Company news

Updated on: Aug 18, 2017

Alembic Pharmaceuticals on Friday informed the exchanges of a fire incident at its Algerian joint venture — Alembic Mami SPA — plant at Constantine, Algeria Constantine. The fire was been brought under control and no one was injured, the company said. The cause of the accident and the extent of damage are being investigated and assessed, it said. “Though the fixed assets and inventories are covered under insurance policies and we do not expect a major adverse impact, we expect a disruption in operations till the plant is put back on stream,” Alembic said in the statement. Alembic Mami SPA is a joint venture in which 49 per cent equity stake is held by Alembic Global Holding SA (AGH), 100 per cent subsidiary of Alembic Pharmaceuticals. The stock gained 0.45 per cent at ₹517.95 on the NSE.

Vikas WSP has bagged an order to export 1.25 lakh kg of guar gum to Jordan-based Dar Al Dawa Development Ltd, the company said in a filing to the exchanges. The pharmaceutical grade guar gum will be used in drug delivery technology by the company. Once the product is used and pilot results are confirmed at the end use, there is potential business of $5 million in times ahead for this application alone, the company said. The company also said that the management is making all efforts to develop new guar gum products for food, pharmaceutical, and industrial applications. It believes that the process will take four to five months to bring the operations back on track. Shares of Vikas WSP closed at ₹12.55, up 2.87 per cent on the BSE.

Published on January 09, 2018

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