AstraZeneca gets USFDA nod for Metoprolol Succinate tablets

The Anglo-Swedish drug maker, AstraZeneca has received final approval from the US Food and Drug Administration (USFDA) to market Metoprolol Succinate tablets, in the strength of EQ 50 mg tartrate, EQ 100 mg tartrate, EQ 200mg tartrate and EQ 25 mg tartrate.

Matrix Lab gets USFDA nod for Lamotrigine Tablet

Matrix Laboratories has received a final approval from the US Food and Drug Administration (USFDA) to market Lamotrigine Tablet in strength of 25 mg, 100 mg, 150 mg and 200 mg.

Korean central bank reduces interest rate by 0.5%

South Korea`s central bank has cut interest rates to a record low and signaled further cuts could lie ahead.

The Bank of Korea lowered rates for the sixth time in four months, reducing them to 2% from 2.5%.

Reliance Infra announces buy-back of shares of Rs 7 bn

Reliance Infrastructure on Feb. 13, 2009, announced a fresh program for buy-back of shares of Rs 7 billion as approved by shareholde.

The buy-back will be made up to Rs 700 per share- a premium of about 27% to current market price.

The company recently completed first phase of buy-back of 8.76 million shares of Rs 7.96 billion, largest ever by any Indian corporate.

RCom DTH arm BIG TV not to partner with IPL

Anil Dhirubhai Ambani Group (ADAG) owned, Reliance Communications` DTH arm BIG TV has withdrawn from partnering the Indian Premier League (IPL) alleging discrimination by the broadcast rights-holder of the event Sony Entertainment Television (SET)

RIL gas flow to enhance power generation by 3,500-4,000 MW

Reliance Industries` (RIL) gas supply of around 18 mmscd gas from Krishna-Godavari (KG) basin D6 block to gas-based power plants in the country, would increase power generation by 3,500 to 4,000 MW.

Highlights of Interim Railway Budget 2009-10

1.Indian Railways cash surplus at Rs 900 billion in the last 5 years. To use Rs 700 billion surplus to upgrade rail productivity
2. Railways raised USD 100 million debt at 4% p.a.
3. Average freight growth upto 8% in last 5 years
4. Financial turnaround without burden on public
5. Significant declined in number of rail accidents in last 5 years
6. Made rail ticket booking facility easier
7. Railways to invest Rs 2,300 billion in the 11th 5 year plan
8. Railways have invested Rs 367.73 billion during fiscal 2008-09
9. Railways mishaps stood at 194 in the year 2007-08 as against 325 in the fiscal 2004
10. It has plans to introduce new wagons with 22% higher load capacity. Wagon Output to be raised by 15,000 a year as against 6,600 a year now
11. Freight earnings climbed 19% till September 2008
12. Laid 1,100 kms of new railway lines in last 5 years
13. It has set up 4 call centers for enquiries
14. Fiscal 2010 freight revenue seen at Rs 590.60 billion
15. Work on Delhi-Mumbai corridor has been started
16. Fiscal 2008 fright traffic rose 9% at 794 MT
17. Fares on AC coach and mail express train reduced by 2%
18. Kolkata metro train expansion plan has been cleared
19. It plans to start 43 new trains in fiscal 2010
20. Operating ratio seen at 89% in FY10
21. To spend Rs 359 billion in FY10
22. Expects FY10 cash surplus at Rs 193.20 billion
23. Freight rate kept untouched
24. Coach volumes in 16 trains will be increased
25. Railways has plans to takeover Burn Standard Company
26. Railways expected to show a surplus of Rs 188.47 billion in the next fiscal
27. Due to implementation of the Sixth Pay Commission recommendations Railways are expected to incur an additional burden of Rs 90 billion on salaries and Rs 45 billion on pensions

Two Hyderabad cos likely to acquire Maytas Infra

Maytas Infrastructure is likely to be acquired by two lesser known Hyderabad based companies namely Rithwik Projects and SEW Infrastructure,

SEW Infrastructure is an Hyderabad-based company on the other hand CM Ramesh heaed, Rithwik Projects has experience of building irrigation projects, roads, bridges and flyovers across Andhra Pradesh, and other parts of the country

BEML to establish aerospace manufacturing division

VRS Natrajan, chairman & managing director, BEML announced establishment of its aerospace manufacturing division at Aero India 2009 held at Air Force Station, Yelahanka, near Bangalore.

BEML is a mini ratna category-1 public sector undertaking under ministry of defence, Government of India.

Era Infra bags order worth Rs 670.56 mn from BHEL

Era Infra Engineering announced that it has secured a contract from Bharat Heavy Electricals (BHEL) valued at Rs 670.56 million for construction of civil and architectural work in main plant, power house and auxiliary plant building for unit-2 of 1 X 500 MW TPS Stage II at Kudathini Village, Bellary, Karnataka.

Fertilizer subsidy up at Rs 1000 bn

Government said that with an increase in urea import, fertilizer subsidy has witnessed a rise from Rs 360 billion last year to Rs 1,000 billion till date this fiscal.

``Fertilizers import has not gone down. In fact, due to increase in urea import, we have increased fertilizer subsidy considerably from last year,`` said Ram Vilas Paswan, minister of steel, chemicals and fertilizers.

German parliament approves 50 bn euro package

Lower house of the German parliament has cleared 50 billion euro economic stimulus package.

The budgetary move, the biggest of its kind since World War Two, seeks to help Germany tackle recession.

The package makes modest cuts to income tax to encourage consumer spending, increases in family benefits and incentives for industry, including carmakers.

Envair Electrodyne bags Rs 8.50 mn order from Air India

Envair Electrodyne has bagged a order worth Rs 8,495,000 from Air India for design, assembly and installation of avionics workshop facilities of electronic overhauling division (EOD) at Mumbai.

The order has been bagged against competition from multinational companies as well as companies like Godrej, the company disclosed