FreePress India - Breaking News and Editorial in Indian Business

Sun Pharma resolves litigation with MedImmune over Ethyol

August 3, 2009August 3, 2009 by Editor's Desk

Pharma major, Sun Pharmaceutical Industries has settled its legal tussle with MedImmune over the generic version of Ethyol.

The company, along with its subsidiaries (collectively, Sun Pharma), has executed a settlement agreement with MedImmune, stipulating the dismissal of the lawsuits filed in the US district court for the district of Maryland regarding the submission of an Abbreviated New Drug Application (ANDA) for a generic version of Ethyol.

Tata Motors to roll out 60 K Nano by July 2010

August 3, 2009August 3, 2009 by Editor's Desk

Country’s largest auto maker Tata Motors is expected to supply up to 60,000 units of the Nano, dubbed as the world’s cheapest car, to the consumers by July next year and remaining committed to handing over the first one lakh cars by 2010 on operationalization of its mother plant in Sanand, likely to be ready … Read more Tata Motors to roll out 60 K Nano by July 2010

RBI sees need to revive private expenditure to boost growth

August 3, 2009August 3, 2009 by Editor's Desk

India’s monetary authority Reserve Bank of India (RBI) said that the main challenge to revert to a high growth path was to revive private consumption and investment expenditure. Governor of the RBI Duvvuri Subbarao said at an industry event that government will have to ensure a pick up in private expenditure as well.

The government is running a fiscal deficit of 6.8% in the current fiscal, highest in the post liberalization era, which according to the finance minister was a deliberate strategy to push growth through increased government expenditure. While the move is sure to help in expansion, the government cannot sustain the deficit at such high levels in the medium run and therefore the road to climb back to high growth levels will only be through stimulating private investment and consumption levels going forward.

FDI policy in Real Estate – 3 Years Lock in for Foreign Capital to Curb Speculation

August 1, 2009July 31, 2009 by Editor's Desk

Foreign Invetors, mostly speculators have now been instructed that their investment in real Estate in India will be locked in for 3-years. We had asked the Indian Government for a 5-year lock-in for Residential Real Estate and keep the Commercial/ SEZ and Retail real estate for FIIs to speculate but with pressure from retailers and other big companies, the Government decided to extend FDI Lock-in for any foreign investment in real estate.

The main document governing the FDI in property business presently is the March 2005 press note 2 which spells out that original investment by a foreign investor cannot be repatriated before a period of three years from completion of minimum capitalization. Also, as per the FDI norms prevalent currently, a foreign investor has to bring in at least a minimum amount of $5 million

ABG Shipyard picks up additional stake in Great Offshore

August 1, 2009July 31, 2009 by Editor's Desk

ABG Shipyard has announced that it has further raised its stake in the Great Offshore on July 30, 2009.

The company acquired 212,348 shares constituting 0.57% stake of Great Offshore at an average price of Rs 450 per share.

With this acquisition, its stake in the exploration services major has increased to around 8%.

On Wednesday, the company has acquired 5.19% stake in Great Offshore and also raised the open offer price from Rs 375 per share to Rs 450 a share.

Jai Corp Net profit falls by 56.52% to Rs 9.13 cr

July 30, 2009July 30, 2009 by Editor's Desk

Jai Corp Limited has announced its unaudited results for the quarter ended June 30, 2009. The company has posted a net profit of Rs 9.13 crore for the quarter ended June 30, 2009 against Rs 21 crore for the quarter ended June 30, 2008, down 56.52%. Total income has decreased from Rs 121.46 crore to … Read more Jai Corp Net profit falls by 56.52% to Rs 9.13 cr