Drug prices raised
NEW DELHI, April 15 — The National Pharmaceutical Pricing Authority today hiked the prices of 20 drug formulations, including Dettol liquid antiseptic, Novalgin tablet and insulin injection.

PNB sells 150 gold,silver medallions
CHANDIGARH, April 15 — Punjab National Bank has clarified that its branch at Anandpur Sahib was open on April 13 and 14. The bank staff worked for extended hours and effected sale of 150 medallions.

Ranbaxy net profit declines 16.1 pc
NEW DELHI, April 15 — Pharma major Ranbaxy Laboratories posted a decline in the net profit of 16.1 per cent in the first quarter ending March 1999 at Rs 48.5 crore as compared to Rs 57.8 crore in the corresponding period last year.

SBI dollar sales check rupee’s fall
MUMBAI, April 15 — The rupee remained under tremendous pressure against the US currency as the current political turmoil weighed heavily on the Indian unit.

Drug prices raised
Dettol, Novalgin, insulin dearer

NEW DELHI, April 15 (PTI) — The National Pharmaceutical Pricing Authority (NPPA) today hiked the prices of 20 drug formulations, including Dettol liquid antiseptic, Novalgin tablet and insulin injection.

The NPPA also reduced prices of three formulation packs, including Zevit capsule by 50 per cent and Becosule capsule by 31 per cent, an official release said here today.

With the price fixation of four formulation packs for the first time, the authority has revised prices of 33 medicines.

The prices of Novalgin tablets, manufactured by Hoechst Marion Roussel Ltd, have gone up by 18.76 per cent to Rs 52.68 for a pack of 10x10. The price of Novalgin injection (30 ml) has also gone up by 14.07 per cent to Rs 21.40 from 18.76.

The prices of different bottles of Dettol liquid antiseptic, produced by Reckitt and Colman India Ltd, have been increased in the range of 3.94 per cent and 5.44 per cent, the release said.

The price of vitamin B Complex with vitamins C, E and Zinc (Zevit capsule), produced by Remidex Pharma and Smithkline Beechem, has, however, been reduced by 50.03 per cent to Rs 8.5 per strip from the existing price of Rs 17.17.

Becosule capsules will now cost less by 31.48 per cent as the prices have been reduced to Rs 7.90 from Rs 11.53 (a strip of 10 capsules). Main producers of this vitamin include Pfizer Ltd, Duchem Ltd and Omniprotech Drug Ltd.

A 10 ml vital of Insulin injection, manufactured by Knoll Pharmaceuticals Ltd, will, however, be costlier by 16.37 per cent at Rs 72.34 from Rs 50.34.

Glaxo India’s Betnovate C skin cream (20 gm tube) and Hamdard Laboratories’ Cinkara syrup (500 ml bottle carton) would now be available at higer prices of Rs 18.02 and Rs 36.50 respectively, registering price increase of 4.16 per cent and 5.67 per cent respectively.

The drug prices have been fixed by the authority in accordance with the privisions of the drug price control order (DPCO), 1995 and as per the established criteria and guidelines.

The revised prices would become effective within 15 days from the date of notification in the official gazette or the receipt of the order of the authority, the release said.

Ranbaxy net profit declines 16.1 pc

NEW DELHI, April 15 (PTI) — Pharma major Ranbaxy Laboratories posted a decline in the net profit of 16.1 per cent in the first quarter ending March 1999 at Rs 48.5 crore as compared to Rs 57.8 crore in the corresponding period last year.

The company Board, which met today, also declared a dividend of Rs 2.75 per share, taking the total dividend for 1998 to Rs 5.

Ranbaxy, which has changed its accounting year from April-March to January-December, announced a net profit of Rs 117 crore for the nine-month period ending December 1999.

The company recorded sales of Rs 362.2 crore in the first quarter of 1999, showing a decline of 6.6 per cent over the corresponding period last year at Rs 387.6 crore.

The export sales, which accounted for 44.8 per cent of total sales, also went down by 13 per cent, at Rs 162.4 crore. Over Rs 186.7 crore in the corresponding period last year.

The company attributed the dip in performance to a “slower than anticipated growth in the Indian pharmaceutical market” during the first quarter of 1999.

Taking inventory correction measures, the company also launched six new products in various segments under co-marketing alliance with Cipla and Glaxo during this quarter.

The company formalised an agreement with French Galderma Sa, under it would transfer select brands with an aggregate annual turnover of Rs 5.60 crore.

Price realisation in the markets abroad was influenced by price erosion of some bulk drugs like penicillin-based drugs, cefaclor and ranitidine.

PNB sells 150 gold,silver medallions
Tribune News Service

CHANDIGARH, April 15 — Punjab National Bank has clarified that its branch at Anandpur Sahib was open on April 13 and 14. The bank staff worked for extended hours and effected sale of 150 gold and silver medallions.

The bank has also established an extension counter at the Tourist Reception Centre, Anandpur Sahib, to carry out foreign exchange transactions and sell medallions round the clock.In a statement here today the bank described as incorrect information given about the bank in the news item, “Big demand for kirpans” published in The Tribune today.

SBI dollar sales check rupee’s fall

MUMBAI, April 15 (PTI) — The rupee remained under tremendous pressure against the US currency as the current political turmoil weighed heavily on the Indian unit. But timely spot-dollar sales by the SBI enabled it to end off intra-day lows in fairly active but choppy trade at the interbank foreign exchange (forex) market here today.

The Indian currency closed at Rs 42.79/80 per dollar, sharply lower from Tuesday’s finish of Rs 42.74/76 after dipping to an intraday low of Rs 42.86/88 on a virtual scramble to cover dollar positions by banks and corporates due to fresh concerns over the stability of the BJP-led government at the centre. The SBI resorted to spot-dollar sales and also lowered its dollar quotes when the rupee dipped to intra-day lows.