Market trades in a narrow range
The market was range-bound in afternoon trade. While Hindustan Lever gained amid post-results volatility, Reliance Industries (RIL) held firm.
At 13:31 IST the Sensex was down 2.5 points, at 14,400. It had moved in a narrow band of just 34 points, between 14,369 and 14,403, since 12:30 IST.The market-breadth remained weak. For 1,658 shares that declined on BSE, 838 rose. Just 83 shares were unchanged. Losers outpaced gainers by a ratio of 1.97:1.
Hindustan Lever (HLL) was gripped by a bout of post-results volatility. The stock was up 0.6% to Rs 206.35. It had weakened ahead of the results, to a low of Rs 200.70 by 12:04 IST. The results hit the market in afternoon trade.HLL’s net profit declined 1.9% in the December 2006 quarter to Rs 511 crore from Rs 521 crore in the December 2005 quarter.
Biocon leaps as nasal insulin programme enters Phase II trials
Biocon was up 10% to Rs 509, after announcing that US-based licensing partner had received permission for Phase II clinical trials of nasal insulin in India.
Biocon said that licensing partner, Bentley Pharmaceuticals, a specialty pharmaceutical company, received permission from the Drug Controller General of India (DCGI) to proceed with a Phase II clinical evaluation of Nasulin™ in Type II diabetic patients. Nasulin™ is Bentley's intranasal insulin product utilizing its proprietary delivery technology CPE-215.
As per the licensing agreement, Biocon is responsible for developing and marketing Nasulin™ in India and select territories. The company provides a source of insulin powder and Cardinal Health has manufactured the clinical supplies for this Phase II study under contract with Bentley.
This approval follows the completion of Bentley's pharmacokinetic clinical studies of Nasulin™ studies in India. The Phase II study will be initiated in March 2007, and is expected to be completed before the end of the year.
Biocon believes that non injectable insulins will drive the future of diabetes therapy the world over. Clinigene, a CAP accredited CRO and wholly-owned subsidiary of the company, will administer the complex programme.
Data received from the Nasulin™ Phase II programme in India will supplement Bentley's Phase II studies already underway at the Diabetes & Glandular Disease Clinic (DGD) in Texas, US. Bentley also expects to complete a significant portion of the US Phase II studies before the end of 2007.
The Biocon counter saw high volumes of 14.66 lakh shares on BSE. The stock also surged to a 52-week high of Rs 512.90 in intra-day trade.
Biocon had surged sharply in the past month following a splendid set of results. From Rs 361.75 on 16 January 2007, it surged to Rs 462.35 by 19 February. Earlier, the stock was range-bound for about two months, between Rs 346 and Rs 378, from late-November 2006 to mid-January 2007.FII-holding in the stock declined to 10.75% by end-December 2006, from 11.33% at end-September 2006.
Biocon plans to invest Rs 1000 crore in setting up a bio-pharma plant in Andhra Pradesh. The plant will be built at the pharma special economic zone (SEZ) near the port city of Visakhapatnam. Andhra Pradesh Chief Minister, Y S Rajasekhara Reddy, on Friday (16 February 2007) handed over the allotment letter for the land needed for setting up the bio-pharma plant to Biocon Chairman, Kiran Mazumdar Shaw.
Biocon’s consolidated net profit rose 27% to Rs 56 crore in the December 2006 quarter on 13% growth in operating income to Rs 247 crore.
Biocon is a leading biopharmaceutical company with strong R&D capabilities in fermentation technology, biotechnology and drug discovery. The company is a pioneer in production of biopharmaceuticals through the fermentation route. Biocon is currently going through a transition phase. From a generic company, it has set sights on becoming a discovery-led lifescience company.
Biocon’s oral insulin programme has successfully completed Phase I human clinical trials, and expects to enter Phase II trials later this year.
Biocon has signed a memorandum of understanding (MoU) to enter into a joint venture (JV) with NMC group, Abu Dhabi, for strategic marketing and manufacturing cooperation. Biocon products will include the cardiovascular, diabetes and oncology segments. The products will be part of the fastest growing class of drugs in the $5 billion GCC pharmaceutical market. The JV could be a milestone for the company’s marketing foray.
