Daily Economic News - 25 April 2014

Carmakers such as Maruti, Hyundai, Tata, Toyota, Ford, GM & Mercedes put brakes on price hikes despite margin pressures
Only a handful such as Honda Car India and Mahindra & Mahindra (M&M) have gone ahead with their price increases, while German carmaker Audi will change prices from May. Car sales fell 7% in March to 2.38 lakh units. On a fiscal year basis, sales posted an overall decline of 5% to 17.86 lakh units. All car companies increase their prices in January and April. Most of the companies raised prices in January and few also managed to increase prices in February, but not in April despite major announcements.
(Source: The Economic Times)

Ranbaxy may launch generic of Novartis’ Diovan in US soon
After a long spell of regulatory struggle, Ranbaxy Labs may be finally inching close to launching in the US market the first generic version of Swiss drugmaker Novartis' Diovan (Valsartan), a blockbuster blood pressure drug Ranbaxy was bought over by Mumbai-based rival Sun PharmaBSE -0.50 % early this month in a transaction worth $4 billion. Post the merger, the combined entity would emerge as the largest pharma company in India and the fifth largest generic drug maker in the world.
Its present Japanese parent, Daiichi Sankyo, would continue to hold a 9% stake in the merged entity after the takeover is complete. Novartis, which earns about $3.4 billion from this drug globally, got lucky due to Ranbaxy's inability to bring a generic counterpart to its blockbuster drug in the US market and upped its sales guidance twice last year, citing lack of generic competition.
(Source: The Economic Times)

Lupin forms Joint Venture with Japan's Yoshindo Inc
Drug major LupinBSE 0.06 % has entered into a joint venture pact with Toyama-based Yoshindo Inc to form a new entity which will be responsible for development as well as obtaining marketing access for products in the Japanese market. The joint venture entity, YL Biologics (YLB), will be jointly managed by both partners and will be responsible for conducting clinical development of certain biosimilars, including regulatory filings and obtaining marketing authorisations in Japan.The Japanese biological market is currently valued at close to USD 12 billion and growing at 2-3% annually.
(Source: The Economic Times)

NTT DoCoMo to exit India, unload entire 26.5 pct stake in Tata Teleservices: Report
Japan's NTT DoCoMo Inc will unload its 26.5 per cent stake in loss-making Indian mobile phone joint venture Tata Teleservices and exit the country as it struggles with tough price competition. NTT DoCoMo invested 266.7 billion yen in Tata Teleservices in 2009. The company ranks seventh in India with 63 million subscribers as of the end of March. Japan's top operator of mobile phone services is expected to book about 80 billion yen ($780 million) in related losses in the financial year ended on March 31.
(Source: The Financial Express)

Thaiindianet. Team

25 April 2014