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Biocon ties up with Nobex for oral insulin
Centre has Rs 1,000-crore e-gov plan
Valley echoes with Airtel ring
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Corporate briefs
LIC bids for 7.9 pc of NTPC issue
Alchemist to open meat plant near Ropar
42 pc rise in Swaraj Mazda profit
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Biocon ties up with Nobex for oral insulin
Bangalore, October 20 Announcing the partnership today here, Biocon chairman and managing director Kiran Mazumdar-Shaw said the move was a part of the “global insulin strategy.” Everything from profits to development and marketing costs would be shared, she said, but declined to divulge “commercially sensitive” details. Most of the research would be carried out in India, while some work that cannot be done here like animal modelling would be done at Nobex, she said. The agreement also provides for Biocon to invest in Nobex equity. Dr Christopher Price, President and Chief Executive Officer (CEO) of Nobex, said today insulin had to be taken only through injections. If oral insulin was available, apart from obvious advantages like ease of taking and greater patient compliance, it would be a medically superior option as it reproduces the delivery route that natural insulin from the pancreas takes in normal, healthy subjects. “Additional advantages of convenience include easy portability with no refrigeration requirements.” The current market for injectible insulin is worth about $ 5 billion. By 2030, the world diabetic population is expected to cross 200 million. In India alone, there are an estimated 30 million diabetics today, a number expected to double in a similar time line. Though attempts had been made to develop such a product before, this would be the first time that a technology base is married to a production base, he said. While Biocon has proven peptide production capabilities, the 10-year-old Nobex possesses proprietary peptide oral-delivery technology. Biocon today reported its net profit at Rs 105 crore for the half-year ended September 30, 2004, a rise of 75 per cent from Rs 60 crore posted during the corresponding period of last fiscal. The operating profit at Rs 122 crore was higher by 40 per cent from Rs 87 crore reported between April-September last year, the company said in a statement here. Sales grew by 40 per cent to Rs 360 crore and the total income by 42 per cent to Rs 367 crore from Rs 258 crore, it said. Revenues from biopharmaceuticals business increased by 38 per cent to Rs 287 crore from Rs 208 crore, contributing 78 per cent of the total income in H1 of fiscal 2005. The company said its revenue growth was spearheaded by strong performance in the US and European markets with exports growing 48 per cent, contributing 65 per cent to the overall revenues.
— PTI
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Centre has Rs 1,000-crore e-gov plan
New Delhi, October 20 “The Rs 1,000 crore plan will run through next five years and the state governments which have run at least three e-governance projects with at least one covering the entire state will be eligible for assistance,” Union IT and Communications Minister Dayanadhi Maran said while announcing the plan. Under the plan, all capital expenses to connect state government offices with high-speed reliable network with a minimum capacity of 2mbps will be borne by the Centre, he said. Bandwidth costs will have to be borne by the states. The state-owned telecom provider Bharat Sanchar Nigam Ltd, which has fibre down to the block level, has agreed to provide 90 per cent discount to the state governments if they agree to buy all telecom services from it, the minister said. The implementing agency for the project will be the Department of Information Technology (DiT) and National Informatics Centre.
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Valley echoes with Airtel ring
Srinagar, October 20 Though the services are being activated tonight, the proper functioning of mobile telephone services of the Airtel would be commencing from Monday next, Mr Sunil Bharti Mittal, chairman and Group Managing Director of the Bharti Enterprises, said. He was talking to newspersons on the occasion of the launch of the services here this afternoon. He said due to the lack of point of interconnectivity, Airtel subscribers would not be able to connect to the BSNL or landline telephones for about next 10 days here. The point of interconnectivity has, however, been set up for the subscribers in Jammu and Udhampur, Mr Mittal said. Launching the GSM technology here, Mr Mittal said over 50,000 paid booking had been registered in Jammu and Kashmir, out of which more than 70 per cent were from Kashmir valley alone. The post-paid subscribers would be provided with roaming facility while this facility would not be provided to the pre-paid mobile phones. In its first phase, the Airtel is launching its services in 46 towns of the state including Jammu and Srinagar. Other towns in Jammu region include Samba, Akhnoor, Vijaypur, Kathua and Udhampur. In the Kashmir valley, these include Anantnag, Budgam, Baramulla, Sopore, Beijbehara and Pampore.
