Companies & Sectors
Sun Pharma acquires 14 drug brands from Novartis in Japan
Chennai : In a $293 million cash deal India's Sun Pharmaceutical Industries Ltd. has agreed to buy 14 established prescription brands from Novartis AG and Novartis Pharma AG in Japan, the Indian company said.
 
In a statement issued late Tuesday the company said that a wholly-owned subsidiary of Sun Pharma will acquire the portfolio consisting of 14 established prescription brands from Novartis for a cash consideration of $293 million.
 
"These brands have combined annualised revenues of approximately $160 million and address medical conditions across several therapeutic areas," the company said.
 
"Under the terms of the agreements, Novartis will continue to distribute these brands, for a certain period, pending transfer of all marketing authorisations to Sun Pharma's subsidiary."
 
The acquired brands will be marketed by a reliable and established local marketing partner under the Sun Pharma label. The partner will also be responsible for distribution of the brands.
 
"Japan is a market of strategic interest for us. This acquisition marks Sun Pharma's foray into the Japanese prescription market and provides us an opportunity to build a larger product portfolio in the future," Dilip Shanghvi, managing director, Sun Pharma was quoted as saying in the statement.
 
As per the December-2015 IMS Data, the size of the Japanese pharmaceutical market was estimated at $73 billion, accounting for over seven percent of the $1 trillion global pharmaceutical market.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex headed lower – Tuesday closing report
Nifty may move down towards 7,550
 
We had mentioned in Monday’s closing report that Nifty, Sensex might give up some gains and that Nifty would head lower, if it remained below 7,645. On Tuesday, caution over a potential US interest rates hike led to the major indices in the Indian stock markets to close marginally lower than Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
Profit booking, unwinding of long positions ahead of derivatives expiry and caution over a likely US rate hike dragged the key equity markets lower throughout the day's trade on Tuesday. The BSE market breadth favoured the bears -- with 1,690 declines and 948 advances.
 
One of the biggest losers today was Lupin. Brokerage IIFL in a note said that Lupin's Mandideep facility in Madhya Pradesh has received Form 483 from US Food and Drug Administration (US FDA) after an inspection.  According to the US regulator, a Form 483 is issued to a company at the conclusion of an inspection when investigators have observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. Lupin's US business is significantly dependent on Mandideep unit, which contributes revenues of more than $200 million annually, IIFL said. The Bombay Stock Exchange later sought a clarification from Lupin over the matter.  Lupin in a clarification said FDA observations on Mandideep facility are minor in nature and there were total of three observations. "We believe that these observations are minor in nature and have already addressed these observations. We don't expect any disruption to product supply from our Mandideep location," Lupin said. Lupin’s shares closed at Rs1,401.45, down 6.27% on the BSE.
 
The Supreme Court on Tuesday allowed market regulator SEBI to go ahead with the sale of Sahara properties whose unencumbered title deeds are in its possession. The step is being taken to recover investors' money that Sahara groups' two companies had collected from the public through Optionally Fully Convertible Debentures.
 
National Stock Exchange (NSE) on Monday said existing index names Nifty Midcap 100 and Nifty Smallcap 100 have been rebranded as Nifty Free Float Midcap 100 and Nifty Free Float Smallcap 100 respectively. "There would be a change in the names of the following indices in the Index Broadcast window (Top Right corner) and in Multiple Index Broadcast screen in NEAT and NEAT+," said NSE in statement. According to the statement, members using Non-Neat Front end (NNF) can configure/develop their system to receive the index broadcast. The new names will effective from April 1, 2015, the statement added.
 
BSE StAR MF, the premier stock exchange's mutual fund online distribution platform, on Monday said that it processed a record 81,000 orders worth Rs.270 crore on March 23. "The platform received a record mutual fund orders worth Rs1,048 crore on March 23, which is unmatched by any similar platform," the fund said in a statement. The fund processed a whopping 32.65 lakh orders worth Rs43,000 crore from April 15 to March 28 in 2015-16. "Ours is the only platform in the industry with multiple modes of funds and mutual fund unit settlement in demat and non-demat form, with switch over facility," the statement added. To ease transactions, BSE has introduced many features for enabling payments through all modes, including cheques, SMS and e-mail-based order authentication, access to multiple modes of its mutual fund platform, overnight investment framework and digital and real-time registration on the platform.
 

The top gainers and top losers of the major indices are given in the table below:

 
 
The closing values of the major Asian indices are given in the table below:
 
 
 

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5 Maharashtra bureaucrats among others owe Rs65 lakh to the government for overstaying in official accommodation
Officials who owe money to the state government for overstaying include, Thane district's Collector Dr Ashwini Joshi, Kamlakar Fand, Anil Sontakke, Prakash Rathod and PK Jain, reveals an RTI reply
 
In Maharashtra, more than five senior bureaucrats, including those who have retired, owe the state government over Rs65 lakhs for overstaying in official accommodation after end of service or post transfers. The Public Works Department (PWD) has now approached the competent court for recovering the dues from these babus, reveals a reply received under the Right to Information (RTI) Act. 
 
Responding to an RTI query, filed by activist Anil Galgali, the state PWD provided a list of government officials who collectively owe over Rs65 lakhs. Galgali says, "The people who are still working with the Government, the dues can be deducted from the salaries and for those who have been retired, the Government can arrange to collect dues from their pension". 
 
"There are five senior government officials who are yet to pay their rent for overstaying in their official residence, which they continue to occupy illegally," said Galgali, who had filed an application seeking details on the outstanding dues of government officers.
 
According to the information received by Galgali from the PWD, even after her transfer as Collector at Thane in 17 December 2014, Dr Aswini Joshi continues to stay in the flat in Kedar-2 building and owes Rs3.06 lakh for overstaying in the government provided accommodation. Senior officials, Kamlakar Fand owes Rs18.47 lakh, Avinash Zaade Rs4.22 lakh, Anil Sontakke (Judge in the Labour Court) Rs1.11 lakh, Dhanaji Toraskar Rs5.05 lakh, Prakash Kumar Rahule Rs2.43 lakh, Prakash Rathod (former Additional Judge) Rs10.59 lakh, and Pankaj Shah (former Judge) Rs3.22 lakh. The list also include safai kamgars Taramati Palye (Rs48,000), Kashinath Jadhav (Rs2.46 lakh) and carpenter Vasant Panchal (Rs3.96 lakh).
 
Galgali said, what is shocking in this episode is one of the non-payers, is member of the Vigilance Committee. "Maharashtra State Police Vigilance Department's Member Prem Kumar Jain, who is former Principal Secretary of Home and owes Rs9.81 lakh to the government for overstaying. In addition, Jain has taken the Government in the Court in this matter. However, the Government awarded Jain a plum posting in the State Police Vigilance Committee," he added.

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