Dalal Street

House of Pearl Fashions is planning a tie-up with European brand Lerros for its retail venture in India. The company will hold 60% equity in the SPV, which will be set up for the retail foray. Lerros will hold 40% equity. Initially, the company will open ten states in the national capital region and gradually increase the number of stores to 300 spread throughout India over a period of three years. The company also has its own brand in USA, DCC and Kool Hearts. It plans to combine its branding / designing experience with sourcing, knowledge to make a success of their foray in retail in India.

The company also recently won the best corporate social responsibility award from JC penny, one of its main customers. The company has a diverse customer-base and is serving over 90 retailers across the Globe.

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Ranbaxy Laboratories has received tentative approval from the U.S. Food and Drug Administration (US FDA) to manufacture and market valsartan tablets, 40 mg, 80 mg, 160 mg and 320 mg. Total annual market sales for valsartan tablets were $1.3 billion (IMS MAT June 2007).

Valsartan is indicated for the treatment of hypertension alone or in combination with other anti-hypertensive agents. Valsartan is also indicated for the treatment of heart failure (NYHA class II -IV).

ONGC Petro-additions (OPaL) is the special purpose vehicle (SPV) formed by the company for the Rs 13,500 crore petrochemical complex at Dahej in Gujarat. Oil and Natural Gas Corporation (ONGC) holds 26% cent of the equity in OPaL and Gujarat State Petroleum Corporation (GSPC) enjoys 5% stake as a joint venture partner.

At the current price of Rs 1190, the scrip trades at a PE multiple of 13.80, based on Q1 June 2007 annualised EPS of Rs 86.22.