Nik's Diary
The Indian market opened in the red following the negative
opening in SGX Nifty and most other Asian markets after signs of an
inconclusive general election in Italy sparked worries that another chapter in
Europe’s debt crisis could be opening. The US market showed a substantial
downturn on Monday on the back of uncertainty about the outcome of elections in
Italy. Moreover, uncertainty about whether lawmakers in Washington will be able
to reach an agreement to avoid the automatic government spending cuts, due to
go into effect at the end of the month, also weighed on the markets. European
stocks also gained ground as investors awaited Italian poll results. Meanwhile,
Indian shares ended a volatile session largely unchanged on Monday despite firm
global cues. The underlying sentiment remained cautious as investors await the
upcoming Railway Budget and Union Budget this week for directional cues.
Ranbaxy
restarts generic Lipitor production for US market
Pharma major Ranbaxy
Laboratories today said it has restarted production of generic cholesterol
lowering drug Atorvastatin as it looks to resume supplies to the American
market. In November last year the company had recalled Atorvastatin, the
generic version of Pfizer's Lipitor, for select batches in the strengths of
10mg, 20mg and 40mg tablets from the US market due to presence of foreign
particles. Since then it has been working with the US Food and Drug
Administration (USFDA) to implement multiple corrective and preventive
actions. "As part of the first step in initiating the manufacturing
process to resume supplies to US market, we have commenced the production of
drug substance for our Atorvastatin product," the company said in a
statement. The recall had affected 41 lots of Atorvastatin Calcium tablets
(10 mg, 20 mg and 40 mg), which is a solid oral dosage form, up to the retail
level. "The recall did not affect or relate to the 80 mg
strength," Ranbaxy said. Ranbaxy had launched generic Atorvastatin in
the US market in December 2011 after the USFDA gave final approval to market
its generic version of Lipitor produced at Ohm Laboratories facility in New
Brunswick, New Jersey. Ohm Laboratories is a wholly-owned subsidiary of
Ranbaxy. In April last year, the company started commencement of shipping of cholesterol
lowering drug, Atorvastatin calcium oral tablets from its Mohali SEZ plant in
Punjab. Shares of Ranbaxy Laboratories were trading at Rs 426.30 per scrip
in the afternoon on the BSE, up 3.15% cent from its previous close. Source: AngelBroking
Workers at
HMCL’s Gurgaon unit to go on hunger strike
The workers at Hero MotoCorp’s Gurgaon unit will go on a hunger strike
from Thursday to demand higher wages. In
a meeting on Monday with members of the company’s Dharuhera facility, members
of Hero MotoCorp Workers’ Union (HMCWU, Gurgaon unit) decided to initiate
an indefinite fast from February 28. “Even
in the latest round of talks held with the management last Friday, the company
refused to budge from their stance. We have the support of our colleagues at Dharuhera.
We have now decided to go on hunger strike to press our demands. A notice has
been sent to the company,” said Bhim Rao, general secretary, HMCWU. No date has
been finalised for the next round of talks. Only the union members of HMCWU
will go on hunger strike, so that production is not hampered at the facility. Workers at the Gurgaon unit have been agitating for
the past two months for higher wages. They have been sporting black arm-bands
and have stopped taking tea and snacks offered by the company. While the
employees are demanding an increment of around Rs 15,000 in monthly salary,
spread over a period of three years, the management is reluctant to increase
wages beyond Rs 7,500-9,000 in monthly settlement. “We have not stopped work
but have been protesting peacefully. But the management is showing no signs of
relenting,” said a worker at the Gurgaon factory. Last month, workers at the unit reportedly slowed
production operations. Following this, the company issued showcause notices
against six members of the union for disrupting production operations on
January 23 and January 24. The
workers at the Gurgaon factory had also held a ‘gate meeting’ on February 12
where strike was discussed as a last resort. The meeting was attended by
members of CITU, INTUC, AITUC and union members from Maruti Suzuki and Honda
Motorcycle and Scooter India. Hero
MotoCorp has three facilities across Gurgaon, Dharuhera and Hardwar. The
Gurgaon unit rolls out 6,000-7,000 two-wheelers a day. The company employs
around 1,200 permanent workers and 4,000 contract workers at its Gurgaon
facility. The average salary of a permanent worker at Gurgaon currently is
around Rs 32,000, which goes up to Rs 38,000 for more experienced employees. Source: AngelBroking
Sadbhav Engineering emerges
successful bidder for Northern Coalfields project
Sadbhav
Engineering Ltd has been declared the successful bidder in respect of the bid
invited by Northern Coalfields Limited (A subsidiary of Coal India Ltd.),
Singrauli ( M.P.) for the project for estimated contract value of Rs. 697.35
Crores. The order is for excavation of overburden of first dig (solid) by
hiring of equipment such as Excavator, Dumpers/Tippers, Drills, Dozers, Graders
and Water Sprinklers for composite work consisting of blast hole drilling,
excavation, loading, transportation of broker rocks/soil/earth,
unloading/dumping, spreading, dozing, water sprinkling and grading etc. by
mechanical means as per instruction of Engineer-in-charge at specified places
of Amlohri OCP of NCL. The total quantity for the excavation of over burden
(OB) is 100.00 Million BCM. The Sadbhav Engineering Ltd stock was trading
at Rs.112.05, up by Rs.3.35 or 3.08%. The stock hit an intraday high of Rs.114
and low of Rs.110.85. The total traded quantity was 4.50 lakhs compared to
2 week average of 0.82 lakhs. Source:
EquityBulls
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