Ajmera Associates Ltd. August 12, 2013 Morning Chai Stocks to Watch Cipla in focus after Q1 results : TOP GAINERS
On a consolidated basis, Cipla's net profit rose 10.28% to Rs 485.35 crore on 26.01% increase in
total income from operations (net) to Rs 2487.70 crore in Q1 June 2013 over Q1 June 2012. The
result was announced on Friday, 9 August 2013.
On a standalone basis, Cipla's net profit rose 18.5% to Rs 475 crore on 25.3% increase in gross
revenues to Rs 2492 crore in Q1 June 2013 over Q1 June 2012. Operating margins grew by24.8% to Rs 675 crore during the period under review.
The company's material cost was at 40.8% of total sales in Q1 June 2013 as compared to 37.6%in Q1 June 2012.
The company's domestic revenues grew by 16.7% to Rs 1132 crore in Q1 June 2013 over Q1
June 2012. The growth in domestic revenues was largely on account of growth in anti-asthma,anti-biotics/infectives, and cardiovascular therapy segments.
Exports of formulations grew by 27.7% to Rs 1034 crore in Q1 June 2013 over Q1 June 2012.
Exports of Active Pharmaceutical Ingredients (APIs) fell by 13.1% to Rs 146 crore in the sameperiod. The growth in export revenues was primarily due to growth in anti-retroviral, anti-asthmaand anti-allergic segments, the company said.
Sun Pharmaceutical Industries (Sun Pharma) reported consolidated net loss of Rs 1276.10 crorein Q1 June 2013, as against net profit of Rs 795.55 crore in Q1 June 2012. The result was
announced on Friday, 9 August 2013. The stock market was closed on that day on account of
The net loss on consolidated basis during the quarter is on account of a provision of Rs 2517crore towards settlement for patent infringement litigation related to generic versions of 'Protonix'.
Recurring net profit jumped 56% to Rs 1241 crore in Q1 June 2013 over Q1 June 2012.
Sun Pharma's consolidated net sales grew 31% to Rs 3482 crore in Q1 June 2013 over Q1 June2012. Adjusted for the impact of one-time sales recorded in the domestic business in Q4 March2012, which lowered Q1 June 2012 sales, the net sales have grown by 23% year on year (YoY)in Q1 June 2013.
Branded generic sales in India grew 44% to Rs 849 crore in Q1 June 2013 over Q1 June 2012.
Adjusted sales growth of the domestic formulation business during the quarter was 11%. US
finished dosages sale in dollar terms rose 28% to $364 million in Q1 June 2013 over Q1 June2012. International formulation sales grew 19% to $81 million.
Sun Pharma's consolidated earnings before interest, taxation, depreciation and amortization
(EBITDA) surged 26% YoY to Rs 1531 crore during the quarter. EBITDA margin was at 44%,lower than 46% reported last year.
Dilip Shanghvi, Managing Director, Sun Pharmaceutical Industries said, “All our businesses
continue to perform in-line with our expectations. We remain focused on strengthening ourexisting businesses and developing a differentiated and specialty driven product basket. We also
continue to review opportunities to expand and strengthen our global footprint”.
Sun Pharma's consolidated R&D expense for Q1 June 2013 was Rs 205 crore, which is 6% of
In Q1 June 2013, abbreviated new drug applications (ANDAs) for 4 products were filed. Aftercounting these, and adjusting for filings that were dropped, cumulatively ANDAs for 453 productshave been filed by Sun Pharma and Taro with the United States Food and Drug Administration(USFDA) as on 30 June 2013. ANDAs for 9 products received approvals in the first quarter,taking the total number of approvals to 320 as on 30 June 2013. ANDAs for 133 products now
await USFDA approval, including 19 tentative approvals. The above ANDA statistics exclude thediscontinued/withdrawn products of URL, Sun Pharma said in a statement.
The total number of patent applications submitted now stands at 791, with 503 patents granted sofar, Sun Pharma said in a statement.
Bank stocks will be in focus after the Reserve Bank of India (RBI) on Thursday, 8 August 2013, announced fresh steps to drain cash from the banking system, as it stepped up efforts to stop the
rupee's decline against the dollar. The stock market was closed on Friday, 9 August 2013 on
account of Ramzan Id. The RBI said it would sell Rs 22000-crore of short-term cash management
bills every week on Mondays. The sale is in addition to Rs 12000-crore of Treasury bills and Rs
15000-crore of sovereign bonds the government sells every week to fund its fiscal gap.
