Wednesday, August 30, 2006

Hot News

Solar business consolidation plan makes Moser Baer volatile
Moser Baer rose 1.84% to Rs 193.50 in early trade after the company announced plans to invest $ 17 million in its solar technology arm, but soon pared gains.The scrip was trading flat at Rs 190.A thin volume 5,238 shares was traded on the BSE.The counter has seen much volatility in the last few weeks. From a low of Rs 169.85 on 24 July, it advanced amid much volatility to close at Rs 190 on 29 August 2006.

Moser Baer India's board has approved an investment of $ 17 million in Moser Baer Photo Voltaic (MBPV), its wholly-owned subsidiary, in the high growth global photo voltaic industry. This investment will be in a phased manner and provide further impetus to MBPV's technology and R&D initiatives.

MBPV is setting up a PV cell & module manufacturing project with an 80 Mw capacity in India's first renewable energy SEZ at Greater Noida, UP, India.

The global photovoltaic market is on a high growth curve - sales expected to grow over $ 40 billion by 2010. This demand is also highly price elastic. A lowering of PV electricity costs to conventional levels could exponentially expand this market as photo voltaic (PV) starts to penetrate into base load demand of electricity.

Last month, Moser Baer India proposed a 100% subsidiary in Cyprus with an initial capital of Euros 25,000 for acquiring / setting up optical media and other businesses, including acquiring future technology in Europe, US and the rest of the world. The proposed subsidiary would help identify opportunities in global R&D in optical media and other technologies and simultaneously, look for setting up greenfield projects in Europe and other global markets.

In late July, the company had begun exporting HD DVD-R (recordable), a next generation format, to its global original equipment manufacturer (OEM) customers. The HD DVD-R has a capacity of 15 GB and offers more than three times the data storage capacity of standard DVD media.

On 20 February, Moser Baer India announced that it will establish and invest in a new public limited subsidiary, to function as 'developer' of SEZs. The company has decided to set-up this firm as a special economic zone unit.

Moser Baer India registered a net profit of Rs 6.47 crore for Q1 June 2006 compared to a loss of Rs 11.15 crore in Q1 June 2005. Net sales rose 30% to Rs 454.52 crore from Rs 349.88 crore.

Ranbaxy upbeat on favourable court verdict
Ranbaxy Laboratories surged 1.52%, to Rs 401.50 on getting a favourable ruling from a Norwegian court involving two patents on Atorvastatin.As many as 1.99 lakh shares were traded on the BSE.The scrip witnessed a bout of volatility in the first quarter of FY 2007. It moved up from Rs 393.15 on 23 March to Rs 504.15 on 21 April on three overseas acquisitions. Here, the scrip dropped to Rs 470.55 on 27 April, only to rise to Rs 522 by 2 May. Thereafter, it tumbled in a weak market to Rs 342.15 by 8 June 2006. After finding support at this level, the stock rose to Rs 391.20 on 25 June as the market recovered from a bearish hold. Thereafter, the stock slipped to Rs 320.40 on 17 July 2006 only to rally to Rs 395.50 on 29 August on strong Q1 results and on US FDA approvals for generic entities.

At the current market price of Rs 401.50, Ranbaxy Laboratories trades at 52.14 times its Q2 June 2006 annualized consolidated EPS of Rs 7.70.

Ranbaxy Laboratories has announced that a Norwegian court has ruled in favour of the company in its case against Pfizer, involving two patents on Atorvastatin. Atorvastatin is a cholesterol-lowering drug marketed by Pfizer as Lipitor.

Recently, Ranbaxy Laboratories launched its Soliten (Solifenacin) in India for managing chronic urological disorder. The product is being introduced for the first time in India. Soliten will be sold in dosage form of 5 mg and 10 mg tablets.

Ranbaxy Laboratories has plans to sell a manufacturing facility in Ireland and consolidate its Romanian operations. In June, Ranbaxy acquired Romania's Terapia S.A. for $ 324 million, to boost its presence in the fast-growing CIS markets.

Earlier this month, Ranbaxy Laboratories received tentative approval from the US Food and Drug Administration for risperidone oral solution, to treat schizophrenia, whose total annual sales touch $ 66 million. Further, the company had signed a deal in July with the Canada-based Janssen-Ortho to supply generic risperidone tablets in the North American nation.

In early July, Ranbaxy Laboratories received approval from the US Food and Drug Administration to manufacture and market Cefprozil oral suspension USP, 125 mg/5ml and 250 mg/5ml. The total annual market sales for Cefprozil are estimated at $93 million.

Faced with tough pricing pressure in the US, Ranbaxy has turned to Europe. It purchased Romania's Terapia for $324 million earlier this year, followed by Belgium's Ethimed NV, GlaxoSmithKline's Italian and Spanish generic business, and the rights and assets of Senetek Plc's autoinjector device. Europe is the largest generics market in the world after the US.

In mid-July Nihon Pharmaceutical Industry (NPI), a joint venture of Ranbaxy Laboratories and Nippon Chemiphar, launched the generic versions of Clarithromycin as well as Terbinafine tablets in Japan. Clarithromycin is an anti-biotic and Terbinafine an anti-fungal with market sizes of around $400 million and $300 million respectively in Japan.

In early June, Ranbaxy Laboratories struck a strategic partnership with US-based Invagen Pharmaceuticals to market Zonisamide capsules in the US.

Ranbaxy Laboratories registered a consolidated net profit growth of 20% to Rs 121.10 crore (Rs 101.30crore) for Q2 June 2006. Net sales during the period rose 9% to Rs 1,433.90 crore (Rs 1,317.70 crore).


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