Fiat will set up a new company for taking over all its brand related activities from the Tata-team
Mumbai: Auto majors Tata Motors and Fiat on Wednesday said they have ended the distribution alliance formed in 2007 to distribute and service the vehicles of the Italian company.
As part of a 50:50 joint venture agreement signed in 2007, the two companies had agreed to a joint distribution network and back-end support, besides co-manufacturing of products at the Ranjangaon facility near Pune.
"Fiat and Tata have agreed that in order to further develop the Fiat brand in India, management control of Fiat's commercial and distribution activities will be handed over to a separate Fiat Group owned company. Currently, Tata Motors has been managing the distribution responsibility of the Fiat branded products in India through joint Tata-Fiat dealerships," the companies said in a joint statement.
In its five years of operation, the industrial JV has produced some 190,000 cars and 337,000 powertrains. It will continue with these manufacturing activities as they are outside of the new distribution agreement and will supply cars and powertrains to Fiat and Tata, the statement added.
Last year Tata Group Chief Ratan Tata had said the Fiat association needed to be critically examined to optimise its potential. "... I have to admit that so far, the venture with Fiat has not been as active as we had thought," Mr Tata had said.
Fiat will set up a separate company which will assume responsibility for all commercial and service related activities from the current Tata-dedicated team assigned to manage the Fiat brand, the statement said.
"Both, Fiat and Tata will endeavor to ensure a smooth transition of sales and service support to customers and the dealer network," it added.
Naratriptan tablets, used for the treatment of migraine headaches, are the generic equivalent of GSK's Amerge tablets
Mumbai: Chennai-based pharma company, Orchid Chemicals & Pharmaceuticals Ltd on Wendesday announced that it has received approval from US FDA for its ANDA (Abbreviated New Drug Application) for Naratriptan tablets in the 1 mg and 2.5 mg strengths, reports PTI.
Naratriptan tablets, is used for the treatment of migraine headaches are the generic equivalent of GSK's Amerge tablets, a company statement said.
With exports spanning more than 75 countries, Orchid is the largest manufacturer-exporter of cephalosporin bulk actives in India and is ranked amongst the Top 5-cephalosporin producers in the world.
Among the entities listed as ADRs, 11 companies witnessed a slump in their respective market capitalisation, while the remaining five saw gains in their valuation
New York: Shares of Indian companies trading on American bourses collectively witnessed a value erosion of nearly $650 million in April, with IT giants Infosys and Wipro accounting for most of the losses, reports PTI.
In April, about 15 Indian entities listed on the New York Stock Exchange and Nasdaq saw their cumulative market value declining by $647 million. This was in comparison of a collective loss of about $5.69 billion in March.
Among the entities listed as American Depository Receipts (ADRs), 11 companies witnessed a slump in their respective market capitalisation, while the remaining five saw gains in their valuation.
Market experts believed Indian ADRs gave negative return to investors in April as the counters performed poorly due to the decline in the Indian equity market.
ADRs are bought and sold on American markets just like stocks and are issued by a bank or brokerage firm.
Infosys was the worst performer among the ADRs in terms of the erosion in value on a percentage basis and in absolute term, while Tata Motors was the best in both categories.
Infosys' market capitalisation plummeted by $5.55 billion to $27.07 billion, while that of Wipro fell by $3.27 billion to $23.61 billion. The valuation of auto maker Tata Motors rose sharply by $9.23 billion to $94.83 billion.
Meanwhile, the US market saw a marginal gain in April, while Indian equity saw a decline in the month.
In April, the US benchmark index Dow Jones Industrial Average (DJIA) closed at 13,213.63 points, up 0.01% from the previous close, whereas India's key 30-share Sensex index lost 0.49% to settle at 17,318.81 points.
In the banking sector, ICICI Bank's market capitalisation tumbled by $460 million to $19.63 billion, while that of HDFC Bank went down by $210 million to $26.40 billion.
Sterlite industries' ADR plunged by $328 million to $6.85 billion and valuation of Dr Reddys' Laboratories saw a fall of $125 million to $5.73 billion.
Among other losers, Sify Technologies, Rediff.Com, WNS Holdings and MTNL saw their valuations slipping in the range of $14 million to $43 million.
On the other hand, Genpact and EXLService Holdings, Tata Communications, Dr Reddy's Laboratories ended in the positive territory.