L&T after market hours on Friday, 12 April 2013, said that it would acquire 50% stake in L&T-Komatsu (LTK) held by Komatsu Asia & Pacific Pte, a wholly-owned subsidiary of Komatsu, Japan.
With this buy-out, LTK will become a wholly owned subsidiary of L&T. LTK will continue to manufacture construction equipment and hydraulic components. Komatsu will be responsible for the production of Komatsu equipment including hydraulic excavators, L&T said in a statement.
As a result of this transaction, the companies expect to able to provide premium products and services to customers, and maintain leadership position in construction & mining equipments business, offering state-of-the-art machines with highest level of quality and latest designs from Komatsu, L&T said. L&T will continue to be responsible for marketing, sales and product support in India for the Komatsu range of products, assuring customers of the highest level of Support, L&T said in a statement.
Sun Pharmaceutical Industries announced that the US Food and Drug Administration (FDA) has granted the company's subsidiary, two tentative approvals for its Abbreviated New Drug Applications (ANDA) for generic version of Januvia, Sitagliptin Tablets and generic version of Glumetza, Metformin HCl Extended-release tablets.
Sitagliptin tablets, 25 milligram (mg), 50 mg and 100 mg are therapeutic equivalents of Merck Sharp & Dohme Corporation's Januvia tablets. Sitagliptin tablets have annual sales of approximately $2.7 billion in the US. Sitagliptin tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus, Sun Pharma said in a statement.
Metformin HCl Extended-release tablets, 500 mg and 1000 mg are therapeutic equivalents of Santarus Inc's Glumetza tablets. Metformin HCl Extended-release tablets have annual sales of approximately $140 million in the US. Metformin HCl Extended-release tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus, Sun Pharma added.
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Lupin after market hours on Friday, 12 April 2013 said that its subsidiary Lupin Pharmaceuticals Inc. has received final approval for its DayseeTM Tablets (Levonorgestrel and Ethinyl Estradiol Tablets, USP, 0.15 mg/0.03 mg and Ethinyl Estradiol Tablets, USP, 0.01 mg) from the United States Food and Drugs Administration (US FDA) to market a generic version of Teva Branded Pharm's Seasonique Tablets. Lupin said it has already commenced shipping the product. Lupin's DayseeTM Tablets is indicated for use by women to prevent pregnancy. According to IMS MAT December 2012 data, the total sales for Branded and generic sales for the product stood at $161 million in US, Lupin said.
State Bank of India (SBI) after market hours on Friday, 12 April 2013 said that it has concluded the issue of $1000 Mio Fixed Rate Senior Unsecured Notes having a maturity of 5 years at a coupon of 3.25% p.a. payable semi-annually. The Bonds will be issued through its London branch as of 18 April 2013 and shall be listed on Singapore Stock Exchange (SGX), SBI said.
GRUH Finance's net profit rose 13.5% to Rs 63.06 crore on 17.2% growth in total income to Rs 194.22 crore in Q4 March 2013 over Q4 March 2012. The company announced the results after market hours on Friday, 12 April 2013.
GRUH Finance's net profit rose 21.2% to Rs 145.88 crore on 26.5% growth in total income to Rs 650.45 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
The company's operating profit rose 23% to Rs 193.80 crore in FY 2013 over FY 2012. Profit before tax (PBT) rose 21% to Rs 196.81 crore in FY 2013 over FY 2012. Net interest margin (NIM) rose 22% to Rs 217.75 crore in FY 2013 over FY 2012.
GRUH Finance's loan disbursements during FY 2013 were Rs 2174.39 crore, as against Rs 1486.52 crore in FY 2012, representing a growth of 46%. Cumulative loan disbursements as of 31 March 2013 stood at Rs 9516.58 crore.
The company's total loan portfolio jumped 34% to Rs 5437.80 crore as on 31 March 2013, as against Rs 4066.80 crore as on 31 March 2012.
GRUH Finance's gross non-performing assets (NPA) as of 31 March 2013 stood at Rs 17.64 crore. Gross NPA constitute 0.32% of the total loan outstanding of Rs 5437.80 crore during FY 2013, as against gross NPA of 0.52% of the outstanding loans in FY 2012.
The company's Capital Adequacy Ratio (CAR) stood at Rs 14.55% as of 31 March 2013, as against the required minimum CAR of 12% as stipulated by NHB, GRUH Finance said. The Tier I capital stands at 12.93% while Tier II capital is 1.63%, the company said in a statement.
GRUH Finance said that following the accretion to reserves of Rs 93.42 crore from the current year's profits, the networth of the company has grown to Rs 490.99 crore in FY 2013, up from Rs 385.56 crore in FY 2012.
GRUH Finance's board of directors at a meeting held on Friday, 12 April 2013, recommended dividend of Rs 2.50 per share for FY 2013.
Mahindra Holidays & Resorts India said that the institutional placement programme issuing committee of the board has allotted 41.41 lakh equity shares to successful applicants at an issue price of Rs 255 per equity share, aggregating to Rs 105.59 crore, under the institutional placement programme.
CMC will declare its January-March 2013 quarter results today, 15 April 2013.
Vivimed Labs said its board will meet on 20 April 2013, to consider declaration of pro-rata dividend on 6.70 lakh compulsorily convertible and cumulative preference shares (CCPS) (to the then preference share holder NYLIM Jacob Ballas India FUND lll) due to its conversion as equity shares on 22 March 2013.
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