TCS announced on Saturday, 10 August 2013 that it will set up a software development campus
in Indore, Madhya Pradesh, with an investment of Rs 500 crore in two phases. The TCS Indore
campus will be located in the SEZ Area allotted by the Madhya Pradesh government. The Hon'bleChief Minister of Madhya Pradesh, Shri Shivraj Singh Chouhan was present to preside over this
occasion and laid the foundation stone for Phase I at a ceremony held at the site of the campuson Saturday. He was joined by other dignitaries from the city. The world-class TCS campus willcomprise software engineering blocks, training facilities, amphitheatre and other facilities to offera holistic environment for knowledge professionals. Sprinkled with water bodies and green areas,
the park will incorporate several green building concepts such as zero discharge, energy efficient
systems, rain water harvesting systems and integrated building management systems.
BPCL said on Saturday, 10 August 2013 that Bharat Petro Resources (BRPL), a wholly owned
subsidiary of BPCL advised that Petrobras, operator of the block SEAL-M-426 in BM-SEAL-11Concession, Brazil, has announced that it has discovered hydrocarbons during the drilling of the
first appraisal well informally known as “Farfan 1”, located in the concession area BM-SEAL-11,
Block SEAL-M-426 in ultradeepwaters of the Sergipe Basin.
The results obtained in this well confirm the extension of the light oil reservoirs previously
discovered in the Farfan discovery well within turbidite sandstones of Upper Calpanian age
(Columbia Formation). The well is currently under drilling which will be followed by drill stem test(DST) to confirm the flow potential of the reservoir. The consortium plans to continue with the
Discovery Assessment Plan, under approval by the Brazilian Regulatory Agency, ANP.
Note: Prices inUS$ are equivalent to 1 equity share
Petrobas is the operator of the concession BM-SEAL-11 with 60% interest in partnership with IBVBrazil (a 50:50 joint venture company, formed by wholly owned subsidiaries of BharatPetroResources and Videocon Industries) holding the remaining 40%.
TVS Motor Company's net profit rose 1.5% to Rs 51.87 crore on 4.4% decline in net sales to Rs1740.19 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Friday, 9
Bonus Issues Rec Date Ex Date
The company said total two-wheeler sales stood at 4.60 lakh units in Q1 June 2013. Total
motorcycles sales fell 10.19% to Rs 1.85 lakh units in Q1 June 2013 over Q1 June 2012. Totalscooter sales fell 18.33% to Rs 0.98 lakh units in Q1 June 2013 over Q1 June 2012. Total two-
wheeler exports fell 14.75% to Rs 0.52 lakh units in Q1 June 2013 over Q1 June 2012. Three
wheeler sales surged 66.9% to 15634 units in Q1 June 2013 over Q1 June 2012.
Improved sales mix and control over costs resulted in profit before tax (PBT) improving from Rs66.11 crore in Q1 June 2012 to Rs 69.05 crore in Q1 June 2013 despite enhanced spend behindbrands, the company said.
TVS Motor said it would strengthen its scooter portfolio with the launch of a new scooter in Q2
September 2013. The company said it also plans to launch an upgraded TVS Scooty and TVSStaR City during the current financial year ending March 2014.
During the quarter, PT TVS Motor Company Indonesia's total two wheeler sales fell 1.90% to
5926 units in Q1 June 2013 over Q1 June 2012. The company recently launched TVS Dazz, its
first automatic skubek for Indonesia which is expected to perform well and increase sales during2013-14.
In a separate announcement after market hours on 8 August 2013, TVS Motor said it received anapproval from its board to divest a majority stake in its subsidiary, TVS Energy.
ABB's net profit fell 23.07% to Rs 40 crore on 7.42% decline in revenue to Rs 1720 crore in Q2June 2013 over Q2 June 2012. The result was announced on Friday, 9 August 2013. The stockmarket was closed on that day on account of Ramzan.
ABB said that it continues to follow a policy of cash over revenue in its businesses to mitigate thecredit risk in the market. Localized offerings also enabled the company to stay competitive in atough economic environment. ABB said that savings from operational excellence initiatives andcost take out programs helped offset the impact of price pressures and the higher cost of workingcapital.
ABB's adjusted operational earnings before interest, taxation, depreciation and amortization(EBITDA) rose 27.58% to Rs 111 crore in Q2 June 2013 over Q2 June 2012. Adjusted EBITDAmargin improved to 6.4% from 4.7% a year ago. ABB's order intake declined 15.35% to Rs 1731crore in Q2 June 2013 over Q2 June 2012, reflecting a challenging business environment ascustomers continue to exercise caution on large investments. ABB said it continues to focus onbalancing its risks and returns.
