Venus Remedies Ltd today announced the successful completion of Phase III clinical trial of a novel aminoglycoside molecule, Etimicin sulphate. Etimicin sulphate, for which Venus owns the exclusive manufacturing and marketing rights in India, was licensed from a company in China in 2007.
Dr Manu Chaudhary, JMD, Venus Remedies Ltd said "Etimicin Sulphate, new generation semi-synthetic aminoglycoside antibiotic has proved to be 50 % safer and more efficacious compared to other commonly used aminoglycosides. It will provide 25% faster cure rate and is likely to reduce the treatment time."
Etimicin has captured 80% market share of the total aminoglycoside market in China. The current size of domestic aminoglycoside formulation market in retail segment is Rs600 crore, which is growing at 6%-8% per annum.
"Venus is expecting to capture the same market share after Etimicin launch in domestic market that is expected in the second quarter of 2011," Dr Chaudhary added.
Under Phase III, trials were conducted on 216 patients suffering from lower respiratory tract infections, skin and skin structure, surgical and urinary tract infections caused by pathogens. The results of the trials are very encouraging. The company has submitted the reports to the DCGI office. The product has undergone all requisite tests such as sub-acute toxicity studies to establish safety of the formulation conducted as per OECD guidelines and clinical trials for efficacy and tolerability as per ICH GCP guidelines.
On Wednesday, Venus Remedies ended 0.48% down at Rs251.10 on the Bombay Stock Exchange, while benchmark Sensex declined 1.19% to 19,696.48 points.
A sell-off in the broader markets after a news report that intelligence agencies are looking at price-rigging in select stocks sent the indices lower at the end of the session.
The market opened in negative terrain, tracking its Asian peers which were trading mixed. Profit-taking, along with fears of a hike in fuel prices due to a rise in global crude prices, weighed on the sentiments. The slide continued as the day progressed, and the indices touched the day's lows amid range-bound trade in the post-noon session. The broader indices continued to languish and ended sharply lower. A news report that the Intelligence Bureau is looking at likely price-rigging in select second-rung stocks is said to have caused the decline in the market today. However, the key indices pared some losses, but ended in the red, down over 1% each.
The Sensex ended at 19,696.48, down 238.16 points (1.19%). The bellwether index touched a high of 19,875.51 and a low of 19,611.35, intraday. The Nifty settled 72.85 points (1.22%) lower at 5,903.70. The index touched a high of 5,960 and a low of 5,876.60 today.
The market breadth was dismal today. The Sensex had 28 declining stocks against two gainers while the Nifty closed the session with 38 stocks in the red and 12 in the green. Among the broader indices, the BSE Mid-cap index plunged 2.21% and the BSE Small-cap index dived 3.22%.
ONGC (up 0.50%) and Tata Motors (up 0.25%) were the only gainers on the Sensex today. On the other hand, Reliance Communications (down 3.21%), Jaiprakash Associates (down 3.12%), Jaiprakash Associates (3.12%), HDFC Bank (down 3.07%), DLF (down 2.81%) and Tata Steel (down 2.49%) were losers.
All sectoral indices ended in negative territory, led by BSE Consumer Durables (down 2.98%), BSE Realty (down 2.51%), BSE Bankex (down 2.03%), BSE Metal (down 2.01%) and BSE PSU (down 1.11%).
India's exports in November rose by 26.8% to $18.9 billion year-on-year, prompting the government to exude confidence that the outbound shipments will touch $215 billion this fiscal. Imports also grew 11.2% in November to $27.8 billion, resulting in the trade balance in the month standing at $8.9 billion.
Exports sectors which performed well in the April-November period include engineering goods, petroleum and refinery items and cotton yarn.
Markets in Asia ended mixed, on concerns that China might hike interest rates this weekend after the government advanced the release of the monthly inflation numbers to Saturday. Reports that North Korea is conducting artillery drills spooked the Seoul Composite index.
The Shanghai Composite tanked 0.95%, the Hang Seng tumbled 1.43%, the Seoul Composite was down 0.35% and the Taiwan Weighted shed 0.01%. On the other hand, the Jakarta Composite surged 1.28%, KLSE Composite 0.55%, the Nikkei 225 gained 0.90% and the Straits Times advanced 0.34%.
The Society of Indian Automobile Manufacturers (SIAM) today reported a slower growth in vehicle sales for the first time after four consecutive record-setting months. Sales grew by 17.81% in November as against 45.93% in October on a year-on-year basis. The total number of vehicles sold in the country stood at 12,21,981 units in November as against 10,37,232 units in the corresponding month last year.
The US markets witnessed a lacklustre close on Tuesday following news that the US Securities and Exchange Commission has sent over a dozen notices to hedge funds and other financial institutions to probe insider trading, as well as concerns that the extension of tax cuts could widen the budget deficit. Meanwhile, credit borrowing rose by $3.38 billion in October after increasing a revised $1.23 billion in September, the Federal Reserve said in Washington. Non-revolving loans rose for a third month as federal government education-related lending jumped an unadjusted $31.8 billion.
The Dow shed 3.03 points (0.03%) to 11,359.16. The S&P 500 rose 0.63 points (0.05%) to 1,223.75. The Nasdaq added 3.57 points (0.14%) to 2,598.49.
Institutional investors continued to offload stocks on Tuesday. Foreign institutional investors were net sellers of equities worth Rs522.83 crore while domestic institutional investors were net sellers of stocks worth Rs427.22 crore.
The country's largest two-wheeler manufacturer Hero Honda (down 0.62%) has hiked the prices of its models in the range of Rs500-Rs1,500 to offset the rising input costs.
"We have always taken a long-term view on pricing, given its strategic nature. Hence, we had consciously held back price increase on most of our products despite the rising input costs and hardening commodity prices," a company spokesperson said.
The company said the lowest hike has been on models in the entry segment while Karizma and ZMR have the highest hike of Rs1,500.
Electrical products maker Havells India (down 2.86%) today said it expects to double the revenue from its cable and wire business to Rs 2,400 crore in the next three years, as it expands the capacity of its existing plant here.
The company said it has invested Rs120 crore in doubling the capacity of its cable and wire plant and plans a revenue of Rs1,800 crore from the segment by FY12.
NTPC (down 0.42%) has earmarked Rs1,50,000 crore investment for sourcing equipment for its power projects in the next fiscal, the deliveries of which will be made over five years.
The company, which plans to add over 4,000MW capacity during the current fiscal, recently tied up with Japan-based Bank of Tokyo-Mitsubishi UFJ for a $300-million loan. This is to part finance its capital expenditure plans on its ongoing and new projects.
Maxx Mobile, one of India's largest homegrown mobile phone companies, today announced a record Rs29 crore seven-year deal with Mahendra Singh Dhoni, the captain of India's international cricket team and one of India's most successful sportsman. MAXX's seven-year deal with MS Dhoni makes it one of the longest duration deals signed with any brand endorser in recent times. Prior to this, Maxx had a one-year contract with MS Dhoni.
The seven-year extension deal takes brand endorsement with cricket stars to a new high and provides Maxx Mobile, one of India's fastest growing brands; the right connect with customers across the country. Maxx Mobile will leverage the popularity of MS Dhoni to highlight the advantage of owning its unique brand and also utilize the cricketer's star power to reach out to the youth.
As part of the deal, MS Dhoni will be associated with multiple marketing initiatives planned by Maxx Mobile to promote the brand. These include print and television advertising, outdoor campaigns, promotional events and mass engagement programs across India.