Alcon sues Wockhardt for Travatan Z patent breach
MUMBAI: US’ Alcon Research Ltd has sued Wockhardt Ltd and its US subsidiary alleging infringement of patents on its ophthalmic solution Travatan Z, according to court filings. Alcon Research, an arm of Novartis AG, filed the suit in the Delaware district court of the US last week after Wockhardt notified it about filing an abbreviated new drug application for the generic version of Travatan Z. Shares of Wockhardt fell sharply following the news. It ended at 418.95 rupees on the NSE, down 0.7% from the previous close. Travatan Z, or travoprost solution in 0.004% strength, is a once-a-day eye drop prescribed to help reduce elevated pressure inside eyes in patients with open-angle glaucoma or ocular hypertension. The product has annual sales of around $500 mln globally. -Cogencis
Govt deallocates another coal mine of JSPL
New Delhi: The government has deallocated Amarkonda-Murgadandal coal block in Jharkhand allocated to JSPL and Gagan Sponge Iron for delays in its development. It has also sought explanation from other companies, including the state-owned NTPC, for slow progress in developing their blocks. The government action on the Jharkhand block is the second dellocation within a week involving JSPL. The ministry has also sought explanation from two firms – NTPC and Orissa Power Generation Corp – for slow progress of coal blocks.
United Spirits tumbles nearly 4 pc
Mumbai: Shares of United Spirits slipped nearly 4 per cent after the Karnataka High Court declared as “null and void” the sale of shares of the Indian firm by its holding company to UK-based Diageo. USL’s scrip lost 3.65 per cent to settle at Rs 2,573.20 on the BSE. In intra-day trade, the stock dropped 5.97 per cent to Rs 2,511. At the NSE, the stock ended at Rs 2,577, down 3.50 per cent. “We should not expect any major impact as management of USL will continue with Diageo and United Breweries Holding will go to Supreme Court,” said brokerage Nirmal Bang Securities.
Lanco gets lenders’ nod for debt rejig
New Delhi: In a major relief, diversified Lanco Infratech has received approval to restructure debt worth more than Rs 7,000 crore. The entity, which has interests in various infrastructure segments, would get over Rs 2,500-crore priority loans from its lenders, a senior company official said. Under the Corporate Debt Restructuring (CDR) plan, there would be moratorium on interest payments for fund-based facilities, which would be in place for two years.
Pawar for scrapping onion export floor rate
New Delhi: Amid protests by farmers against crashing domestic prices, Agriculture Minister Sharad Pawar has asked the Commerce Ministry to scrap the minimum export price for onions to help boost overseas shipments. Onion prices have fallen below Rs 10 per kg at Lasalgoan in Maharashtra, the largest wholesale onion market in Asia, from a high of Rs 60 per kg in September. In the retail markets, rates have fallen to Rs 30-35 a kg from Rs 100-level. Last week, the Commerce Ministry lowered the onion MEP to USD 350 per tonne from USD 800 per tonne to arrest the fall in prices by encouraging farmers to export.
Bank a/cs of IEM frozen:NCDEX
Mumbai: The city police has frozen bank accounts of the Indian Exchange of Metals (IEM) in connection with a cheating case filed against it by online multi-commodity exchange National Commodity & Derivatives Exchange Ltd (NCDEX). Bank accounts of Indian Exchange of Metals (IEM) were frozen on December 12, after the Economic Offence Wing (EOW) of the Mumbai police raided the firm, NCDEX said in a statement.
The NCDEX and the Forward Markets Commission (FMC) had received numerous complaints against IEM from account holders who did not receive steel delivery to the tune of 4,000 tonnes valued at around Rs 15 crore, the statement said.