ABB said that the company's thrust on exports and new business streams yielded results withexport orders demonstrating clear growth over successive quarters. Orders from sectors such asrenewable energy continued on their growth trajectory. The company's order backlog stood at Rs8235 crore as on 30 June 2013, as against Rs 9175 crore as on 30 June 2012.
Commenting on the company's Q2 results, Bazmi Hussain, MD, ABB said, “The economicenvironment is now increasingly depressed. Our multiple productivity and operational excellenceinitiatives are yielding results. We are confident that our broad portfolio, cost take out programs,localization initiatives and the ability to find new opportunities will give us pole position as marketeventually revives”.
Aditya Birla Nuvo's (ABNL) consolidated net profit rose 24.16% to Rs 331.33 crore on 7.92%growth in revenue to Rs 5744.54 crore in Q1 June 2013 over Q1 June 2012. On standalonebasis, ABNL's net debt to annualised EBITDA improved to 2.1 and net debt to equity improved to0.38 compared to 3.3 and 0.53 respectively in corresponding previous year.
eClerx Services' board of directors at a meeting held on Thursday, 8 August 2013, approved theproposal for buyback of equity shares of the company up to an aggregate amount of Rs 40.50crore i.e. not exceeding 10% of total paid-up capital and free reserves of the company as on 31March 2013. The buy back shall be under the open market mechanism through the StockExchanges at a price not exceeding Rs 825 per equity share of Rs 10 each and the aggregateconsideration for buyback not exceeding Rs 40.50 crore.
Neyveli Lignite Corporation's (NLC) net profit declined 3.48% to Rs 278.43 crore on 14.91%growth in total income to Rs 1669.22 crore in Q1 June 2013 over Q1 June 2012. The result wasannounced on Friday, 9 August 2013. NLC reported a negative exceptional item of Rs 64.57crore in Q1 June 2013. This includes Rs 62.09 crore towards income tax reimbursement claimpertaining to the earlier years, disallowed by the appeallate authority (APTEL) in respect of KSEB. Decision with regard to further appeal is under consideration, NLC said.
Aurobindo Pharma reported consolidated net profit of Rs 18.60 crore in Q1 June 2013, as againstnet loss of Rs 128.91 crore in Q1 June 2012. The result was announced on Friday, 9 August2013.
Aurobindo Pharma's consolidated total operating income rose 41.3% to Rs 1715.60 crore in Q1June 2013 over Q1 June 2012. Earnings before interest, taxation, depreciation and amortization(EBITDA) before forex surged 120.1% to Rs 307.70 crore. Formulation sales rose 68.1% to1100.50 crore in Q1 June 2013 over Q1 June 2012. API sales grew 10.2% to Rs 649.90 crore. Formulation sales constitute 63% and API constitutes 37% of gross sales in Q1 June 2013.
Commenting on the company's performance, Mr. N. Govindarajan, Managing Director, AurobindoPharma said: “Our focus on costs and the qualitative aspect of sales across key markets havereflected positively on our revenues and operating margins on a year on year basis. Our reportedbottom-line got impacted by the mark-to- market component of our Dollar denominated debtbecause of Rupee depreciation during the quarter. We continue to make steady progress inachieving our strategic objective of strengthening our business mix towards more differentiatedproduct and service offerings to our customers”.
Aurobindo Pharma's board of directors at a meeting held on 9 August 2013, considered that inorder to strengthen and provide focused growth to the injectable business and to leveragestrategic opportunities, the board considered the option of spin-off of the injectable business to awholly owned subsidiary as a going concern. The board constituted a sub-committee consistingmajority of independent directors to evaluate the draft scheme of arrangement placed before theboard on 9 August 2013 and recommend final scheme to the board for consideration in no laterthan 60 days from 9 August 2013.
The board approved in-principle, the following acquisition and joint venture opportunities throughits wholly owned subsidiary viz. to acquire 60% of an upcoming manufacturing facility (underconstruction) being established by Celon Laboratories to manufacture Hormonal and Oncologyproducts for a total cash consideration of Rs 15.60 crore and to further invest towards completionand approval of the facility including new product developments in above therapeutic areas withbudgeted investment outlay of Rs 32.30 crore over next 12 months
The board has decided to acquire 57% of the equity stake in Silicon Life Sciences (Silicon), acompany engaged in manufacture of non-sterile penems, from its existing shareholders of 49% from VVR group and 8% from Trident Chemphar. Post this acquisition, the equity holding of thecompany would increase to 75%, thereby making Silicon a subsidiary of the company.
