Category: Breaking Corporate India Earnings News

Venus Remedies has been accredited with the European GMP certification for its cephalosporin and carbapenem plants at Baddi, India, a rare and most coveted certification for regulated markets.
The cephalosporin and carbapenem plants of the company were inspected by the European authorities and found to be complying with the manufacturing and quality control standards as per the European good manufacturing practice.

The European – GMP certification is a pre-requisite for Export to European union. Venus is the only company in India to have an EU-GMP certified plant for carbapenems, which the have huge market potential across the globe. With this accreditation, the company can now freely export to not only 36 countries of European union, but also to Canada and Australia, which recognize European GMP. Now the company can surge ahead in the regulated European and Canadian markets, as per its strategy, in sync with its subsidiary Venus Pharma GmbH, Germany and realize its export targets as per projections.

The board of Marksans Pharma has decided to enter into share purchase agreement with Hale Group, U.K. for acquiring its entire share capital along with its subsidiary company Bell, Sons & Co. (Druggists) and authority to Mark Saldanha, managing director to execute the same. The above acquisition shall be through companies 100% subsidiary, Marksans Pharma U.K.

The board of Southern Online Bio Technologies has approved to raise an amount up to Rs 1921.50 lakh by way of QIP of equity shares to qualified institutional buyers.

The board has approved the preferential issue of 26.50 lakh warrants convertible into equity shares to promoters and non-promoters at a price of Rs 42.70 per share and preferential issue of up to 24 lakh equity shares to entities / persons other than promoters / promoter group at Rs 42.70 per share.

Indiabulls Financial Services has entered into a memorandum of understanding with Societe Generale Insurance for its upcoming life insurance joint venture. Societe General, through its French life insurance company, Sogecap, will own 26% of the future joint venture.

Indiabulls has already received the Reserve Bank of India’s approval to invest in the joint venture, and has also approached IRDA, the Insurance Regulatory and Development Authority, for the necessary regulatory approvals.

Omaxe Ltd just a while ago informed us that subsidiary of the company, Omaxe Powers has filed expression of interest to bid for a project to convert existing low voltage distribution system to high voltage distribution system throughout the state of Punjab.

We think this is a fantastic move by the company unlike Parsvnath which is planning to get into low margin capital intensive business of Telecom which will be an unrelated diversification. Instead Parsvnath should look at the Infrastructure space.

On 20 December 2007, the concerned authority had approved the company’s subsidiary Eden Buildcon’s bid for a multi-purpose project, estimated at Rs 1,800 crore, in Hyderabad.

Parsvnath Developers has announced the launch of its premium commercial project, Parsvnath Highway Mall, in the city of Rajpura, Punjab. The project will enhance the travelers’ joy by combining comfort and leisure.

The project is specifically designed to offer commercial space to house large format stores showcasing range of aspirational brands to customers and will have a total saleable area of approximately 2.30 lakh sq. ft.

The project is a part of Parsvnath King City, a mega township project consisting of independent plots, villas, group housing, schools, landscaped gardens etc with total sale worth of Rs 250 crore approximately.