Category: Breaking Corporate India Earnings News

Sun Pharmaceutical Industries has informed us that USFDA has granted approval for ANDA to market a generic version of medimmune’s ethyol, amifostine for injection 500mg.

This generic amifostine for injection is therapeutically equivalent to medimmune’s ethyol amifostine for injection 500mg. Ethyol has annual sales of approximately US$ 80 million in the US.

Sun Pharma, being the first-to-file an ANDA for generic ethyol with a para IV certification, has a 180-day marketing exclusivity.

Amifostine is used as an adjuvant in cancer treatment. Sun Pharma’s amifostine for Injection will be indicated for the reduction of kidney damage in patients who have advanced ovarian cancer and are being given repeat doses of cisplatin.

Caught in the sub-prime web, FIIs are unwinding their positions in Shangri-La companies like Reliance Energy, Jai Corp etc. Here is what they have sold.

Merrill Lynch Cap-Espana
Reliance Energy 3.40 mn shares
Jai Corp 2.65 mn shares

Citigroup Global-Mauritius sold
Ruchi Soya 2.50 mn shares
Jet Airways 0.50 mn shares

Goldman Sachs sold
Indian Overseas Bk 18.96 mn shares
Punjab National Bk 15.26 mn shares

BSMA has sold
Sonata Software 2.10 mn shares
Dabur Pharma 1.31 mn shares

Details here.

Here is the Sub-prime hall of shame. Bank followed by write-offs till date.

• Merrill Lynch $24.4 bln
• UBS $18.4 bln
• Citigroup $18.1 bln
• Carlyle Capital $16.6 bln – Debt Defaults
• Morgan Stanley $9.4 bln
• Bank of America $5.3 bln
• Capital One $4.9-5.5 bln Credit losses
• Soc Gen $4.2bn Sub Prime Asset Mgmt
• RBS $4.2 bn – Investment Banking
• Citigroup Consumer Loans $4.1 bn
• Barclays $3.1 bn
• Credit Suisse $2.85 bn – Asset backed investment
• HSBC $2.1 bn – Mortgages
• Bear Stearns $1.9 bn
• Wachovia $1.5 bn – Credit losses
• JP Morgan $1.3 bn

More expected at the end of March quarter, 2008.

We had an exclusive market research on the market share of private life insurance companies in India. Data indicated in the research is as of Feb-2008. The top 5 private life insurance companies in India are,

• ICICI Prudential Life Insurance
• Bajaj Allianz
• SBI Life [Part of the SBI group, though no direct interference of Govt of India]
• HDFC Standard Life
• Reliance Life

Market share of other insurance companies is as shown above in the pie-chart.

Industrial output growth fell to 5.3% y-o-y in January from 7.7% in December, below expectations, because of a sharp slowdown in the manufacturing sector.

Capital goods output, a lead indicator of investment activity, slowed to 2.1% y-o-y in January from 16.6% in December. A single month does not make a trend, but this is worrying nevertheless since investment has been the main driver of India’s strong economic growth in recent years.

Consumer durables continued to underperform, with the growth rate falling to -3.1% y-o-y in January from 1.2% in December.

Mining and electricity sector output growth remained sluggish at 1.8% y-o-y and 3.3%, respectively, in January, likely reflecting capacity constraints.

Wood products, one of the best-performing sectors, saw output growth plunge to -4.6% y-o-y in January from 31.3% in December

Gayatri Projects has secured new order valued Rs 242.55 crore. The entire work has to be executed with in a period of 2 years form the executive engineer, Narmada Development Canal Division, Khargone, Madhya Pradesh.

The company, as ISO 9001-2000 certified company, is among India’s fastest growing construction companies known for its in-securing model driven by professional teams and unique equipment bank.