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India's Ranbaxy shares climb as US legal battle ends

Agence France-PresseMay 14, 2013 09:01

Shares in Ranbaxy climbed on Tuesday after US authorities slapped a $500 million fine on India's biggest drugmaker to settle a lengthy lawsuit over the sale of adulterated drugs in the United States. The case -- the largest-ever US drug safety settlement with a generic manufacturer -- ended eight years of criminal and civil investigations into the company, which is now majority-owned by Japan's Daiichi Sankyo. After opening down over four percent, Ranbaxy shares closed up 3.63 percent at 455.5 rupees as analysts said the decision would allow the firm to focus on the future.

Ranbaxy pleads guilty, to pay $500 million in U.S. settlement

Thomson ReutersMay 13, 2013 14:45

(Reuters) - Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims.

Subsidiary of Indian drug maker agrees to pay record $500 million US penalty for impure drugs

The Canadian PressMay 13, 2013 13:38

WASHINGTON - A subsidiary of India's largest pharmaceutical company has agreed to pay a record $500 million in fines and penalties for selling adulterated drugs and lying to federal regulators in a case that is part of an ongoing crackdown on the quality of generic drugs flowing into the U.S. Federal prosecutors said Monday the guilty plea by Ranbaxy USA Inc. represents the largest financial penalty against a generic drug company for violations of the Federal Food, Drug and Cosmetic Act, which prohibits the sale of impure drugs.

Hashimoto clarifies remarks on "comfort women" after flak

Kyodo News InternationalMay 7, 2013 12:30

Osaka Mayor Toru Hashimoto on Wednesday sought to clarify his remarks on a system to recruit women into sexual servitude for Japan's soldiers during World War II, saying he personally does not condone the scheme. Two days after he made controversial remarks that the so-called comfort women were "necessary to maintain discipline" in the Japanese military, Hashimoto told reporters he simply stated a fact that people at the time had that kind of view.

Unilever makes $5.4 bn offer to raise stake in India unit

Agence France-PresseApril 30, 2013 05:31

Food giant Unilever on Tuesday announced a $5.4-billion offer to raise its stake in its Indian subsidiary, eyeing explosive sales of branded consumer items to the Asian country's growing middle class. The Anglo-Dutch firm made an offer to buy another 22.5 percent of already majority-owned Hindustan Unilever (HUL) in a proposed deal that would increase its control to 75 percent.

Unilever makes $5.4 bn offer to raise stake in India unit

Agence France-PresseApril 30, 2013 01:30

Anglo-Dutch food giant Unilever on Tuesday announced an offer to buy another 22.5 percent of its partially-owned Indian subsidiary Hindustan Unilever (HUL) in a proposed deal worth 293 billion rupees ($5.4 billion). The offer, which saw HUL shares surge 20 percent, is part of Unilever's plan to increase its presence in emerging markets such as India, where HUL's products such as skin fairness cream "Fair and Lovely" and Lux soaps are best-sellers.

Unilever makes $5.4 bn offer to raise stake in India unit

Agence France-PresseApril 30, 2013 01:15

Anglo-Dutch food giant Unilever on Tuesday announced an offer to raise its stake in Indian subsidiary Hindustan Unilever (HUL) in a proposed deal worth 293 billion rupees ($5.4 billion). The deal, which saw HUL shares surge 20 percent, is part of Unilever's plan to increase its presence in emerging markets such as India. The firm has offered to buy up to 487 million shares, or 22.52 percent of HUL. sal-rob/adp/dan

Unilever India arm posts 14.7% net profit jump

Agence France-PresseApril 29, 2013 06:16

India's biggest consumer goods maker Hindustan Unilever, the local unit of giant Anglo-Dutch Unilever, announced Monday a surprise 14.7 percent rise in net profit for the January-March quarter. The firm said net profit came in at 7.87 billion rupees ($145 million) in the final three months of the fiscal year, from 6.86 billion rupees a year earlier. Expectations had been for a 7.5 billion rupee profit.

India's Wipro shares slump 11% on weak forecast

Agence France-PresseApril 22, 2013 08:31

Shares of Wipro, India's third-largest software firm, slumped as much as 11 percent intraday Monday after it projected weak revenue growth last week owing to global uncertainty. The Bangalore-based firm's shares fell 11.02 percent to a low of 328.0 rupees, a near nine-month-low, on the Bombay Stock Exchange. The stock, which did not trade on Friday due to a public holiday, closed down 7.95 percent at 339.35 rupees. Wipro on Friday reported a 16.7 percent year-on-year rise in consolidated net profit to 17.29 billion rupees ($318 million) in the January to March quarter.

India's Wipro Q4 profit up 17%, gives weak outlook

Agence France-PresseApril 19, 2013 08:01

India's third-largest software firm Wipro on Friday said net profit in January-March rose nearly 17 percent, beating forecasts, but projected weak revenue growth due to global uncertainty. Consolidated net profit rose 16.7 percent to 17.29 billion rupees ($318 million) in the fiscal fourth quarter, from 14.81 billion rupees in the same period last year, based on international accounting norms. Analysts had forecast net profit of 16.9 billion rupees in a poll by Dow Jones Newswires.