Inflation touches double digit at 11.05% : ET

Inflation touches double digit at 11.05%


NEW DELHI: Surging food and fuel prices further pushed up inflation to 11.05 per cent for the week ended June 7, 2008 from 8.75 per cent in the previous week. A day earlier, a poll estimated the annual inflation rate to have jumped to 13-year highs near 10 per cent in early June, powered by a fuel price rise. The wholesale price index is forecast to have risen to 9.82 per cent in the 12 months to June 7, which would be the highest since June 3, 1995, when annual inflation was at 9.89 per cent.

The forecasts from 12 analysts ranged widely from 9.63 per cent to 10.62 per cent, and compared with an annual rise of 8.75 per cent in the previous week. Four economists in the poll estimated the data to come in at above 10 per cent, its first double-digit reading since May 27, 1995. It would be the 17th consecutive week that inflation rate has been above 5.5 per cent, the central bank’s target by the end of the fiscal year in March 2009. India had raised state-set fuel prices by about 10 per cent on June 4, and the RBI last week raised its key lending rate for the first time in more than a year to contain inflation expectations.


Fuel price hike led to double digit inflation: Chidambaram
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At 11%, inflation hits 13-year high
Inflation needn't pull down stocks always
Lowest Sensex close since Aug '07 as inflation hits 11%


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11% inflation spreads panic; Sensex down 3.3% : ET

11% inflation spreads panic; Sensex down 3.3%

It was one of the worst days for the stock market since beginning of 2008. Higher than expected inflation figures saw investors pressing sell button. ( Watch ) More than 6.5 per cent fall in Reliance Industries followed by 4.5 per cent decline in Bharti Airtel saw the Sensex close at 14590.16, down 498 points or 3.30 per cent. The 30-share index fell around 700 points from high of 15,202.01 to a low of 14,519.27. National Stock Exchange’s Nifty ended at 4355.45, down 149 points or 3.30 per cent. The broad index touched a high of 4532 and low of 4333.60.

Tier II and III stocks were not spared in selling spree. BSE Midcap Index ended at 6,051.13, down 2.87 per cent and BSE Small cap Index closed at 7,418.05, down 3.16 per cent. ONGC (up 2.61%) and Mahindra & Mahindra (1.14%) were the only gainers in the 30-share index. Reliance Communications (down 6.65%), Reliance Industries (6.61%), Hindalco Industries (6.37%), Jaiprakash Associates (6.03%), Reliance Infrastructure (4.92%) and Bharti Airtel (4.76%) were under pressure. Market breadth was extremely weak with 2239 declines outnumbering 458 advances on BSE. Inflation rate touched a 13-year high of 11.05 percent for the week ended June 7 from 8.5 per cent in the previous week. Market was expecting it to be around 10.6 per cent. (All figures are provisional)

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Lowest Sensex close since Aug '07 as inflation hits 11%

It was a downhill journey for Indian equities on Friday as inflation shot hit a 13-year high, raising fears over economic growth and sparked panic selling across the board. Bombay Stock Exchange's Sensex settled at its lowest close since August 2007 at 14,571.29, down 516.70 points or 3.42 per cent from Thursday’s close. The index slumped to an intra-day low of 14,519.27 from a high of 15,202.01. The wider National Stock Exchange’s Nifty dropped 156.7 points or 3.48 per cent to 4347.55, breaching a crucial resistance level of 4,400. “High inflation and pessimism on the political front weighed on the market. Sensex had never closed below 14,800 since the January fall, which happened today. All the supports are broken.

We are likely to see more downside hereon. Investors should wait and watch as market will look for new bottoms and every rise should be used to exit long positions," said Rakesh Gandhi, technical analyst at Latin Manharlal Securities. The market opened on a buoyant note cheering a fall in crude oil prices and tracking positive global cues. However, the indices had to surrender all early gains after data showed inflation had shot up to 11.05 per cent in the 12 months to June 7, following the rise in state-set fuel prices. This was a big jump from 8.75 per cent a week-earlier. Even as the market plunged, Finance Minister P Chidambaram warned of stronger anti-inflation measures ahead. Though he did not elaborate on the measures being contemplated, expectations are that the Reserve Bank of India may resort to further tightening--a move that could lead to increase in lending rates for auto, housing and consumer loans.

