Ranbaxy launches Atorvastatin in Germany

On 30th November, Ranbaxy had launched Atorvastatin, a generic version of Lipitor in the US market

Gurgaon-based Ranbaxy Laboratories Ltd has launched Atorvastatin Basics, a generic version of the cholesterol lowering drug Sortis in the German market.
Atorvastatin Basics is launched in the strength of 10mg, 20mg, 40mg and 80mg.

Ranbaxy had obtained, pursuant to a settlement agreement with Pfizer, the rights to an early entry of Atorvastatin in the German market. Pfizer's patent for Sortis expires in Germany on 7th May. Daiichi Sankyo Deutschland GmbH will assist in the launch of Atorvastatin Basics. Daiichi Sankyo has a substantial reach amongst cardiologists and physicians in the German market.

Apart from Germany, Daiichi Sankyo and Ranbaxy are working on synergies in other countries, such as India, Romania, Italy and Mexico, among others.
Earlier on 30th November, Ranbaxy had launched Atorvastatin, a generic version of Lipitor in the US market with 180 days of marketing exclusivity, as it was a first-to-file (FTF) applicant on the product. Recently, Ranbaxy also introduced generic Atorvastatin in Australia with three months exclusivity.

In the late afternoon, Ranbaxy was trading at around Rs411 per share on the Bombay Stock Exchange, 1.57% down from the previous close.

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Axis Bank, NIIT IFBI launch diploma program in retail banking

The program aims to build a pool of modern banking professionals for Axis Bank

Axis Bank and NIIT Institute of Finance, Banking & Insurance Training Ltd (IFBI) has launched post graduate diploma in retail banking (PGDRB), a career program designed for Axis Bank. The program aims to build a pool of modern banking professionals for Axis Bank. To this end, IFBI has designed a comprehensive program that builds competencies on 4 dimensions—domain, application, technology and customer-service needed by banking professionals.

Admission to the PGDRB Program will be through admission test and interview. The selected candidates will be provided with provisional appointment letters at the time of enrolment, and after successful completion of the program will join Axis Bank at the officer level.

After completion of the program students will join Axis Bank as front desk officers who are the first point of contact for customers.

In the late afternoon, Axis Bank was trading at around Rs1,160 per share on the Bombay Stock Exchange, 0.9% up from the previous close.

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NHAI to miss target of building 2,500 km roads in FY11-12: Report

NHAI’s execution rate has been positive on a y-o-y basis from the current 5.8 km per day as compared to 4.9 km/day, but it is still insufficient to meet the target

Policy paralysis, difficulty in getting environment clearance and achieving financial closures has taken toll on the execution of projects by the National Highway Authority of India (NHAI). A recent report suggests that NHAI is likely to miss its targets to build 2,500 km roads in FY11-12. It also indicates that building 20 km a day is a far-fetched dream.

A report prepared by PINC Research says, “Total length (of roads) completed has only increased by 8.6% y-o-y (year-on-year) till December end, despite record awarding of projects last year. Till December 2011 the NHAI has completed 1,258 km of roads and is likely to miss its target of 2,500 km. However, we expect NHAI to complete around 2,110 km in FY11-12, an 18.2% y-o-y growth.”

According to the report, NHAI has a total target of 7,300 km road projects of which 4,285 have been awarded till FY11-12 while award to 3015 km of road projects are pending. “Considering the awarded projects, current bid stage and execution; we believe NHAI will miss both its target of awarding and completion. Till date (FY11-12), NHAI has awarded approximately 4,285 km of road projects worth Rs408.90 billion. We believe it is difficult for NHAI to award around 7,300 km this fiscal, as current bid stage of projects suggest possibility of awarding nearly 1,635 km by end of March. Though NHAI may stretch and award around 2000-2200 km, still it will fall short by nearly 800-1000km of awarding.”  

NHAI’s execution rate has been positive on a y-o-y basis from the current 5.8 km per day as compared to 4.9 km/day, but it is still insufficient to meet the target. “We have factored in execution of about 2,110 km and awarding of nearly 6,285 km in FY11-12. To achieve 20 km/day of target requires nearly 22,000 km of work in progress, which currently stands at approximately 13,258km. Hence, we believe it would be an uphill task to achieve 20 km/day target,” the report says.

Recently the Cabinet Committee on Infrastructure approved three projects worth Rs35 billion spanning 332 km. The PINC report says that, “Though we have witnessed very competitive bidding throughout last year, we believe competition would ease going forward, as already developers are facing challenges regarding financial closures and our channel check suggests nearly 40 projects are on the block. Our stance gets further vindicated by looking at the recent bid of Kiratpur-Ner Chowk in Himachal Pradesh won by ILFS Transportation that witnessed only four bidders.”

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