Dr Reddy's Laboratories has launched Montelukast Sodium tablets, used for treating asthma and allergies, in the US market after getting approval from the American health regulator. The company received approval from US Food and Drug Administration for Montelukast Sodium tablets and Montelukast Sodium chewable tablets in strengths ranging from 4 mg to 10 mg, Dr Reddy's Laboratories said in a statement. Dr Reddy's launched tablets in the US market on 6 August 2012, it added. The Hyderabad-based firm's products are generic versions of Merck & Co's Singulair tablets and chewable tablets. According to IMS Health data, Singulair tablets and chewable tablets brand had sales of about $3.6 billion and $1.14 billion, respectively, in the US market for the year ended March 2012.
Shares of public sector oil marketing companies (PSU OMCs), oil exploration firms and airline stocks will be in focus as crude oil prices for September delivery jumped to a 12-week peak on Tuesday as falling North Sea output, support for more bond buying by the US Federal Reserve and Middle East tensions lifted crude futures to a third straight higher settlement. US September crude rose $1.47 to settle at $93.67 a barrel.
Higher crude oil prices could increase under-recoveries of state-run oil marketing companies (PSU OMCs) on domestic sale of diesel, LPG and kerosene at controlled prices. The government has already freed pricing of petrol. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms. Aviation turbine fuel, or jet fuel constitutes more than 50% of operating cost for airliners. Prices of jet fuel are directly linked to crude oil prices. State-run oil marketing companies--Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation revise jet fuel prices on the 1st and 16th of every month based on the average international crude price in the preceding fortnight.
Reliance Industries and BP plc on Tuesday, 7 August 2012, reportedly won approval for over $1 billion expenditure in the flagging KG-D6 gas block but were ordered to drill more wells at their own cost before three gas finds can be declared viable. The much-awaited meeting of the Oil Ministry-controlled oversight panel that overseas operations at KG-D6 fields, decided to approve annual operating and capital expenditure for three years beginning 1 April 2010, with minor changes, reports added.
Coal India has reportedly agreed to pay penalties of 1.5%-40% depending on the extent to which it fails to supply the committed quantity of coal to power plants. According to reports, Coal India board also agreed to pool imported and domestic coal supplies provided all existing consumers and stakeholders agree to the proposal.
P Chidambaram, the newly appointed finance minister, is reportedly planning to revive share sales of listed PSUs, primarily those in which public holding is less than 25%. According to reports, companies whose shares could be sold include steelmaker SAIL, India's largest power generator NTPC, and mining companies Coal India and NMDC.
Mahindra & Mahindra, Tata Power and Bharti Airtel unveil Q1 results today, 8 August 2012. Oil India, Pantaloon Retail (India), Power Finance Corporation, ABB, Aban Offshore, Chambal Fertilisers & Chemicals, Indian Hotels Company, GVK Power & Infrastructure and United Breweries (Holdings), among others, will declare their April-June 2012 quarter results today, 8 August 2012.
On a consolidated basis, Punj Lloyd reported a net loss of Rs 13.37 crore in Q1 June 2012 higher than net loss of Rs 12.25 crore in Q1 June 2011. Net sales rose 20.4% to Rs 2706.82 crore in Q1 June 2012 over Q1 June 2011.
Balrampur Chini Mills reported net loss to Rs 18.05 crore in Q1 June 2012 as against net loss of Rs 19.86 crore in Q1 June 2011. Net sales rose 22.05% to Rs 691.96 crore in Q1 June 2012 over Q1 June 2011.
On a consolidated basis, Carborundum Universal's net profit fell 31.3% to Rs 35.89 crore on 6.2% increase in net sales to Rs 497.96 crore in Q1 June 2012 over Q1 June 2011.
On a consolidated basis, Sobha Developers' net profit rose 73.1% to Rs 45 crore on 55.8% increase in net sales to Rs 432 crore in Q1 June 2012 over Q1 June 2011.
MOIL net profit declined 8.75% to Rs 99.41 crore on 15.47% rise in net sales to Rs 242.57 crore in Q1 June 2012 over Q1 June 2011.
Bombay Dyeing & Manufacturing Company reported net loss to Rs 27.50 crore in Q1 June 2012 as against net loss of Rs 39.79 crore in Q1 June 2011. Net sales rose 20.49% to Rs 475.73 crore in Q1 June 2012 over Q1 June 2011.
The board of Power Grid Corporation of India has approved expansion and replacement of existing SCADA/EMS System at SLDCs of Northern Region (NR ULDC Phase-ll) at an estimated cost of Rs 70.90 crore with commissioning schedule of 27 months from the date of investment approval. The board also approved installation of reactors in western region at an estimated cost of Rs 83.17 crore with commissioning schedule of 24 months from the date of investment approval.
Sugar shares will be watched on reports India is considering imposing a tax on sugar exports and dropping a 10% import duty to help curb overseas sales and keep a lid on domestic prices as a drought threatens farm output. As per reports, the government also plans to release an extra 500,000 tonnes of sugar in August to beef up supplies in the local market, where prices have surged. Each month, the government decides the quantity mills can sell in the open market.
lnfosys, a global leader in consulting and technology, launched the Infosys Cloud Ecosystem Hub. This comprehensive solution enables enterprises to create, adopt and govern Cloud services across the ecosystem. The businesses can now accelerate time-to-market of Cloud services by up to 40%, improve productivity by up to 20% and achieve cost savings of up to 30%.
Tata Chemicals turns ex-dividend today, 8 August 2012, for dividend of Rs 10 per share for the year ended 31 March 2012. Before turning ex-dividend, the stock offered a dividend yield of 3.24% based on the closing price of Rs 308.50 on Tuesday, 7 August 2012.
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