NMDC to set up Rs150-crore plant in Karnataka

NMDC will be setting up a 300,000-tonne capacity plant to make iron ore concentrate from iron ore waste with an investment of Rs150 crore in Karnataka

State-run miner NMDC Ltd will be setting up a 300,000-tonne capacity plant to make iron ore concentrate from iron ore waste with an investment of Rs150 crore in Karnataka, a top executive of the PSU said.

The mining major has reserves to the extent of 12 million tonnes of iron ore waste from which iron can be extracted further. The waste has been generated over a period from regular mining, NMDC chairman and managing director Rana Som said.

"We have evolved certain processing mechanism in our R&D centre whereby we are in a position to extract a certain percentage of iron from them (waste). We are spending Rs150 crore for a 300,000 tonne per annum plant in Donimalai (Karnataka) where the waste are available," he said.

On Thursday, NMDC ended 1.24% down at Rs265.75 on the Bombay Stock Exchange, while the benchmark Sensex declined 3% to 17,632.41

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Dhanlaxmi Bank revises short term deposit rates

Dhanlaxmi Bank has revised interest rates on its short term domestic deposits, by 75 to 300 basis points

Dhanlaxmi Bank Ltd has announced an upward revision of interest rates on its select short term domestic deposits, by 75 to 300 basis points. The new rates, effective today, are applicable for card rate slabs of term deposits of less than Rs15 lakh and for deposits of Rs15 lakh and above and up to and inclusive of Rs1 crore.

For short term deposits with maturity period between 46-90 days, the bank will offer interest rates of 9.00% p.a., an increase of 300 bps across both the card rate slabs.

The recently introduced medium term maturity of 500 days will continue to be offered at a peak interest rate of 9.00% p.a. and 9.35% p.a. for term deposits of less than Rs15 lakh and for deposits of Rs15 lakh and above, respectively. The bank had launched the 500 days maturity on 20 January 2011.

The bank will offer interest rate of 8.75% p.a. for deposits across both the slabs with a tenor of between 91-179 days, an increase of 150 bps and 125 bps. Interest rate of 9.25% p.a. will be offered on medium term deposits with maturity between 180-365 days, an increase of 125 bps for term deposits of less than Rs15 lakh and increase of 75 bps for deposits of Rs15 lakh and above. Rates for short term deposits between 7-14 days and 15-45 days have been kept unchanged at 3.50% and 5.00%, respectively.

For both the card slabs, interest rates for long term maturities of 366-499 days, 501 days & above up to and inclusive of 2 years and for the bucket of above 2 years up to and inclusive of 5 years too have been kept unchanged at 8.60%, 8.60% and 8.75% respectively. Senior citizens will be eligible for an additional rate of 0.50% p.a. for tenures starting from 180 days and above, as before.

On Thursday, Dhanlaxmi Bank ended 2.99% down at Rs105.45 on the Bombay Stock Exchange, while the benchmark Sensex declined 3% to 17,632.41

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Venus Remedies gets Sulbactomax patent from IMPI

Venus Remedies will be launching Sulbactomax in the Mexican market by 2012

Venus Remedies Ltd, a research based Indian pharmaceutical company, has received a patent grant from the IMPI (Instituto Mexicano de la Propiedad Industrial) for its product Sulbactomax. With this grant Venus Remedies has Sulbactomax patent in total 42 countries, including Europe, and the patent for this product is valid till 2024.

Pawan Chaudhry, CMD, Venus Remedies, said, "Venus Remedies will be launching Sulbactomax in the Mexican market by 2012 and is targeting to capture 1% of the total $176 million anti-infective market in the launch year itself."

The Mexican pharmaceutical market is the world's ninth largest, leading and the most developed in Latin America. Per-capita spending on pharmaceuticals in Mexico is the highest in Latin America ($110) and is rising at about 6% per year. The Mexican pharmaceuticals market is worth $19.0 billion and is growing at a CAGR of 7.1%.

Mr Chaudhary further added, "Mexico, at present, is facing a high prevalence of extended spectrum betalactamases (ESBLs) producing and multi-resistant microbes. Sulbactomax effectively kills resistant bacterial strains by breaking bacterial biofilms and has efficacy against penem resistant strains also."

Sulbactomax is the breakthrough in antibiotic therapy with triple mechanism of action. Sulbactomax, along with a chemical vector as third ingredient, is used for a wide range of indications due to its unique capability of fighting against resistance. It is effective against ESBLs like lower respiratory tract infections, urinary tract infections, pre and post operative infections.

Sulbactomax with IP protection is an effective means to tackle the growing resistance towards Cephalosporin which has a market worth $9.7 billion globally.

On Thursday, Venus Remedies ended 0.42% down at Rs214.50 on the Bombay Stock Exchange, while the benchmark Sensex declined 3% to 17,632.41.

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