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Back in business?
While the owners of the debt-laden retail chain Subhiksha Trading Service refuse to comment on what’s happening after it shut all its shops over the last year, there is some activity taking place. At one outlet in Chennai, for instance, labourers can be seen renovating the place and stocks are being brought in as well. When a photographer of this newspaper took photographs, staffers from the shop came and snatched the camera and released it only after all photographs were deleted. The company, which has dozens of legal cases against it — it owes banks Rs 870 crore and owes another Rs 107 crore to unsecured lenders — had earlier stated it just needed Rs 300 crore of cash infusion to restart the business.

India Inc mops up Rs 40,000 cr via debt in Q1
India Inc"s fund raising through private placement of debt surged 42 per cent to Rs 40,300 crore in the first quarter of the current fiscal, with over half of the fund being mobilised by financial institutions.

News of the day

Education trend 2010: What lies ahead?
Last year saw some significant reforms in the education sector, ranging from scrapping of CBSE’s class X board exam to enacting of a law to make education a fundamental right of every child. This year however, say experts, the sector might see even more significant happenings. Business Standard lists some:
Corporate

Insulin prices may come down by 70%

Insulin prices are likely to fall by up to 70 per cent as drug price regulator the National Pharmaceutical Pricing Authority (NPPA) has brought some more diabetes drugs under its purview. - NPPA issues 680 notices to 471 companies for overcharging - Wockhardt drops on Q2 net dip - Wockhardt Q2 net loss at Rs 190 cr - Wockhardt to sell entire nutrition biz to Abbott - Wockhardt sells nutrition biz to Abbot - Wockhardt"s two promoters revoke 53 lakh shares NPPA brought Wockhardt’s Glaritus and Biocon’s Basalog, local versions of popular insulin brand Lantus, under price control. NPPA fixed the maximum retail price of Basalog insulin Glargine injections, manufactured by biotechnology major Biocon, at Rs 135.24 per vial, or around 70 per cent lower than the prevailing market price of about Rs 500 per shot. The regulator also reduced the price of Lantus insulin, available in 3 ml cartridge, from Rs 543 per vial to Rs 508.54. According to industry estimates, the insulin market in the country is estimated to be worth over Rs 600 crore, and is growing at 30 per cent per annum. In all, NPPA has fixed/revised the prices of 887 formulation packs of various combination drugs, including some popular medicines like Gentamycin with combinations, Aspirin and Erythromycin.


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