Rs237.58 crore from Bhavnagar Energy

The time frame for completion of the project is 24 months

Chennai based Marg Ltd has won an EPC work order worth Rs237.85 crore from Bhavnagar Energy Company in Gujarat. The work order includes a sea water intake, outfall and circulating water system for the 2x250MW lignite based thermal power plant at Padva in Bhavnagar, Gujarat.

The scope of work includes laying submarine pipeline of 5km in the sea of Gulf of Cambay. The time frame for completion of the project is 24 months.

On Tuesday, Marg ended 0.47% down at Rs94.45 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.87% to 18,518.22.

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JSW Steel Q1 net profit jumps 64% to Rs485 crore

JSW Steel’s total income for the quarter ended 30 June 2011 was up 53.47% to Rs7,455.67 crore from Rs4,858.09 crore a year ago

JSW Steel said that its consolidated net profit for the quarter ended 30 June 2011 jumped 64.25% to Rs485.16 crore from Rs295.37 crore for the corresponding quarter in the previous year.

During the same period, its total income was up 53.47% to Rs7,455.67 crore from Rs4,858.09 crore a year ago.

On Tuesday, JSW Steel ended 0.13% up at Rs870.35 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.87% to 18,518.22.

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Lupin settles patent suit with Medicis over generic version of Solodyn ‎

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.

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