Orchid Pharma gets FDA nod for Naratriptan tablets

Naratriptan tablets, used for the treatment of migraine headaches, are the generic equivalent of GSK's Amerge tablets

Mumbai: Chennai-based pharma company, Orchid Chemicals & Pharmaceuticals Ltd on Wendesday announced that it has received approval from US FDA for its ANDA (Abbreviated New Drug Application) for Naratriptan tablets in the 1 mg and 2.5 mg strengths, reports PTI.

Naratriptan tablets, is used for the treatment of migraine headaches are the generic equivalent of GSK's Amerge tablets, a company statement said.

With exports spanning more than 75 countries, Orchid is the largest manufacturer-exporter of cephalosporin bulk actives in India and is ranked amongst the Top 5-cephalosporin producers in the world.


Indian ADRs lose $650 million of market value in April

Among the entities listed as ADRs, 11 companies witnessed a slump in their respective market capitalisation, while the remaining five saw gains in their valuation

New York: Shares of Indian companies trading on American bourses collectively witnessed a value erosion of nearly $650 million in April, with IT giants Infosys and Wipro accounting for most of the losses, reports PTI.

In April, about 15 Indian entities listed on the New York Stock Exchange and Nasdaq saw their cumulative market value declining by $647 million. This was in comparison of a collective loss of about $5.69 billion in March.

Among the entities listed as American Depository Receipts (ADRs), 11 companies witnessed a slump in their respective market capitalisation, while the remaining five saw gains in their valuation.

Market experts believed Indian ADRs gave negative return to investors in April as the counters performed poorly due to the decline in the Indian equity market.

ADRs are bought and sold on American markets just like stocks and are issued by a bank or brokerage firm.

Infosys was the worst performer among the ADRs in terms of the erosion in value on a percentage basis and in absolute term, while Tata Motors was the best in both categories.

Infosys' market capitalisation plummeted by $5.55 billion to $27.07 billion, while that of Wipro fell by $3.27 billion to $23.61 billion. The valuation of auto maker Tata Motors rose sharply by $9.23 billion to $94.83 billion.

Meanwhile, the US market saw a marginal gain in April, while Indian equity saw a decline in the month.

In April, the US benchmark index Dow Jones Industrial Average (DJIA) closed at 13,213.63 points, up 0.01% from the previous close, whereas India's key 30-share Sensex index lost 0.49% to settle at 17,318.81 points.

In the banking sector, ICICI Bank's market capitalisation tumbled by $460 million to $19.63 billion, while that of HDFC Bank went down by $210 million to $26.40 billion.

Sterlite industries' ADR plunged by $328 million to $6.85 billion and valuation of Dr Reddys' Laboratories saw a fall of $125 million to $5.73 billion.

Among other losers, Sify Technologies, Rediff.Com, WNS Holdings and MTNL saw their valuations slipping in the range of $14 million to $43 million.

On the other hand, Genpact and EXLService Holdings, Tata Communications, Dr Reddy's Laboratories ended in the positive territory.


MCHI, CREDAI calls off strike

Apart from delay in approvals, over-regulation is another cause of concern for developers, who had decided to go on a token strike on Thursday, which is now called off

Mumbai: Maharashtra Chamber of Housing Industry (MCHI) on Wednesday said it has called off its one-day strike scheduled for tomorrow, to protest against decision deficit and policy paralysis in the state and central governments and various bodies, reports PTI.

"After our meeting with Maharashtra Chief Minister Prithviraj Chavan yesterday, who assured us that the government was serious about our concerns, we decided to call off the strike that was scheduled for tomorrow (Thursday)," MCHI secretary Boman Irani told reportes.

A large number of realty organisations, including MCHI and Confederation of Real Estate Developers' Association of India (Credai), had joined hands to go on a token strike on 3rd May to protest against the delays in approvals.

"We want to work shoulder-to-shoulder with the government in creating affordable housing stock. But the major hurdle is approvals. We do not expect over-night miracles to happen. The government has said it is sensitised of the issues of developers. We expect some decision in the coming weeks," he said.

During the meeting with the minister, MCHI requested formation of special committee with a mandate to meet weekly and to come up with recommendations for creating policies, rules and schemes on affordable housing within the Mumbai Metropolitan Region (MMR) within 30 days.

"We request for decision on the same in the next 30 days," he said.

When asked about its stand on the establishment of a regulatory authority, MCHI vice-president Dharmesh Jain said, "Apart from delay in approvals, over-regulation is another cause of concern for developers. A regulator is acceptable if entire process of development from granting approvals to delivering is regulated by the authority. It has to look at all aspects and not just the developers."

Mr Jain further said, "For the success of the affordable housing scheme of the government, what we need is speedy approvals. Unless that does not happen, we will not be able to create volumes and therefore there cannot be any correction in prices."


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