Biocon has given an exclusive license to Ferozson's Laboratories for marketing BIOMAb EGFR in Pakistan.
Airliners pumped up by RBI clarification
Airline stocks were up in a weak market after the central bank said FIIs could pick up stake in domestic airlines, beyond the sectoral FDI cap of 49%, through the secondary market.
Deccan Aviation surged 3.57% to Rs 136.25, Spice Jet rose 0.78% to Rs 52, and Jet Airways jumped 0.90% to Rs 742.75.While Deccan Aviation clocked 1.46 lakh shares, Spice Jet recorded 4.71 lakh shares and Jet Airways 27,010 shares on the BSE.
The prices of scrips of all the three airlines have been northbound since the last few days. Deccan Aviation rose from Rs 121 on 14 February to Rs 131.55 by 19 February; SpiceJet rose from Rs 48.05 on 12 February 2007 to Rs 51.60 by 19 February 2007; and Jet Airways gained from Rs 716.35 on 13 February to Rs 736.15 by 19 February 2007.
The Reserve Bank of India on Monday announced that foreign institutional investors (FIIs) could pick up stake in domestic airlines beyond the sectoral FDI cap of 49% through the secondary market.
The central bank’s view is that the sectoral cap of 49% stake is not stipulated as a composite limit. Secondary market purchases had always remained a disputed area despite FII investment being distinct from FDI investment as per the foreign investment policy. However following this ruling, the ambiguity regarding the secondary market purchases by FII in the aviation sector has been cleared.
Following the RBI clarification, FIIs will be in a position to pick up shares of listed companies like Jet Airways, SpiceJet and Deccan Aviation from the secondary market without having to keep an eye on the 49% FDI limit.
The RBI clarification was in response to a query by SpiceJet, which recently made a preferential placement of 7.2 crore equity shares to raise more than Rs 60 crore. Following the query, the RBI had clarified that FDI through secondary market purchases is generally accounted towards the applicable sectoral cap. However, FII investment is not to be taken into account while calculating FDI in the domestic airline companies.
At 13:31 IST the Sensex was down 2.5 points, at 14,400. It had moved in a narrow band of just 34 points, between 14,369 and 14,403, since 12:30 IST.The market-breadth remained weak. For 1,658 shares that declined on BSE, 838 rose. Just 83 shares were unchanged. Losers outpaced gainers by a ratio of 1.97:1.
Hindustan Lever (HLL) was gripped by a bout of post-results volatility. The stock was up 0.6% to Rs 206.35. It had weakened ahead of the results, to a low of Rs 200.70 by 12:04 IST. The results hit the market in afternoon trade.HLL’s net profit declined 1.9% in the December 2006 quarter to Rs 511 crore from Rs 521 crore in the December 2005 quarter.
Biocon leaps as nasal insulin programme enters Phase II trials
Biocon was up 10% to Rs 509, after announcing that US-based licensing partner had received permission for Phase II clinical trials of nasal insulin in India.
Biocon said that licensing partner, Bentley Pharmaceuticals, a specialty pharmaceutical company, received permission from the Drug Controller General of India (DCGI) to proceed with a Phase II clinical evaluation of Nasulin™ in Type II diabetic patients. Nasulin™ is Bentley's intranasal insulin product utilizing its proprietary delivery technology CPE-215.
As per the licensing agreement, Biocon is responsible for developing and marketing Nasulin™ in India and select territories. The company provides a source of insulin powder and Cardinal Health has manufactured the clinical supplies for this Phase II study under contract with Bentley.
This approval follows the completion of Bentley's pharmacokinetic clinical studies of Nasulin™ studies in India. The Phase II study will be initiated in March 2007, and is expected to be completed before the end of the year.
Biocon believes that non injectable insulins will drive the future of diabetes therapy the world over. Clinigene, a CAP accredited CRO and wholly-owned subsidiary of the company, will administer the complex programme.
