Pharma and general

Lupin filed 5 ANDAs and received 5 ANDA approvals in the quarter. Cumulative ANDA filings with the US FDA now stand at 186 with the company having received 96 approvals to date. The company received 5 approvals from European regulatory authorities in the quarter. Commenting on the company's financial performance, Nilesh Gupta, Managing Director, Lupin, said: "We have had a robust quarter with record profits, driven in particular by strong business growth in the US. Other markets like India are getting back on track also. In addition, our consistent focus on ramping up operational efficiencies has led to higher margins and better profitability". Lupin said that the board of directors of the company at its meeting held on 3 February 2014, inter alia, has declared an interim dividend of 150% i.e. Rs 3 per share absorbing a sum of Rs 134.50 crore for the year ending 31 March 2014. The company has fixed 14 February 2014 as the record date for the purpose of payment of interim dividend. Separately, Lupin announced the acquisition of Nanomi B.V. in the Netherlands. With this acquisition, Lupin has made its foray into the technology intensive complex injectables space. Nanomi has patented technology platforms to develop complex injectable products. Nanomi has a rich talent pool of scientists who would be backed by Lupin's global R&D and manufacturing teams. Commenting on the acquisition Ms. Vinita Gupta, Chief Executive Officer, Lupin said: "We are very pleased with the acquisition of Nanomi. With the use of Nanomi's proprietary technology platform, Lupin would be able to make significant inroads into the niche area of complex injectables". United Spirits rose 2.73% to Rs 2542 after Relay B.V., an indirect wholly owned subsidiary of Diageo Plc, increased its stake in the company to 28.77% from 26.37%. On Friday, 31 January 2014, Relay B.V. bought 35 lakh shares of United Spirits (USL) at Rs 2,474.45 each on the BSE, whereas Oppenheimer Funds Inc sold 36.42 lakh USL shares at Rs 2,474.25 each via block deals. Grasim Industries dropped 2.67% on weak Q3 results. The company's consolidated net profit fell 39.55% to Rs 331.93 crore on 3.86% rise in total income to Rs 7226.18 crore in Q3 December 2013 over Q3 December 2012. The result was announced on Saturday, 1 February 2014.

Grasim Industries said its performance was constrained due to subdued economic condition.