Companies & Sectors
Ranbaxy Q4 loss narrows to Rs396 crore

During the December quarter, the Daiichi Sankyo unit said it loss narrowed to Rs395.96 crore from Rs616.01 crore a year ago

Ranbaxy Laboratories (Ranbaxy), a unit of Japanese Daiichi Sankyo Co Ltd pharmaceutical company said its fourth quarter net loss narrowed despite lower sales and higher expenses on legal and professional fees.
 

For the quarter to end-December, the pharmaceutical company said its standalone net loss narrowed to Rs395.96 crore from Rs616.01 crore while total sales declined 5% to Rs1,327.63 crore from Rs1,401.42 crore, a year ago period.
 

“Ranbaxy has been strengthening its base business in key markets including India, Eastern Europe and Commonwealth of Independent States (CIS) and the US which has helped us recover our margins. We are facing some major regulatory challenges and are disappointed with the developments,” said Arun Sawhney, chief executive and managing director of Ranbaxy.
 

During the quarter, the Daiichi Sankyo unit made higher provisions as it faced legal threats from US Food and Drug Administration (USFDA) which had banned supplies from Ranbaxy’s Toansa plant in Punjab.
 

Ranbaxy made inventory provisions of Rs270.34 crore in concern of matters of its Toansa unit while spending Rs161.03 crore as legal and professional expenses and Rs128.04 crore on research and development (R&D) activities during the fourth quarter.
 

During December quarter Ranbaxy’s domestic market sales increased 8% to Rs591.92 crore from Rs547.64 crore while its overseas sales fell 14% to Rs735.71 crore from Rs853.78 crore, same period last year.
 

Ranbaxy said it had filed three abbreviated new drug application (ANDA) for the US market during the quarter.
 

Ranbaxy closed Wednesday 5.7% higher Rs340 on the BSE, while the 30-share Sensex ended the day flat at 20,261.
 

For more stock results, check out this page
 

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Green Tribunal asks govt to monitor, stop illegal sand mining in CRZ

The Tribunal asked governments of Maharashtra, Gujarat and Goa to have regular vigil in the coastal areas and arrest illegal sand mining in the area, which falls within the CRZ

The National Green Tribunal (NGT) has asked state governments of Maharashtra, Gujarat and Goa to instruct Coastal Police Stations for taking immediate steps to have regular vigil in the coastal areas and arrest illegal sand mining in the area that falls within the Coastal Regulation Zone (CRZ) area.

 

Sumaira Abdulali-led Awaaz Foundation had filed an application before the NGT against illegal coastal sand mining. The Tribunal found, prima facie, the existence of sand mafias in coastal areas of Maharashtra. The NGT also ordered Awaaz Foundation to identify and point out those who are dealing with illegal sand mining and the state government to take help from Coastal Police, Home guards, NGOs and locals to stop the illegal activity.

 

"The photographs placed on record on the other hand prima facie show that there was grazing, heavy activity of sand extraction from the coastal area. It prima facie appears, therefore, that monitoring activity is not effectively carried out, so as to arrest illegal extraction of sand from the coastal zone area. We cannot overlook the fact that there is regular abusive use of sand for construction activities, which are growing manifold," the Tribunal said in its order.

 

The NGT also asked Maharashtra Coastal Zone Management Authority (MCZMA), district collectors and commissioners of all the coastal zones and districts to submit a status report as well as take stern actions against all the sand Mafias as well as those responsible for illegal extraction of sand in the coastal zone.

 

The next hearing is scheduled for 11 March 2014.

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Life Insurance: LIC’s Products With Shorter Policy Term

Were the ‘favourite’ products sold till 2013 really a better deal? LIC has reduced the policy...

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