Ranbaxy laboratories has added another feather to its cap.It confirmed the acquisition of Be-Tabs the South African pharma major for a whooping $70 million.This will make the company the fifth largest generic pharmaceutical company in South Africa.
The deal is expected to give Ranbaxy local manufacturing capability.As part of this acquisition, Ranbaxy has concluded a Black Empowerment transaction with a Community Investment Holding(CIH) group company.Ranbaxy has also planned a major upgrade of the Be-Tabs manufacturing facility to bring its factories in resonance with new standards.The comapny expects to cash in on the brand equity of the South african firm and expects to appease the local markets.
This would lead to the further enhancement of the products portfolio of Ranbaxy especially in the acute and over the counter products stream.Ranbaxy has operations in South Africa since 1996.
Source:
www.moneycontrol.com
Tuesday, May 15, 2007
Valuation business to be regulated:CA's oppose move
In a move to regulate the valuation business,the government is expected to introduce a Valuation Professional Bill in the upcoming monsoon session of parliament.
The Bill would endeavor to create a council of valuation professionals who would train the professionals,set standards and issue qualifying norms.According to a concept paper by ICAI,ICWAI and ICSI it will comprise of two members from each of these bodies and five other members from government entities.
This move has invited much criticism from the community of valuation business, who have a mixed view about this.Some of them claim that people working in the field have already studied these subjects thoroughly while the others welcomed the move saying that it would draw the line,and ensure that they acted responsibly.
Read the Mint article:
Chartered accountants oppose regulation move
The Bill would endeavor to create a council of valuation professionals who would train the professionals,set standards and issue qualifying norms.According to a concept paper by ICAI,ICWAI and ICSI it will comprise of two members from each of these bodies and five other members from government entities.
This move has invited much criticism from the community of valuation business, who have a mixed view about this.Some of them claim that people working in the field have already studied these subjects thoroughly while the others welcomed the move saying that it would draw the line,and ensure that they acted responsibly.
Read the Mint article:
Chartered accountants oppose regulation move
United Spirits buys scottish counterpart Whyte and Mackay
Vijay Mallya's United Spirits has bought out the Scottish Scotch major Whyte and Mackay.An official announcement is scheduled for Wednesday.The deal which was initially valued at Pound 650 million was settled at pound 595 million which includes a pound 100 million payout to bridge a Pension fund Deficit in W&M's Pension trust.
The main owners of the Scottish firm is expected to leave the board including chief executive Mr.Vivian Imerman,who owns nearly two thirds of the firm.However,United spirits is keen on Mr Brannan ,the erstwile manager to head the existing management,as scotch is a new proposition for the Indian major.
Whyte and Mackay has an array of brands including their USP W&M scotch whisky,Dalmore scotch whisky,Isle jura single malt and Vladivar vodka.United spirits will look to promote these in India and some other markets too.
Mr Alok Gupta, one of Vijay Mallya's senior executives is expected to control the operations going forward.
Source: The Economic times
The main owners of the Scottish firm is expected to leave the board including chief executive Mr.Vivian Imerman,who owns nearly two thirds of the firm.However,United spirits is keen on Mr Brannan ,the erstwile manager to head the existing management,as scotch is a new proposition for the Indian major.
Whyte and Mackay has an array of brands including their USP W&M scotch whisky,Dalmore scotch whisky,Isle jura single malt and Vladivar vodka.United spirits will look to promote these in India and some other markets too.
Mr Alok Gupta, one of Vijay Mallya's senior executives is expected to control the operations going forward.
Source: The Economic times
Aavishkar Goodwell to foray into Microfinance;Dubai's Legtaum Capital Picks 51% stake in SHARE
India's leading MicroFinance Institution(MFI) SHARE to get equity support from Aavishkaar Goodwell.The private equity player is expected to buy a small stake in the firm and help the SHARE management expand its existing operations.This is after Dubai's Legtaum capital picked up 51% stake in SHARE for Rs 125 crore.
Aavishkaar Goodwell which has a "for the poor" approach generally invests in small start up's and microfinance and has build up a porfolio worth US $25 mn.On the other hand SHARE is one of India's largest MFI with outstanding loans to the tune of $95 mn and has operations in 5 Indian states.