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Satyam posts Rs 176.86 cr net profit
Mumbai, October 20 As per the Indian accounting standards, the total income for the reporting quarter rose by 39.51 per cent to Rs 886.06 crore as against Rs 635.11 crore in July-September 2003, the company informed the Bombay Stock Exchange today. Commenting on the results, company chairman Ramalinga Raju said: “The strong growth in revenue was accompanied by margins expansion on account of continued rationalisation in selling, general and administrative expenses.” Gujarat Ambuja Gujarat Ambuja Cement Ltd (GACL) has posted a net profit of Rs 90.46-crore for the quarter-ended September 30, 2004 as compared to Rs14.82-crore for the corresponding quarter previous year, recording a six-fold increase. Announcing the results, the company said its total income (net of excise) has increased to Rs611.54-crore in the quarter-ended September 30, 2004 as compared to Rs 392.72 crore in the corresponding quarter previous year. The Gujarat Ambuja group has posted a net profit of Rs100.99-crore for the quarter-ended September 30, 2004 as compared to Rs 17.48-crore for the quarter ended September 30, 2003. The consolidated net profit for the quarter includes share of earning in joint venture amounting to Rs12.70-crore.
Bajaj Auto Bajaj Auto Ltd has shown an 11 per cent decline in net profit to Rs 179.45 crore for the quarter ended September 30, 2004, as compared to Rs 202.31 crore for the corresponding quarter in the previous year. Announcing the results, the company said the net profit includes extraordinary items worth Rs 16.34 crore and prior period item worth Rs 47 lakh. Total income (net of excise) grew 12 per cent to Rs 1536.52 crore in the quarter ended September 30, 2004, as compared to Rs 1366.6 crore in the corresponding quarter previous year. Bajaj group has shown 11 per cent fall in consolidated - net profit after minority interest to Rs 188.87 crore for the quarter ended September 30, 2004, as compared to Rs 212.11 crore for the corresponding quarter previous year.
Colgate Palmolive Colgate Palmolive India Ltd has posted 16 per cent growth in net profit to Rs 26.97-crore for the quarter-ended September 30, 2004, as compared to Rs 23.18-crore for the corresponding quarter previous year. Announcing the results, the company said total income (net of excise) has increased 6 per cent to Rs251.11-crore in the quarter-ended September 30, 2004, as compared to Rs236.96-crore in the corresponding quarter previous year.
HCL Infosystems HCL Infosystems Ltd has posted net profit of Rs 24.92-crore for the quarter-ended September 30, 2004 as compared to Rs24.85-crore for the corresponding quarter previous year. Announcing the results, the company said its total income (net of excise) grew 24 per cent to Rs388.42-crore in the quarter-ended September 30, 2004 as compared to Rs314.01-crore in the corresponding quarter previous year. The group has posted 33 per cent consolidated net profit to Rs 43.16-crore for the quarter-ended September 30, 2004 as compared to Rs 32.35-crore for the quarter-ended September 30, 2003. Total income (net of excise) grew 88 per cent to Rs 1,573.85-crore in the quarter-ended September 30, 2004 as compared to Rs 836.8-crore in the corresponding quarter previous year.
ITC Hotels ITC Hotels today said it recorded a net profit of Rs 7.77 crore during the July-September quarter this year, up a whopping 936 per cent from Rs 75 lakh in the corresponding quarter in 2003-04. The company’s total income increased 39 per cent to Rs 46.19 crore during the period from Rs 33.12 crore last year. Its cumulative profit for the first half of the year stood at Rs 14.69 crore, while total income grew by 38 per cent to Rs 88.82 crore from Rs 64.24 crore in FY ’04. The company’s Board of Directors has approved the amalgamation of ITC Hotels and Ansal Hotels Limited with ITC Limited (ITC) with effect from April 1, 2004 subject to the approval of members and Delhi and Calcutta High Courts.
— TNS, Agencies
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LIC bids for 7.9 pc of NTPC issue
New Delhi, October 20 “LIC has set aside Rs 8,000 crore for investing in equities during this fiscal,” LIC Executive Director D.S. Bhargava said here. A part of the proposed outlay has already been invested in the over Rs 5,000 crore TCS mega IPO. LIC bid for 8 per cent of the TCS issue size for about 44 lakh shares, against the offer size of 5.54 crore-equity shares. LIC invested Rs 6,377 crore in equities last fiscal, he added. The 100 per cent book building NTPC IPO was oversubscribed by over 12 times when it closed on October 14.
— UNI
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Alchemist to open meat plant near Ropar
Chandigarh, October 20 Alchemist Ltd has embarked upon a venture in West Bengal of producing one crore-table eggs per day using state-of-the-art technology. The company has implemented a fully integrated chicken-processing project at Ban Majra village in district Ropar. At a capital outlay of Rs 125 crore, the company would produce chicken meat in various forms and will also produce ready-to-eat chicken products.
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42 pc rise in Swaraj Mazda profit
Chandigarh, October 20 Driven by a 36 per cent increase in volumes, which moved to 2934 vehicles for the quarter, net revenue grew 33 per cent to reach Rs.139.2 crore. Volume growth was generally spread across all segments and in all territories.
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Over 1 lakh Ford Ikons exported
Chennai, October 20 The plant is also the largest exporter in containers from the Chennai Port, with exports exceeding over 10000 TEU’s till date.
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ING Vysya to double its presence
Chandigarh, October 20
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