Puravankara Projects' on Friday, 9 August 2013 said it is set to launch a Rs 350 crore residentialproperty named Purva Skydale in Bengaluru. The company said that the project consists of 2BHK sized 1,341 to 1,371 square feet (sq. ft) and 3 BHK apartments 1,700 to 1,929 sq. ft. Theproperty is priced between Rs 4,491 to 4,995 per sq. ft.
Commenting on the launch, Jackbastian Nazareth, Group CEO, Puravankara said, “PurvaSkydale is a winning proposition, with its innovative features and unbeatable location. The IT huba stone's throw away, virtually assures capital appreciation. The project is at the pre-launch stage, and already there is substantial demand - as such, we plan to sell on first come, first servedbasis”.
Godrej Industries' consolidated net profit rose 28% to Rs 53 crore on 6% growth in total income toRs 1945 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 10August 2013.
The company's consolidated profit before depreciation, interest and taxation (PBDIT) surged 48%to Rs 146 crore in Q1 June 2013 over Q1 June 2012. Profit before tax (PBT) jumped 92% to Rs100 crore.
Godrej Agrovet's consolidated total income rose 27% to Rs 945 crore year on year (YoY) in Q1June 2013.
Commenting on the company's Q1 performance, Mr. A. B. Godrej, Chairman, Godrej Industriessaid, “Our results this quarter have demonstrated the strength of our business model whichcaptures a diverse range of businesses in some of the key growth sectors of the economy. Overall performance has been encouraging as some of the core operations registered sustainedgrowth. Our agri businesses have commenced the year on a strong note with the top-lineincreasing by 27% and operating profit increasing by 37%, driven mainly by the animal feed andagri-inputs segments. Our joint ventures also reported improvement despite a volatile externalenvironment as the impact of bird flu diminished and feed costs stabilized. Godrej Seedscontinues to expand its revenues and outreach to newer geographies. Overall the quarter was aheartening period for Godrej Agrovet, encouraging us to gear up for greater opportunities in thecoming future.”
Godrej Properties has delivered healthy growth in earnings and bookings despite weak marketconditions prevailing in the real estate industry, Mr. Godrej said. The company continued to builda robust development portfolio in high growth markets and added two new projects with 1.85million sq. ft. of saleable area in Bangalore and NCR during the quarter. The momentum in newprojects, strong brand equity and a differentiated business model should enable the company todeliver excellent performance in the coming years, he added.
Mr. Godrej said that the Godrej Consumer Products segment continues to deliver strong salesgrowth, in both its India business and its international operations. In the India business, it hasgrown significantly ahead of category growth. Its international portfolio is also scaling up well. Thecompany continues to invest strongly in innovation and bringing new products to the market, Mr. Godrej added.
With regard to the company's Chemicals business Godrej said that the performance of thebusiness continues to reflect the impact of an adverse global economic environment andincreasing price of natural gas. While the company remains cognizant of extended period ofchallenges, it believes that the tide should turn and the business will again be in a position todeliver healthy performance, Mr. Godrej said.
“Going forward, through our CREATE strategy, we will continue to strengthen our positions in allour core businesses while fostering an inspiring place to work and creating shared value for allour stakeholders.”, Mr. Godrej said.
CARE Ratings' net profit rose 44.67% to Rs 24.29 crore on 25.93% increase in total income fromoperations (net) to Rs 34.68 crore in Q1 June 2013 over Q1 June 2012. The result was
The company said that the revenues increased notwithstanding the challenging overall economicconditions where growth in bank credit moderated to 2.9% from 3.3% last year. While theReserve Bank of India (RBI) had lowered the repo rate by 25 bps this quarter, the base rates ofbanks remained virtually unchanged. Also industrial growth in the first 2 months was virtually flatat 0.1%. Therefore, the performance has to be viewed against a rather challenging macro-economic background.
The higher growth in rating income was a result of a sharp increase in the total volume of debtrated, which increased by 73.5% to Rs. 2.36 lakh crore in Q1 June 2013 over Q1 June 2012. Being the first quarter of the year, business was driven more by initial rating assignments ratherthan surveillance. The growth in CARE's revenue was spearheaded by ratings. The number ofbank facilities rated increased from 1081 in Q1 June 2012 to 1203 in Q1 June 2013 while thenumber of long term debt instruments in Q1 June 2013 was 61 as against 57 in Q1 June 2012. Also, the number of NSIC assignments and SME grading stood at 156.