This pressured interest rate sensitive stocks, sending the BSE Bankex, BSE Auto and BSE Realty indices on a downward spiral. Selling continued unabated in second line stocks as well. BSE Midcap and Smallcap indices ended 3.17 per cent and 3.43 per cent lower respectively. The oil & gas space was the biggest loser, after investors dumped shares of Reliance Industries. The index heavyweight fell 6.6 per cent to Rs 2,096.60, its lowest close in nine months. The other frontline counters that took a knock included Reliance Communications (down 6.65%), Hindalco Industries (6.37%), Jaiprakash Associates (6.03%), Reliance Infrastructure (4.92%) and Bharti Airtel (4.76%). ONGC (up 1.56%) was the lone gainer in the 30-share index. Market breadth was extremely weak with 2,247 declines and 450 advances on BSE. Meanwhile, stocks in Europe declined led by commodity producers as investors speculated the economic slowdown would curb demand for metals. The FTSE was down 1.03 per cent, DAX 30 lost 1.4 per cent and CAC 40 shed 1.29 per cent. In the Asia Pacific region, however, it was a mixed picture. The Nikkei ended 1.33 per cent lower, Hang Seng fell 0.23 per cent while Straits Times added 0.31 per cent and CSI 300 Index rose 2.61 per cent.

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Sensex tumbles to year's low
Dalal Street panics; indices fall
The pain may be far from over. The double-digit inflation data which rattled investors, could just be the trigger to send the market tumbling even further. And this horror movie could have many scenes left. The full force of oil prices, farm loan waiver, fertiliser bill and pay commission is yet to be felt. On Friday, 11% inflation unnerved the stock market, and pushed key indices like the Sensex and Nifty to their lows of 2008. Analysts feel that with global crude oil and commodity prices ruling high and no major correction expected in the near future, inflation continues to cast shadows on the market. “Today, the policy options before the government are limited. And, for the market, there may be more pain left. There is still no valuation comfort for Sensex stocks,” said Brics Securities head of equities Anand Tandon. If a phase of high inflation and high interest rate continues, a slowdown in GDP would no longer remain an academic debate, according to analysts. Jolted by the shock news on inflation, Sensex tumbled 517 points, or 3.4%, to close at 14,571 points, while the broad-based Nifty slipped 157 points, or 3.5%, to end at 4,348 points. With this, the two indices have touched their 10-month lows.

Investor wealth eroded by Rs 1.6 lakh crore on Friday, bringing total wealth erosion since January to Rs 26.6 lakh crore. Since January, foreign institutional investors (FIIs) have sold heavily, pulling out a total of Rs 24,000 crore. At 5%, BSE’s oil and gas index was the worst-hit sectoral index, followed by real estate and metal indices, which fell 4.5% and 4% respectively. Rate-sensitive sectors like real estate and banking also took a beating on fears of possible monetary tightening by RBI. The inflation data spooked many analysts who were expecting a more modest 10%.

It is felt that RBI may go for another hike in interest rates and cash reserve ratio to bring down inflation. “Government finances have gone haywire because of soaring crude oil prices, forcing the Centre to hike fuel prices. The government appears concerned about the rising inflation and may take some measures to check it. Interest rates may go up, which in turn, will put pressure on corporate earnings,” said KR Choksey Shares and Securities chairman Kisan Choksey. Some brokers feel that the market is worried about a possible earnings slowdown and next year’s general elections. One has to see how the UPA government tackles various sensitive issues, particularly inflation, which will be key to its electoral performance, said a broker.
Call writing at 4500 caps upside, realty & banking drag


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Ranbaxy, Pfizer sign truce over Lipitor, Reliance Big to light up screen with Spielberg