Read the complete article
Aavishkaar Goodwell which has a "for the poor" approach generally invests in small start up's and microfinance and has build up a porfolio worth US $25 mn.On the other hand SHARE is one of India's largest MFI with outstanding loans to the tune of $95 mn and has operations in 5 Indian states.
Read the complete article
BSE heading towards demutualisation
The Bomabay Stock Exchange has 22 foreign and local investors lined up for a 51% stake sale as a part of its ongoing mandated demutualisation process.This is after foreign investors including the NYSE and global Investment Bank Goldman Sachs bought 20% stake in the National Stock Exchange a few months ago.SEBI has fixed the deadline as 19th May to complete the transaction.
BSE has managed to convince the Foreign Investment Promotion Board(FIPB) to allow six foreign investors to invest in Asia's oldest bourse. The Singapore stock exchange and the Dutch bourse exchange already own 5% of BSE's equity.Among the foreign investors Dubai Financial, Caldwell Asset Management(USA),Katriel Investment(Cyprus) and Atticus(Mauritius) are expected to pick up stakes.
16 domestic investors including corporates Mahindras,Bajaj,LIC,Bank of India,SBI,Central Bank of India are also acquiring equity stakes of 1% or a little more.Any company buying more than 1% is subject to approval by SEBI.High net worth individuals such as Infosys CEO probable Kris Gopalakrishnan are also buying into the company.
Post Demutualisation BSE will have 77.2 lakh outstanding shares up from 69.5 lakh shares.FY'06 saw BSE booking profits of 60 crores ,it has reserves and surplus to the tune of Rs 930 crores.
Source: The Economic Times.
BSE has managed to convince the Foreign Investment Promotion Board(FIPB) to allow six foreign investors to invest in Asia's oldest bourse. The Singapore stock exchange and the Dutch bourse exchange already own 5% of BSE's equity.Among the foreign investors Dubai Financial, Caldwell Asset Management(USA),Katriel Investment(Cyprus) and Atticus(Mauritius) are expected to pick up stakes.
16 domestic investors including corporates Mahindras,Bajaj,LIC,Bank of India,SBI,Central Bank of India are also acquiring equity stakes of 1% or a little more.Any company buying more than 1% is subject to approval by SEBI.High net worth individuals such as Infosys CEO probable Kris Gopalakrishnan are also buying into the company.
Post Demutualisation BSE will have 77.2 lakh outstanding shares up from 69.5 lakh shares.FY'06 saw BSE booking profits of 60 crores ,it has reserves and surplus to the tune of Rs 930 crores.
Source: The Economic Times.
Debt markets to have credit default swaps
The next level for the debt markets in India is not far from realization.The RBI is expected to issue guidelines for the introduction of credit derivatives and set the regulatory framwork for its issuance today.This is after the the credit market has soared more than 27% in the last tweleve months.
RBI claims that it has reached the "adequate comfort level for the introduction of such products".However it may take several months for the banking industry to standardize the terms for trading these instruments.
There is a possibility that the government initially sets aside these instrument to be secured against an asset before allowing the markets to do away with them at a later stage.Also there is much speculation about whether or not offshore FI's will be allowed to trade in them.
Interest rate derivatives were the only derivative products allowed by the regulators to hedge against foreign currency risk before 1999.Allowing credit derivatives to be traded after the recent inclusion of derivatives on equity products(as recently as 2001)will cerainly lead the markets towards more stability.
Source: Mint
RBI claims that it has reached the "adequate comfort level for the introduction of such products".However it may take several months for the banking industry to standardize the terms for trading these instruments.
There is a possibility that the government initially sets aside these instrument to be secured against an asset before allowing the markets to do away with them at a later stage.Also there is much speculation about whether or not offshore FI's will be allowed to trade in them.
Interest rate derivatives were the only derivative products allowed by the regulators to hedge against foreign currency risk before 1999.Allowing credit derivatives to be traded after the recent inclusion of derivatives on equity products(as recently as 2001)will cerainly lead the markets towards more stability.
Source: Mint
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