The rating upgrade and downgrade data has shown some improvement in this quarter. TheModified Credit Ratio (defined as upgrades and reaffirmations to downgrades and reaffirmations)had improved from 0.79 in Q1 June 2012 to 0.91 in Q1 June 2013. It was between 0.80-0.83 in the other three quarters of the year ended March 2013.
The other component of total income, 'other income' which also includes income frominvestments made in fixed maturity plans (FMPs) increased from Rs 8.45 crore in Q1 June 2012to Rs 15.61 crore in Q1 June 2013.
Total expenditure increased by 31.1% from Rs 15.17 crore in Q1 June 2012 to Rs 19.88 crore inQ1 June 2013. Staff expenditure which comprises around 76.3% of the total expenses increasedto Rs 15.16 crore from Rs 11.96 crore in Q1 June 2012, a rise of 26.8%. The higher staffexpenditure was on account of an increase in headcount from 509 as on June end 2012 to 578 ason June end 2013.
Profit indicators of the company had also shown a significant improvement. PBDT increased by45.4% to Rs 30.93 crore from Rs 21.28 crore in Q1 June 2012, while profit after tax (PAT)increased by 44.6% to Rs 24.30 crore as against 16.80 crore in Q1 last year. PBDT margins sawan increase from 59.1% on Q1 June 2012 to 61.5% in Q1 June 2013. PAT margins stood at48.31%, which was higher than 46.68% in Q1 June 2012.
Ajanta Pharma said on Friday, 9 August 2013 that it has emerged successful in revoking twocomposition patents of Allergan Inc. Ajanta had applied for revocation of both the patents underindependent application in 2011 on grounds of obviousness, not an invention, not patentable,insufficiency and non-disclosure under section 8 of the patents act (2005) with IntellectualProperty Apllelate Tribunal (IPAB). The combination patent decision has emerged as a landmarkdecision at IPAB.
Both the patents namely IN 212695 and IN 219504 were on medicines for eye related treatmentsand were granted by the Kolkata Patent Office in December 2007 and May 2008 respectively. Ajanta filed revocation petitions with IPAB for both the patents believing that both these patentsare invalid and unenforceable under IPA, 1970 and that these patents were granted on falserepresentation. The IPAB, which has been constituted by the Central Government in the Ministryof Commerce and Industry to hear appeals against the decisions of the Registrar/Controller fromthe Patents & Trademark Offices and all appeals from various high courts, rightly revoked boththese patents on grounds of obviousness and breach of section (8) of IPA, 1970, as put forwardby Ajanta.
Ajanta has already been successful selling BIMAT T and BIDIN LS TM in Indian market and willcontinue to sell backed by this favourable verdict, company said in a statement.
Global Watch Asia Pacific Market: Stocks rise on China data Asia Pacific market closed mixed after recouping most of lost ground on Friday, August 09, 2013, thanks to positive retail, manufacturing and mining data from China.
China's industrial production, which measures output at factories, workshops and mines and is akey indicator for the world's second-largest economy, accelerated to 9.7% YoY growth in July, afive month high, compared with 8.9% in June. Industrial production also increased 9.4% YoY overthe first seven months of this year.
Chinese and Hong Kong market rose after data showing consumer prices in the China rose at aslower-than-expected rate in July, while Japanese shares inched up on buying in some beaten-down issues. Stocks in Australia fell down after Australia's central bank revised lowerexpectations for economic growth. Meanwhile weakness in the financial and retail sectorsweighed on the New Zealand market. South Korean and Taiwanese market also ended lower. Stock market in India, Malaysia, Singapore and Indonesia closed for holiday.
Among country wise, Australian stock market ended lower on concerns over domestic growthoutlook after central bank revised down its calendar 2013 forecast for economic growth to 2.25%. The benchmark S&P/ASX200 was down 9.6 points to 5055.2. The broader All Ordinaries fell 8.3points to 5038.8.
The Reserve Bank of Australia, or RBA, revised down its calendar 2013 forecast for economicgrowth to 2.25% from a forecast in May of 2.5%. The lowering of expectations for the economycomes as a mining investment boom fades quickly and other parts of the economy like consumerspending and construction are slow to respond to a tonic of record low interest rates.
