More positive news : IMF too projects 7.9 pc growth rate for India
Kavit Sharma 09 Apr 2008 | : Business News - Global, Business News - India
IMF today projected that Indian economic growth rate would slip to 7.9 per cent in 2008 from 9.2 per cent in the previous year owing to the global turmoil. In 2009, the Indian economy will expand at slightly higher rate of 8 per cent, stated IMF’s World Economic Outlook. In case of
The report further said weak export demand and higher financing costs will dampen the growth of private investment, the key driver of growth. Continue Reading »
No hostile takeover bid for Orchid, says Ranbaxy
Kavit Sharma 09 Apr 2008 | : Acquisitons & Mergers, Business News - India
Pharmaceutical major Ranbaxy Laboratories, which has been linked to a hostile takeover bid of Chennai-based Orchid Chemicals, today said the company does not believe in such practices. “As a company, we do not believe in hostile takeovers,” a company spokesperson said.
Solrex Pharma, reportedly a Ranbaxy promoter group firm, had acquired over 8 per cent stake in Orchid Chemicals through open market purchases. The Ranbaxy official also declined to confirm or deny if Solrex Pharma is a part of the Ranbaxy Group.
Yesterday, a top Orchid Chemical official confirmed that Ranbaxy has acquired further stake in the company, but declined to give further details or on whether any meeting was held between the two companies.
“Ranbaxy has acquired around five per cent stake in the company (but) we are not going to comment on anything that has been speculated about the acquisition of the company,” Orchid Chemicals & Pharmaceuticals Managing Director Kailasam Raghvendra Rao said.
Orchid’s shares traded at Rs 220.7 in afternoon, down by 8 per cent on the Bombay Stock Exchange. Meanwhile, Ranbaxy shares also down by 8.6 per cent at Rs 462.15.
