Financial Daily from THE HINDU group of publications
Sunday, Oct 17, 2004
Financial Daily from THE HINDU group of publications Sunday, Oct 17, 2004 |
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Corporate
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Announcements JK Pharma suspends production in TN plant Our Bureau
Chennai , Oct. 16 JK PHARMACHEM has announced that it had decided to suspend production at its Penicillin-G plant in Cuddalore, Tamil Nadu, because Chinese imports had made it difficult to sustain operations. In a notice to the Bombay Stock Exchange, the company said it had made an application under the Industrial Dispute Act, 1947 to close its plant. The current development comes on the heels of domestic Penicillin-G producers' complaints that large-scale Chinese imports were making their business unviable. In June this year, the domestic industry met the media to draw attention to their problems. Penicillin-G's price had dropped from $10/BU (billion units) in May 2003 to $5.8/BU in May 2004. Indian manufacturers' said their variable costs came to about $5-6.
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