Ranbaxy, Pfizer sign truce over

Exactly a week after the promoters of Ranbaxy Laboratories sold their shareholding to Japanese drug maker Daiichi Sankyo, the Indian drug maker and US giant Pfizer announced that they have reached an out-of-court settlement on their litigation over the world’s largest selling drug, Lipitor (Atorvastatin). According to the settlement, Ranbaxy will launch its generic version of Lipitor, the $12.7-billion cholesterol-lowering medicine, and combination drug Caduet in November 30, 2011 in the US with exclusive marketing rights for 180 days, along with the innovator company. Industry estimates peg Ranbaxy’s revenue upside from the settlement for Lipitor at $1.5 billion over a four-year period up to May 2012. Ranbaxy (subject to litigation) was on course to launch its generic version of Lipitor in the US in March, 2010, 15 months ahead of its patent expiry in June, 2011.

The settlement pushes back the launch date by 20 months, even though it eliminates all uncertainty regarding the launch date. In addition, Ranbaxy will also not receive any upfront payment from the out-of-court settlement. Says Prabhudas Lilladher’s pharma analyst Ranjit Kapadia: “The settlement brings certainty to Ranbaxy’s launch and will cut down litigation cost for Ranbaxy from tomorrow itself. However, the drug’s launch has been pushed back by 20 months, which means that Pfizer will get additional sales of around $20 billion during the extended period.”
Ranbaxy sell-off may price open more deals
Market was all ready for Ranbaxy-Daiichi deal
What does Daiichi bring for Ranbaxy investors?
Ranbaxy needed to pop growth pill

Ranbaxy has described the deal as a win-win situation. “This is the largest and the most comprehensive out-of-court settlement ever in the pharma industry covering a total revenue of over $13 billion. The revenues will start kicking in from this year as we will be launching generic version of Lipitor in Canada this calendar year,” Ranbaxy Laboratories CEO and MD Malvinder Singh told ET. A senior Pfizer executive said the agreement clearly reaffirms the value and importance of intellectual property.

The settlement was announced after Indian stock exchanges closed on Wednesday. Ranbaxy shares moved up 2.9% to Rs 598 during the day. According to industry estimates, Ranbaxy will get a revenue upside of around $1.5 billion from the Lipitor generic over a four-year period up to May 2012. Bulk of this revenue will be backloaded and is expected to accrue when Ranbaxy launches the drug in the US market in November, 2011. Lipitor generates annual sales of $8 billion in the US alone. In Canada, the drug rakes in about a $1 billion in sales every year. Caduet, a combination drug of Lipitor and hypertension drug Norvasc, has annual global sales of $400 million. In addition to the US and Canada, the Indian drug maker will also have the licence to sell Atorvastatin in six more countries - Belgium, Netherlands, Germany, Sweden, Italy and Australia - on different dates. Ranbaxy can launch its Atorvastatin 2-4 months ahead of patent expiry in these countries. Ranbaxy and Pfizer have also resolved their disputes regarding Atorvastatin in Malaysia, Brunei, Peru and Vietnam. Continued...Next >>

Wave of consolidation to hit Indian pharma sector: Malvinder Singh
Ranbaxy sell-off
Indian generic companies may tread Ranbaxy path
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Reliance Big to light up screen with Spielberg19 Jun, 2008, 0620 hrs IST, ET Bureau

its recent high-profile entry into Hollywood, Reliance Big Entertainment (RBEL), the entertainment arm of the Reliance Anil Dhirubhai Ambani Group (ADAG), is now close to inking a joint venture with Hollywood director Steven Spielberg. It is learnt that ADAG will commit $500 million in the new venture, which will fund all of Mr Spielberg's movies. The new company, to be formed between the two parties, will produce about six films a year. The American film director, producer and screenwriter is a three-time Academy Award winner and is the highest-grossing filmmaker of all time. In a career spannig almost four decades, Mr Spielberg made classics such as Jaws, E.T. The Extra-Terrestrial and Jurassic Park, which became the highest-grossing films of their time. During his early years as a director, his sci-fi and adventure films were often seen as the archetype of modern Hollywood blockbuster filmmaking.