Japan share market ended higher for the first time in three sessions after zigzagging in and out ofpositive territory. The Nikkei Stock Average was ending slight 9.63 points higher at 13615.19. Thebenchmark index traded in the range of 227 points, touching an intraday gain of 1.1% and fall of0.6%.
Investors were also buying stocks in Tokyo amid hope of a technical rebound following a plungeon Thursday. But gains on the upside were marginal as investors awaiting for Japan's preliminaryGDP figures for the second quarter due on Monday.
Shares of MODEC Inc rose 3.1% to 2984 yen on upward revision of fiscal year profit forecast.
MODEC has revised today the net income forecast to 122.83 million yen for first half of FY14 andto 140.06 million yen for the full FY14 ending December 31, 2013.
Shares of Olympus declined 2.1% to 2861 yen after posting disappointing June quarter results. The company posted a 16% decline in top-line to 159.23 billion yen. The net loss for the quarter was 1.83 billion yen against loss of 4.45 billion yen in previous corresponding period.
China stock market ended higher after recouping lost ground in late afternoon thanks to therelease of positive factory output data. The Shanghai Composite Index closed 0.36% higher at2,052.23. The benchmark index had fallen as low as 0.7% and risen 0.8% during the trade.
The advance in the Chinese market came after release of positive retail, manufacturing andmining data. China's industrial production, which measures output at factories, workshops andmines and is a key indicator for the world's second-largest economy, accelerated to 9.7% YoY growth in July, a five month high, compared with 8.9% in June. Industrial production alsoincreased 9.4% YoY over the first seven months of this year. Meanwhile, Producer prices, or theprice of goods once they leave factories, fell in July but at a slower rate than the month before. That was taken as a sign that demand may be strengthening following a prolonged slump. Producer prices dropped 2.3%, after witnessing a 2.7% slide in June. Chinese consumer priceinflation had held steady at 2.7% year-on-year in July.
Hong Kong's shares ended higher in quiet trade with Hong Kong's Hang Seng Index rising 0.70%on Friday, August 09, 2013, on signs that a slowdown in China may be bottoming out.
Among the 50 HK blue chips, 34 rose and 15 fell, with one stock remaining steady. Sands Chinaweakened by 1.4% to HK$42.25, while China Coal jumped 10.3% to HK$4.61, makingthemselves the biggest blue-chip loser and winner. Shares of Coal miners jumped amidexpectations for rising prices, with China Coal Energy Co. rising 10.29% and China ShenhuaEnergy Co climbing 6.1%. Kunlun Energy Co added 3.6%, helped by Citigroup's upgrade of thestock's rating to buy.
Company News Nakoda increases rate of dividend : Nakoda at its board meeting held on 10 August 2013 recommended the increase in the rate of dividend from 5% to 6% to the non promoter shareholders, and maintaining the rate of dividend of 5% to the promoter shareholders and to convene the adjourned 28th Annual General Meeting on 13 September 2013. Indus Finance Corporation recommends dividend : Indus Finance
Corporation at its board meeting held on 10 August 2013 has recommended adividend of Rs. 0.35 per share.
Rasoya Proteins to convene board meeting : The board meeting of Rasoya Proteins will be held on 14 August 2013 to consider the increase in authorised share capital of the company, alter the memorandum and articles of association of the company, to consider the issue of FCCB's/GDR's/ADR's/ECB's or other securities. Dhanleela Investments & Trading Company to convene board meeting : The board meeting of Dhanleela Investments & Trading Company will be held on 13 August 2013 to consider and approve the unaudited quarterly financial statements for the financial year ended 31 March 2013, to approve the sub- division of face value of the euity shares of the company, to approve the amendment of Memorandum and Articles of Association of the company and to fix the date for annual general meeting. Vedavaag Systems receipt of LoI for UID project : Vedavaag Systems has received Letter of Intent (LoI) from the State Planning Commission, for carrying out the UID Project (aadhaar) worth Rs 35 crores for biometric enrolment in the State of Madhya Pradesh. Ajmera Associates Ltd.
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JANUARY 2005 The “Medicare Amendments” Do Not Alter the Traditional Two-Part Test for Evaluating Washington, DC Declaratory Judgment Jurisdiction in Hatch- Waxman Patent Litigation On January 21, 2005, the Federal Circuit issued its decision in Teva Pharmaceuticals USA, Inc . v. Pﬁzer Inc. , Appeal No. 04-1186, slip op., a closely-watched case that provides importan