Venus Remedies gets patent for pneumonia drug in New Zealand

Pharmaceutical company Venus Remedies Ltd on Monday said that it has received patent for its anti-pneumonia drug in New Zealand and hopes to generate handsome revenues there following the grant.

The company has got a patent from Intellectual Property Office of New Zealand for its antibiotic Potentox, used in the treatment of pneumonia, Venus Remedies said in a statement to the Bombay Stock Exchange.

"Post registration in the New Zealand market, the company expects to generate handsome revenues from this product which will add growth in top line and bottom line of the company," it further said.

Potentox has already become a revenue generator and is contributing over Rs12 crore per annum to the total revenues of the company and is expected to grow at the rate of 30% to 40% annually, it added.

New Zealand is the fourth country after South Korea, India and South Africa from where Venus has got patent for Potentox, the drug maker said.
On Monday, Venus Remedies closed 1.5% higher at Rs268 on the Bombay Stock Exchange, while the benchmark Sensex ended 1.1% up at 17774 points.


Pantaloon promoters to infuse Rs 400 crore

Pantaloon Retail (India) Ltd on Monday said its promoters will infuse Rs400 crore in the company in lieu of convertible warrants issued to them.
The warrants would be issued to promoters' group company, Future Ideas Realtors India Ltd, Pantaloon Retail said in a filing to the Bombay Stock Exchange.

The shareholders of the company, at its meeting held today, approved allotment of one crore convertible warrants from "time to time" at Rs400 per share aggregating to Rs400 crore, it added.

The option to acquire equity shares could be exercised by the warrant holders at any time within 18 months from the date of allotment of warrants.
"Consent of the company be and is hereby accorded to the board to create, offer, issue and allot from time to time in one or more tranches, one crore warrants to the Future Ideas Realtors India Ltd," the filing said.

Pantaloon Retail added that each warrant will be convertible into one equity share of Rs2 each at the premium of Rs398. It, however, did not give details regarding reasons for infusion of the amount.

However, Future Group chief promoter Kishore Biyani had last year said that the company aims to be a Rs25,000 crore entity by 2013-14, up from around Rs10,000 crore last year. He had also said that the group aims to add 18 million sq ft of retail space by end of the period. Pantaloon Retail is the flagship company of Future Group.

Meanwhile, in a separate filing to the BSE, Pantaloon added that one of its stakeholders, Mauritius-based Nailsfield Ltd, has increased its stake in the retail firm to 8.17%, from 5.25%. Nailsfield has purchased 33.40 lakh shares of the company at a value of Rs 17.47 crore in an open market transaction.
On Monday, Pantaloon Retail shares closed 0.6% up at Rs422 on the Bombay Stock Exchange, while the benchmark Sensex ended 1.1% up at 17774 points.


Air India board reviews turnaround plan

The plan for 2010-14 envisages revenue enhancement and expenditure reduction over different phases

Air India's five-year turnaround plan for financial revival of the ailing national carrier was today reviewed at its board meeting in the presence of civil aviation minister Praful Patel, reports PTI.

The plan for 2010-14 envisages revenue enhancement and expenditure reduction over different phases, airline sources said.

CMD Arvind Jadhav and newly-appointed chief operating officer (CEO) Gustav Baldauf gave a presentation on the plan at the three-hour long meeting, which was also attended by civil aviation secretary Madhavan Nambiar, they said.

The meeting came three months after the government appointed four independent directors on the Air India board to utilise their expertise in turning around the national carrier, which suffered an estimated loss of Rs5,400 crore in 2009-10.

The independent directors are Mahindra Group vice chairman and MD Anand Mahindra, Ambuja Reality Group chairman Harshvardhan Neotia, FICCI secretary general Amit Mitra and former Indian Air Force chief Fali Homi Major.

According to the sources, today's exercise is likely to be followed by a meeting with union representatives, who are being taken into the fold so that they can have a proper say in the company's turnaround plan.

"The CMD has informed us that the independent directors are playing an important role in formalising the turnaround strategy. He has assured the unions that there will be a meeting between the board and unions to consider our inputs on the turnaround strategy," said George Abraham, a senior leader of the Aviation Industry Employees Guild.


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