Month: April 2007

Ranbaxy said it has been granted a 180-day market exclusivity in the US for the 80-mg dosage of the drug pravastatin sodium tablets, which is used to treat cardiac diseases. The 80-mg tablet had annual sales of $209 million, while the market for all dosages of the drug was $1.19 billion a year, Ranbaxy said in a statement.

Pravastatin is the generic version of Bristol-Myers Squibb’s cholesterol-fighter Pravachol.

As per recent reports, Ranbaxy Laboratories is investing more than $20 million (over Rs 83 crore) in its Romanian subsidiary, Terapia Ranbaxy. The move is a part of the company’s strategy to make the subsidiary its hub for Europe and Commonwealth of Independent States (CIS)’ countries. Terapia SA, an 86-year-old company, was acquired by Ranbaxy for $324 million (Rs 1,347 crore) in June 2006.

HDFC Bank posted a net profit of Rs 343.57 crore in the quarter ended 31 March 2007, as against Rs 263.21 crore for the March 2006 quarter. Total Income increased to Rs 2384.19 crore compared with Rs 1682.65 crore in the March 2006 quarter.

The results were declared after trading hours on Tuesday (24 April 2007). The private sector bank also recommended a dividend of Rs 7 per share for the year ended 31 March 2007.

In late-December 2006, HDFC Bank raised the benchmark prime lending rate (BPLR) by a steep 150 basis points. The bank also increased its deposit rates by 50-75 basis points, following a similar increase in June 2006. But only a small proportion of HDFC Bank’s loans are linked to the PLR. This is because most of the bank’s retail and corporate lending is done at fixed rates, and is not directly linked to the BPLR.

Compared to what leading Indian Financial Institutions like UTI Bank have reported their results, Reliance Capital is growing at a slower pace. Reliance Capital reported a profit growth of RS 311 crore an increase of mere 9% compared to the same quarter a year ago which was at 285.59.

On a consolidated basis, Reliance Capital’s net profit rose 23% to Rs 703 crore and total income more-than-doubled to Rs 2158 crore during the fiscal, a 128% increase from Rs 947 crore of the previous year.

Reliance Asset Management recorded a net profit of Rs 49 crore, a 63% increase during the year. The number of investors in Reliance Mutual Fund (RMF) increased to 32.27 lakh from 20.95 lakh a year ago.

Reliance Life Insurance had a premium income of Rs 1005 crore from Rs 224 crore in the previous year, representing a jump of 348% .

Reliance General Insurance had a premium income of Rs 912 crore from Rs 163 crore in the previous year, representing an increase of 462%.