Union Bank raises lending rate by 50 bps

The hike in interest rates comes a month after RBI raised its key policy rates by 0.25 percentage point to check high inflation

State-owned Union Bank of India has raised lending rate by 0.5 percentage points making existing loans costlier.

The bank has decided to revise Benchmark Prime Lending Rate (BPLR) by 50 basis points from 15% to 15.50%, Union Bank of India informed the BSE.
The revised rates are effective from November 28, it said. The hike in PLR will make existing loan costlier.

The hike in interest rates comes a month after RBI raised its key policy rates by 0.25 percentage point to check high inflation.

RBI raised the short-term lending (repo) rate by 25 basis points to 8.5% and the short-term borrowing (reverse repo) rate by a same margin to 7.5% in a bid to check the rate of price rise.

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RPP Infra bags orders worth Rs340 million

RPP Infra has won order worth Rs163 million from Indira Gandhi Centre for Atomic Research, Kalpakkam for construction of roads, storm water drainage and other miscellaneous works in Kalpakkam Phase II unit

RPP Infra Projects Ltd has bagged two orders worth Rs340 million from Indira Gandhi Centre for Atomic Research, Kalpakkam and Andaman Public Works Department (APWD), respectively.

The company has won order worth Rs163 million from Indira Gandhi Centre for Atomic Research, Kalpakkam under the Government of India Department of Atomic Energy for the construction of roads, storm water drainage and other miscellaneous works in Kalpakkam Phase II unit. The order shall be completed within 10 months.

It has also won another contract from Andaman Public Works Department worth Rs180 million to carry out the sea wall protection work at Mus, Car Nicobar in Andaman & Nicobar Islands. The period of contract is for 16 months.

P Arulsundaram, CMD, RPP Infra Projects Ltd said, “Currently, we are executing projects in Kalpakkam Phase I unit & earlier, we have done Tsunami Projects in Andaman & Nicobar Islands. I feel that this will be very useful in using our expertise to complete the projects in time.”

On Tuesday, RPP Infra closed at Rs62.55 per share on the Bombay Stock Exchange, 0.08% up from the previous close.

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Glenmark gets FDA tentative nod for anti-asthma tablets

Glenmark Generics should be able to launch the product upon patent expiry in August 2012

Glenmark Pharmaceuticals said it has received tentative approval from the US health regulator to market its generic Montelukast Sodium tablets used for treating asthma and seasonal allergies.

Glenmark Generics Inc has received tentative approval from the United States Food and Drug Administration (USFDA) for Montelukast Sodium tablets in the strength of 10 mg, Glenmark Pharmaceuticals said in a filing to BSE.
"Glenmark Generics should be able to launch the product upon patent expiry in August 2012," it added.

The tablets are generic version of Merck's Singulair tablets, Glenmark said, adding that as per IMS health data Singulair tablets in the strength of 10 mg recorded sales of $3.2 billion for the 12 months ended September 30,2011.

The company presently has 73 products authorised for distribution in the US market and has over 40 abbreviated new drug applications (ANDAs) pending approval from USFDA, Glenmark said.

On Tuesday, Glenmark closed at Rs317.05 per share on the Bombay Stock Exchange, 1.96% up from the previous close.

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