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Written by fe Bureau | Updated: Jul 26 2011, 08:16am hrs
Novartis profit after tax grows to R37.6 crore

Novartis India, for the first quarter ended June 30, logged a profit after tax of R37.6 crore compared with R31.5 crore a year ago.

Profit before tax was R55.9 crore (R47.5 crore). Sales of R188 crore registered a growth of 11.7% over sales during the corresponding previous quarter. During the quarter under review, Novartis' core business, pharmaceuticals, with sales of R134.5 crore grew by 10.1% over the corresponding previous period (R122.2 crore).

Supreme Industries sees 26% rise in profit

Supreme Industries posted a 26% rise in net profit at R196 crore for the year ended June 30, 2011, as compared with R156 crore a year ago. The companys revenues rose 22.5% to R2,469.5 crore compared with R2,016.2 crore a year ago. Supreme Industries operating profit stood at R357.4 crore as compared with R298.6 crore a year ago. The company processed 2,24,673 tonnes of polymers compared with 1,91,704 tonnes a year ago.

Edelweiss Capital net declines 45%

Edelweiss Capital reported a 45% drop in net profit for the quarter ended June 30, 2011. Net profit dipped to R33.2 crore this quarter from R61.36 crore in the same period last year. The companys total income, however, rose 39% to R396 crore from R284 crore in the year-ago period. The companys agency business, which includes its broking business, saw a sharp fall of 95% in earnings to R0.83 crore this quarter from R20.31 crore in the same period last year.

Mastek loss stands at R55.93 crore

IT solutions firm, Mastek recorded a loss of R55.93 crore as compared with a profit of R67.7 crore last year. The company posted a revenue decline of 15% for the financial year 2011 to R614.2 crore as compared with R721.8 crore in the previous year. The company posted a significant 22.2% decline in revenues from its UK operations to R291 crore from R374 crore last year. The company's performance reflects the challenging demand environment as a result of the global economic crisis, the company said.

Zee News Q1 net dips 38.3% at R2.04 crore

Broadcasting firm Zee News on Monday posted 38.3% decline in its consolidated net profit at R2.04 crore for the first quarter ended June 30, 2011. In the same quarter of the previous fiscal, the companys net profit was R3.31 crore, Zee News said in a filing to the BSE. For the three months ended June 30, 2011, the companys consolidated sales dipped 1.85% to R63.65 crore compared with R64.85 crore in the same quarter of 2010-11.

Glenmark completes phase I trial of painkiller

Glenmark Pharmaceuticals (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals, said it has successfully completed phase I trials of GRC 15300, a firstinclass TRPV3 inhibitor for treatment of pain. Glenmark has completed Phase I dosing and analysis of the study data of GRC 15300 in the UK and the drug has been well tolerated with a good pharmacokinetic profile. Plans are in place to initiate clinical proof of concept studies in neuropathic pain, Glenmark said in a press release.

Lupin enters into research pact with Medicis Pharma

Lupin has entered into a research and development agreement with Medicis Pharmaceutical Corporation to apply proprietary Lupin formulation technologies to multiple therapeutic compounds. Under the terms of the agreement, Lupin will receive a $20 million upfront payment from Medicis and will be primarily responsible for formulating certain novel therapeutic products for Medicis, utilising several of Lupins formulation technologies. Medicis will have global exclusive rights (excluding India) for the products developed under the agreement.

EdServ to raise $35 m GDR to fund overseas foray

Education support services company EdServ has decided to raise $35 million through a GDR issue soon to fund its overseas foray as well as expanding its footprint across the country. The company, which expects to issue fresh shares, sees equity dilution to be around 35% to 40% on the expanded capital of the GDR issue and the promoters' stake will be around 17% post-issue, said S Giridharan, chairman and CEO, EdServ.

GM launches Beat diesel for R4.29 lakh

GM launched its Beat with 1 litre diesel engine in Mumbai on Monday. The new Beat is priced between R4.29 lakh to R5.45 lakh (ex-showroom New Delhi). The company expects to sell over 4,500 units per month of the car. Overall, the company sees its Beat sales at upward of 7,500 units per month, said Vikas Jain, director - sales, Chevrolet Sales India.