Data received from the Nasulin™ Phase II programme in India will supplement Bentley's Phase II studies already underway at the Diabetes & Glandular Disease Clinic (DGD) in Texas, US. Bentley also expects to complete a significant portion of the US Phase II studies before the end of 2007.
The Biocon counter saw high volumes of 14.66 lakh shares on BSE. The stock also surged to a 52-week high of Rs 512.90 in intra-day trade.
Biocon had surged sharply in the past month following a splendid set of results. From Rs 361.75 on 16 January 2007, it surged to Rs 462.35 by 19 February. Earlier, the stock was range-bound for about two months, between Rs 346 and Rs 378, from late-November 2006 to mid-January 2007.FII-holding in the stock declined to 10.75% by end-December 2006, from 11.33% at end-September 2006.
Biocon plans to invest Rs 1000 crore in setting up a bio-pharma plant in Andhra Pradesh. The plant will be built at the pharma special economic zone (SEZ) near the port city of Visakhapatnam. Andhra Pradesh Chief Minister, Y S Rajasekhara Reddy, on Friday (16 February 2007) handed over the allotment letter for the land needed for setting up the bio-pharma plant to Biocon Chairman, Kiran Mazumdar Shaw.
Biocon’s consolidated net profit rose 27% to Rs 56 crore in the December 2006 quarter on 13% growth in operating income to Rs 247 crore.
Biocon is a leading biopharmaceutical company with strong R&D capabilities in fermentation technology, biotechnology and drug discovery. The company is a pioneer in production of biopharmaceuticals through the fermentation route. Biocon is currently going through a transition phase. From a generic company, it has set sights on becoming a discovery-led lifescience company.
Biocon’s oral insulin programme has successfully completed Phase I human clinical trials, and expects to enter Phase II trials later this year.
Biocon has signed a memorandum of understanding (MoU) to enter into a joint venture (JV) with NMC group, Abu Dhabi, for strategic marketing and manufacturing cooperation. Biocon products will include the cardiovascular, diabetes and oncology segments. The products will be part of the fastest growing class of drugs in the $5 billion GCC pharmaceutical market. The JV could be a milestone for the company’s marketing foray.
Biocon has given an exclusive license to Ferozson's Laboratories for marketing BIOMAb EGFR in Pakistan.
Airliners pumped up by RBI clarification
Airline stocks were up in a weak market after the central bank said FIIs could pick up stake in domestic airlines, beyond the sectoral FDI cap of 49%, through the secondary market.
Deccan Aviation surged 3.57% to Rs 136.25, Spice Jet rose 0.78% to Rs 52, and Jet Airways jumped 0.90% to Rs 742.75.While Deccan Aviation clocked 1.46 lakh shares, Spice Jet recorded 4.71 lakh shares and Jet Airways 27,010 shares on the BSE.
The prices of scrips of all the three airlines have been northbound since the last few days. Deccan Aviation rose from Rs 121 on 14 February to Rs 131.55 by 19 February; SpiceJet rose from Rs 48.05 on 12 February 2007 to Rs 51.60 by 19 February 2007; and Jet Airways gained from Rs 716.35 on 13 February to Rs 736.15 by 19 February 2007.
The Reserve Bank of India on Monday announced that foreign institutional investors (FIIs) could pick up stake in domestic airlines beyond the sectoral FDI cap of 49% through the secondary market.
The central bank’s view is that the sectoral cap of 49% stake is not stipulated as a composite limit. Secondary market purchases had always remained a disputed area despite FII investment being distinct from FDI investment as per the foreign investment policy. However following this ruling, the ambiguity regarding the secondary market purchases by FII in the aviation sector has been cleared.
Following the RBI clarification, FIIs will be in a position to pick up shares of listed companies like Jet Airways, SpiceJet and Deccan Aviation from the secondary market without having to keep an eye on the 49% FDI limit.
The RBI clarification was in response to a query by SpiceJet, which recently made a preferential placement of 7.2 crore equity shares to raise more than Rs 60 crore. Following the query, the RBI had clarified that FDI through secondary market purchases is generally accounted towards the applicable sectoral cap. However, FII investment is not to be taken into account while calculating FDI in the domestic airline companies.
Labels: Biocon
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