However, a Reliance ADAG spokesperson offered "no comments" when questioned about the deal. This will also mean that Mr Spielberg, who sold his company DreamWorks to Viacom in 2006, will part ways with Viacom, with the funding that they receive from ADAG. The move cements Reliance Big Entertainment's plan to become one of the largest players in the entertainment business in the world. Last month, Reliance ADAG announced a slew of projects at the Cannes film festival, roping in Hollywood stars, including Tom Hanks, Brad Pitt, Jim Carrey and George Clooney, with an estimated investment of about $1 billion.

Reliance ADAG is understood to be financing Mr Spielberg to ensure that DreamWorks is sufficiently funded so that its departure from Viacom's Paramount Pictures is feasible. Recently, RBEL, which runs cinemas in India through Adlabs, entered the US market under the brand name 'Big'. The company has acquired more than 200 theatres across 28 locations in North America, including New York, New Jersey, Atlanta, Detroit, Chicago, San Jose, Los Angeles, Washington DC and Seattle. The group has also bought a US-based theatre management company to operate the US chain and has set up a distribution company to license rights. RBEL is focused on both international and domestic projects, and its vision is to become one of the major entertainment companies world-wide. The entry into mainstream Hollywood projects is in tandem with this vision. For Hollywood actors and producers, partnering an Indian entertainment company would ensure South Asian audiences.

Besides, they would get a strong producer and distributor, capable to explore new markets and concepts. In February, when George Soros invested $100 million in RBEL, the internet, media and entertainment arm of ADAG, for a 3% stake, valuing the company at $3 billion, the move took everyone by surprise. The primary reason was that most of the businesses held under RBEL were either at the planning stage or characterised by earnings potential rather than actual earnings. However, going by the recent spate of activities and the number of acquisitions that RBEL has undertaken, the plans seem to be gaining momentum. Three months after the last investment, RBEL has been in talks with private equity biggies like Kohlberg Kravis Roberts & Company (KKR), billionaire investor Carl Icahn, Japan's Softbank and Abu Dhabi Investment Authority for selling a 10% stake for a valuation of $5 billion.



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Quarterly Results

Corporate Results

Aurobindo Pharma net profit declines 2.60% in the March 2008 quarter
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quarter

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Pfizer, Ranbaxy settle Lipitor dispute: UTVi

Pfizer, Ranbaxy settle Lipitor dispute : UTVi.com
Ranbaxy, Pfizer settle Lipitor patent disputes : Reuters India


Ranbaxy Laboratories has settled most of its patent disputes with Pfizer allowing it to launch a generic version of the US group's blockbuster cholesterol drug Lipitor from November 30, 2011.
Ranbaxy also said it would have 180 days market exclusivity following the US launch of the generic version of Lipitor, the world's biggest selling drug with sales of $12.7 billion in 2007.
"This comprehensively settles outstanding issues between Ranbaxy and Pfizer bringing to closure a number of on-going patent disputes," Malvinder Mohan Singh, chief executive and managing director, Ranbaxy, said in the statement.

"This will make the world's largest selling drug more accessible to patients who will gain from the timely availability of an affordable quality option," he added.Speaking to UTVi, Singh said this is the largest and the most comprehensive settlement in the history of the pharmaceutical industry. "The best news in the deal is that it opens up a $12 billion market for Ranbaxy, and we will be getting access to the $8 billion US market from November 30, 2011.... no questions, no risks...."Ranbaxy will also have the licence to sell the drug in an additional seven countries including Canada, Belgium, the Netherlands, Germany, Sweden, Italy and Australia.A Pfizer spokesperson maintained that the settlement with Ranbaxy was pro-patent and pro-intellectual property. The spokesperson also denied any intention of buying the non-promoter stake in Ranbaxy.Ranjit Kapadia, pharma analyst at Prabhudas Lilladher, while speaking to UTVi , said the market had no whiff of the deal. "Or the market would have flared up today," he added.The deal may push the Ranbaxy stock to around Rs 650 as against the open offer price of Rs 737 to be offered by Daiichi Sankyo, which has signed a deal with the promoters of Ranbaxy. "Ranbaxy is a buy at the moment," Kapadia added.

