Strides Arcolab gets FDA nod for Vancomycin oral capsules

The product will be launched immediately through Alvogen on a profit share basis

Strides Arcolab said it has received approval from the US FDA for Vancomycin Hydrochloride capsules, 125 mg and 250 mg. It is an antibacterial indicated to treat infections that include C. difficile-associated diarrhoea and enterocolitis caused by Staphylococcus aureus.

The product will be launched immediately through Alvogen on a profit share basis.

Strides Arcolab’s shares closed at Rs631.90 per share on the Bombay Stock Exchange, up 6.02% from its previous close.

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ICICI Prudential MF launches new capital protection oriented fund

The new fund would invest a portion of the portfolio in good quality debt securities and money market instruments

ICICI Prudential Mutual Fund has launched ICICI Prudential Capital Protection Oriented Fund II - Series XI - 12 Months, a close-ended income scheme. The tenure of the scheme is 373 days.

The investment objective of the scheme is to seek to protect capital by investing a portion of the portfolio in good quality debt securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities.

The minimum subscription amount is Rs5,000. The new fund offer closes 12th April 2012.

The benchmark index for the scheme is CRISIL MIP Blended Index. The fund managers are Chaitanya Pande (debt portion) and Rajat Chandak (equity portion).

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OBC cuts lending, deposit rates by up to 0.5%

While some of the large public sector banks have increased deposit rates, OBC has in fact has  reduced it

New Delhi: State-owned Oriental Bank of Commerce (OBC) slashed base rate or minimum lending rate by a marginal 0.1% while fixed deposit rates on select maturities by up to 0.5%, reports PTI.

The bank has reduced the base rate by 10 basis points to 10.65% from 10.75%, OBC said in a statement.

 The reduction in base rate will make all kind of loans, including housing, auto loans cheaper by at least 0.1%.

The new rate would be effective from Thursday, the lender said.

As far as deposit rates are concerned, the bank reduced interest rate on fixed deposits with maturity between 1-2 years by 0.25% to 9.50%.

For term deposits worth Rs15 lakh to Rs1 crore with maturity between 46-90 days, the new interest rate will be 0.5% lower than the existing 9%.

Further the bank has increased its rate of interest applicable for senior citizens from 0.5% to 0.6% over and above the card rate.

The new fixed deposit rates would be effective from 16 April 2012.

Interestingly, some of the large public sector banks like Bank of Baroda, Bank of India raised their deposit rates upwards last month.

Increased in the fixed deposit rates by these banks was due to tight liquidity situation.

To improve liquidity in the system, RBI in March had reduced the cash reserve ratio (CRR)-- the portion of deposits banks require to keep with the central bank -- from 5.5% to 4.75%.

With the reduction, the central bank pumped in Rs48,000 crore in the economy.

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