The Hindu Business Line : Torrent Pharma up on milestone payment talk

According to market players, the brewing expectation around the counter was regarding a possibility of a milestone payment for collaborative research on a molecule with Novartis Pharma AG in the near future.

A company source, however, described the current market rumours that the research has now reached the level of negotiations for milestone payments as false.

He explained that the Torrent has out-licensed the patented molecule for further research and clinical trial to Novartis, which is being carried out abroad.

The molecule is for treating cardiovascular ailment.

From July 2004 and now, the research work on the molecule has not progressed to the level of milestone payment or negotiations for that, the company source indicated.

Shakti Pumps active on export order hopes

The market talk on Wednesday suggested that Shakti Pumps India has bagged another major export order and also setting up a new export oriented unit to serve bulging overseas orders.

Mr Dinesh Patidar, Managing Director of the company, confirmed to Business Line that Shakti has received an order from Swiss Motor Company, one of the largest traders of pump sets in Europe, worth $3 million.

The company will have to supply stainless steel submersible pumps for the next four quarters. He also said an EOU is being planned at a cost of around Rs 50 crore.

"For this, we have obtained the land and the unit is expected to be ready by March 2006. We intend to raise funds through placements in the near future," he indicated.

On Wednesday, the stock closed at Rs 123.80, after scaling the day's high of Rs 132, with a loss of 0.92 per cent.

Zensar Tech volumes up on acquisition talk

Zensar Technologies, a RPG Group company, is rumoured to be moving ahead to acquire a BPO outfit overseas. A group source indicated that generally the company was open for such ideas but did not deny or confirm any such move that may be currently on.

The official spokesperson of the company was not available for comment.

The stock ended the day slightly down at Rs 190, after touching the day's high of Rs 195. The traded quantity was at 42,930 shares, higher than its two-week average on the BSE.

Jayanta Mallick

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Making sense of the Sensex

Benchmark Mutual Fund plans ETF on sectoral indices

Tata Mutual Fund unveils contrarian investment plan

Principal Mutual, Allahabad Bank may join hands

Bulls stranded

Torrent Pharma up on milestone payment talk

Simplex Concrete gets FIPB nod to issue shares to Beethoven

Banks, FMCG, metal stocks in the red

Adhunik Metaliks plans Rs 100-cr issue for expansion

SEBI bar on directors of Ind Tra Deco, Eltrol