Zydus Cadila has acquired a 100% stake in Biochem, one of the top 40 pharma companies in India
Drug firm Zydus Cadila said it has acquired a 100% stake in Mumbai-based Biochem for an undisclosed amount.
"Zydus Cadila has acquired a 100% stake in Biochem, one of the top 40 pharma companies in India," Zydus Cadila said in a statement. A privately held firm, Biochem has a presence in various therapeutic segments, including antibiotics, cardiovascular, anti-diabetics and oncology, it added.
Commenting on the development, Zydus Cadila CMD Pankaj R Patel said: “The formulations business in India has always been the bulwark of our operations and we have looked at every strategic opportunity to grow and contribute to this market, either by way of novel initiatives, collaborations or acquisitions.”
“Biochem represents the right fit as they have a significant presence in our core therapy areas and also add value to our product offerings in key growth segments,” he added. Biochem reported sales of Rs264.5 crore for 2010-11. The company’s top brands include Ampilox, Biotax, Monotax, Amicin and Zithrocin, which together contribute to 40% of the company’s sales.
“The acquisition strengthens Zydus’ operations in the Indian pharma market,” the company added.
Daiwa AMC said that the January-March 2012 quarter might see a mood of cautious bullishness among investors, if the RBI takes care of the liquidity situation
Mutual fund house Daiwa Asset Management India, part of Japan's Daiwa Group, said that the investors might turn bullish in the next quarter, although with a cautious approach, if the central bank manages to tackle the liquidity issues.
"The January-March 2012 quarter might see a mood of cautious bullishness among investors, if the Reserve Bank of India takes care of the liquidity situation," Daiwa AMC Head (Fixed Income) Killol Pandya told PTI. He said that the mutual fund industry is witnessing a downfall, as the customer is "not excited" to enter the market. The total assets under management of the fund houses declined by 2% in November 2011.
"Underlying asset class itself is suffering; equity market is on a downhill. Thus, investor is not excited to enter the market," Pandya said.
Speaking about Daiwa AMC, he said that being a new and relatively smaller fund, it has been able to cross Rs1,000 crore between January 2011 and November 2011.
"The reason for the bullish response to our company, when the MF industry is facing challenges, is that when an entity is very small, the percentage growth is large.
"Since Daiwa has taken over (in January 2011), a lot of strategies have changed. (The) manpower increased, (we) launched new products, the overall footprint in mindset of investor is increasing. Our funds are also doing well," he said.
He added that all the five products of the company (which is the investment manager to Daiwa Mutual Fund) -- Daiwa Liquid Fund, Daiwa Treasury Advantage Fund and Daiwa Government Securities Fund -- have received a good response within a year of launching them.
"All our products have received pretty good response in less than a year of their launch, despite us being the 37th fund in the country," Pandya said.
"Going ahead, we want to tap the orthodox spaces in the near future like hybrid MIP, SIP, etc," Pandya said.
"Products like gold ETFs are also eventually in the pipeline but we need to iron out a few modalities before launching them," he added.
Rubyx offers dual benefits wherein a cardholder will receive two cards—credit card and the ICICI Bank Rubyx MasterCard Platinum Chip Credit Card
ICICI Bank has launched a platinum credit card called Rubyx in partnership with American Express, a company engaged in the credit card and travel services and MasterCard, the payment gateway provider. Rubyx offers dual benefits wherein a cardholder will receive two cards—credit card and the ICICI Bank Rubyx MasterCard Platinum Chip Credit Card.
“The cards, which are linked to a single card account with a single statement and a single fee, provide access to a host of exciting privileges from American Express and MasterCard,” the bank said in a statement.
The product is targeted at the growing affluent segment, the high net worth people. Card members can choose between three reward plans and earn bonus points across merchant categories where they normally spend more, and they have the additional flexibility to change their reward plan based on their changing needs.
Some of the benefits of ICICI Bank Rubyx include: Flexible rewards plans with bonus rewards on spend categories of choice, 50% more rewards on all spends on the Rubyx; five complimentary Jet Airways tickets on joining; a minimum 15% savings at 450+ restaurants across India and complimentary access to American Express affiliated Altitude lounges and MasterCard affiliated airport lounges.