Tainwala Chemical And Plastic (I) Ltd said it appointed Dungarmal Tainwala as its compliance officer.
On Thursday, Tainwala Chemical shares declined 1.2% to Rs16 on the Bombay Stock Exchange, while the Sensex closed 0.8% up at 18,113 points.
Glenmark Pharmaceuticals Ltd said its subsidiary Glenmark Generics Ltd received an abbreviated new drug application (ANDA) approval from the US Food and Drug Administration (USFDA) for its norethindrone acetate tablets in 5mg. The company will start marketing and distribution of the product in the US immediately.
Norethindrone Acetate is the generic version of Duramed Research Inc's aygestin and is used for the treatment of secondary amenorrhea, endometriosis and abnormal uterine bleeding due to hormonal imbalance in the absence of organic pathology such as submucous fibriods or uterine cancer.
On Thursday, Glenmark Pharma shares ended 0.9% down at Rs280 on the Bombay Stock Exchange, while the Sensex closed 0.8% up at 18,113 points.
Developers have come down to terra firma after having jacked up rates to astronomical levels
After the huge hike in property rates in Mumbai, developers are now offering discounts on properties, at least in the suburbs. Royal Palms, a property owned by Mumbai-based developer Royal Palms India is offering 1BHK (bedroom-hall-kitchen) of 526 sq ft; 2 BHK (815 sq ft) and 3 BHK (1,082 sq ft) at Rs4,930 per sq ft for its two new towers - Crystal and Diamond Island, both based at Goregaon, a western Mumbai suburb. Earlier, these properties at Royal Palms were available at Rs5,300 per sq ft.
Earlier, Moneylife had reported (http://www.moneylife.in/article/8/6400.html) that Orchid Woods, a residential project by DB Realty, was offering customers through ICICI Home Search, (a division of ICICI Home Finance Company) flats ranging from 2 BHK (1,420 sq ft); 2.5 BHK (1,635 sq ft); 3 BHK (1,820 sq ft) and 4 BHK (2,465 sq ft) at Rs9,500 per sq ft (plus Rs45 per sq ft for floor rise). The flats in Orchid Woods were priced earlier at Rs10,881 per sq ft.
"Property prices have started showing correction as sales are not happening. After the first quarter of the current fiscal, property sales are down by around 15% in Mumbai. End-users have disappeared from the market," said Pankaj Kapoor, founder, Liases Foras, a real-estate research agency.
Mumbai is expected to report lesser volume of real-estate transactions over the next six months, according to industry experts. "We are going to see lower volumes of transactions in the next six months compared to the past six months, if prices do not come down," said Pranay Vakil, chairman, Knight Frank (India) Pvt Ltd.
If the current trend of discounts by developers is any sign of things to come, a much-belated correction in property prices in Mumbai might finally happen. Prices of various real-estate properties - both residential and commercial - had shot up by 30% in a few pockets of Mumbai over the past six months.