Following is the press release issued by RanbaxyRANBAXY AND PFIZER SETTLE LIPITOR LITIGATION WORLDWIDE
* Ranbaxy will Market Generic Atorvastatin in the U.S. with 180 Days Exclusivity from Nov. 30, 2011
* Agreement Also Resolves Caduet, Accupril Litigation in the US
Gurgaon, Harayana, India; Princeton, NJ, USA – June 18 , 2008 -- Ranbaxy Laboratories Limited (Ranbaxy), announced today that it has entered into an agreement with Pfizer Inc. to settle most of the patent litigation worldwide involving Atorvastatin (Lipitor), the world’s most-prescribed cholesterol-lowering medicine. This decision will allow for an earlier introduction of a generic formulation that will benefit patients and many healthcare systems throughout the world. Lipitor is the world's largest selling drug with worldwide sales in 2007 of $12.7 billion.

The agreement pertains solely to Ranbaxy and its affiliates and does not cover legal challenges to the Lipitor patents involving other generic manufacturers. However, as Ranbaxy was the first generic challenger to the listed Lipitor patents, it retains the right to the marketing exclusivity of 180 days in the United States. Under the terms of the agreement, Ranbaxy will have a license to sell generic versions of Atorvastatin and the fixed-dose combination of Atorvastatin-Amlodipine besylate in the United States effective Nov. 30, 2011.

Welcoming the development, Malvinder Mohan Singh, CEO and MD, Ranbaxy Laboratories Ltd., said, “This comprehensively settles outstanding issues between Ranbaxy and Pfizer bringing to closure a number of ongoing patent disputes. It also provides certainty and visibility to the launch of Ranbaxy’s Generic Atorvastatin, with180 day market exclusivity in the US and an early entry in other markets. This will make the worlds largest selling drug more accessible to patients who will gain from the timely availability of an affordable quality option.”

Ranbaxy will also have a license to sell Atorvastatin on varying dates in an additional 7 countries, including: Canada, Belgium, Netherlands, Germany, Sweden, Italy and Australia. Ranbaxy and Pfizer have also resolved their disputes regarding Atorvastatin in Malaysia, Brunei, Peru and Vietnam.

In addition, the lawsuits between Pfizer and Ranbaxy regarding Atorvastatin will be dismissed in select countries and the lawsuits between Pfizer and Ranbaxy regarding the fixed dose combination product containing Atorvastatin and amlodipine will be dismissed in the U.S. and Ranbaxy will no longer contest the validity of Pfizer’s patents in such countries. Such patent challenges by Ranbaxy regarding Lipitor have been underway in numerous markets since 2003.
The Atorvastatin patents involved in this agreement are the basic compound patent, which expires in the United States in 2010; the enantiomer patent, which expires in the United States in 2011; and various process and crystalline form patents, which expire in 2016 and 2017; and the combination patent for fixed-dose combination product which expires in 2018.

The agreement also covers the fixed-dose combination of Atorvastatin-Amlodipine besylate (presently marketed under the brand Caduet, which also contains crystalline Form I Atorvastatin), a fixed-dose combination product indicated for patients suffering from both high blood pressure and high levels of cholesterol. The patent for the fixed-dose combination expires in 2018. The settlement also resolves additional patent litigation between the companies involving the branded drugs Accupril (in the U.S.) and Viagra (in Ecuador) and all patent litigation with Ranbaxy relating to generic formulation of Quinapril hydrochloride in the United States and Sildenafil in Ecuador.

Litigation between Ranbaxy and Pfizer relating to Lipitor will continue in five other European countries -- Finland, Spain, Portugal, Denmark and Romania.

Ranbaxy CEO sees consolidation wave over 3 years



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Results from Indiaearnings.com

Tata Comm Q4 stand net profit at Rs 58.9 cr

BPCL Q4 net profit at Rs 58.4 cr

Zee Entertainment FY08 net profit at Rs 416 cr

SREI Infra FY08 net profit at Rs 135 cr

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