Net sales of Strides Arcolab stood at Rs527.47 crore for the first quarter ended 31 March 2012, as against Rs487.47 crore in the same period previous year
New Delhi: Pharma major Strides Arcolab reported a consolidated net profit of Rs642.18 crore for the quarter ended 31 March 2012, primarily on the back of its entire stake sale in Australian arm “Ascent Pharmahealth”, reports PTI.
The Bangalore-headquartered firm had sold its entire stake in Australian subsidiary Ascent Pharmahealth to Watson Pharmaceuticals for Australian $375 million in January this year.
The company had posted a net profit of Rs45.08 crore in the same period last year, Strides Arcolab said in a statement.
Net sales of the company stood at Rs527.47 crore for the first quarter ended 31 March 2012, as against Rs487.47 crore in the same period previous year.
Commenting on the results Strides Arcolab vice- chairman and Group CEO Arun Kumar said: “The quarter’s strong operational performance in both specialties and pharma businesses reflect the company's strongly articulated niche IP led strategy.”
“Agila’s performance is driven by significant operating leverage and ramp up in capacity utilisation with continued regulatory approval momentum,” he added.
Agila, which is the specialties business of Strides Arcolab is focused on key domains such as oncolytics, penems, pencillins, cephalosporins, ophthalmics, peptides and biosimilars.
On a standalone basis, the company posted a net loss of Rs28.15 crore for the first quarter. It had posted a net profit of Rs12.74 crore in the same period last year.
Strides Arcolabs’ shares closed at Rs645.30 on the Bombay Stock Exchange, 2.27% down from the previous close.
IRDA has made available a revised proposal form for life insurance in respect of individual policies
The Insurance Regulatory and Development Authority (IRDA) proposed to mandate a revised proposal form for life insurance in respect of individual policies. It is available on the website of IRDA www.irda.gov.in as an exposure draft. The regulator has invited comments from all stakeholders, particularly from the agents and brokers.
Feedback on the draft regulations may be sent to [email protected] by 15 May 2012.
Please use this link to download the Exposure draft from the IRDA website.
“The officials deputed are adept at handling tax evasion cases and international tax treaties and will also help the I-T department liaise with authorities of these countries in tax cases including various high-profile cases which the I-T is currently investigating,” a senior finance ministry official said
New Delhi: The government has deputed eight senior IRS (Indian Revenue Service) officers to officiate as first secretaries in the newly-created Income Tax (I-T) overseas units in countries like the US, the UK and Japan as part of efforts to curb the problem of black money and illegal funds stashed away abroad, reports PTI.
Income tax officials, having tenure of three years, will function from the Indian Missions in Washington DC (the US), London (the UK), Berlin (Germany), Paris (France), The Hague (Netherlands), Abu Dhabi (the UAE), Cyprus (Nicosia) and Japan (Tokyo).
The orders for the deputation of an IRS officer to Japan were awaited and the same were issued last evening.
The units will be operational very soon as these officers will join in some time at their designated locations, official sources said.
Finance minister Pranab Mukherjee, during his Budget speech, had made a big allocation for setting up these I-T overseas offices.
While the initial budgetary allocation for these units was Rs2.41 crore in the last fiscal, it has been raised to Rs18.20 crore in the current year.
“The officials deputed are adept at handling tax evasion cases and international tax treaties and will also help the department liaise with authorities of these countries in tax cases including various high-profile cases which the I-T is currently investigating,” a senior finance ministry official said.
The officials at these units will also help investors from abroad understand Indian tax laws and procedures so that they can make informed decisions, the official said.
The units would also obtain information on tax and financial data of investments made by individuals and institutions in these countries and facilitate any data on investment or routing of money in the country and vice-versa.
“This information helps during investigations in cases of tax evasion and ensuring tax compliance under the provisions of the Double Taxation Avoidance Agreement (DTAA) and other tax treaties,” the official said.
As a number of I-T probes are linked to these countries, the finance ministry expects that by having an office in these nations, it would help expedite the investigation process.
Two such units in Singapore and Mauritius are already operational since 2010.