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Drugs and pharma exports grow 27.9% New delhi pharma export

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DRUGS and pharmaceuticals exports from India has achieved a record growth of 27.9 per cent during the first six months of the current fiscal at Rs 8,286 crore indicating that export target for the sector will be achieved this fiscal.

The export target for this sector for 2000-01 has been fixed at Rs 17,150 crore as against the actual achievement of Rs 13,826 crore during the year 1999-2000 and going by the performance trends so far, it is anticipated that the export target for this sector will be achieved.

Exports of almost all the products in the sector during the period April-September have shown an appreciable growth, an official release said here.

Barring castor oil, drugs and pharmaceuticals have grown at 25.5 per cent, dyes and intermediates at 36.2 per cent, organic and inorganic and agrochemicals at 41 per cent and cosmetics, toiletries and agarbattis at 32.5 per cent during the current year, it said.

Production of bulk medicines and formulation has increased to Rs 3148 crore and Rs 13,878 crore during the period 1998-9 compared to Rs 10 crore in 1947.

At present the country is in a position to meet 70 per cent of its requirement of bulk medicines and almost all the demands for formulations, the release said adding that the cost of bulk drug production in India is 60 per cent less compared to the cost in developed countries.

As on date there are about 250 large units and around 800 small scale units in operation which form the core of the industry, the release added. – PTI

Hai, this is sri ram, I one of the General Assignment Reporter, at timesnowindia.com, We mainly cover timely news, educational and entertainment, sections. - Chief editor, politico-social activist, software engineer at Accenture India.

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Karnataka guaranteed paper upgraded to A+

increasing share of the tertiary sector in the state’s economic output has added stability to the state’s economy

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AT A time when several state governments have seen their ratings downgraded, the Karnataka government-guaranteed papers have been upgraded to A+ (so) (adequate safety with relatively higher standing within the category).

This puts Karnataka in the same league as Gujarat, which currently has the same implicit rating outstanding from Crisil.

It may be recalled that in the past one year or so, Crisil has downgraded the implicit ratings of two state governments: Orissa and Maharashtra twice.

Speaking to ET, Crisil’s head of infrastructure ratings, Sharad Jain said, “Karnataka has maintained fiscal prudence, as is reflected in its low deficit levels, debt to revenue receipts ratio and higher interest coverage levels, as compared to other states. Besides, Karnataka did not have to resort to ways and means advances from the Reserve Bank of India in the past three years.”

Crisil has upgraded the ratings assigned to eight bond issues, worth a total of Rs 2,479.2 crore, issued by Krishna Bhagya Jala Nigam from A (so) to A+ (so). The rating agency has also assigned an A+ (so) rating to a Rs 1,200-crore fresh bonds programme of the state government undertaking.

The ratings are based on the credit enhancement mechanism, in the form of an unconditional guarantee by the government of Karnataka, to meet the debt servicing obligations on the bonds and tripartite agreement between KBJNL, GoK and the trustees to the bondholders, facilitating timely payment of dues to bondholders.

KBJNL’s own revenues are not expected to be sufficient to meet its debt servicing obligations in the short to medium term.

The interest and principal repayments on the rated bonds are expected to be met through budgetary support provided by GoK to KBJNL.

Therefore, the ratings reflect the ability of GoK to service the debt obligations on the rated bonds, said a Crisil release.

The upgrade in KBJNL’s ratings is based on GoK’s sustained fiscal prudence leading to a consistently sound fiscal performance, as reflected in relatively lower revenue and fiscal deficits, low debt levels, high interest coverage and healthy liquidity position, as compared to other states.

The ratings are supported by a healthy growth in GoK’s revenues and outstanding tax effort, the release added. GoK’s relatively high per capita developmental expenditure is expected to lead to economic betterment in the medium term.

The increasing share of the tertiary sector in the state’s economic output has added stability to the state’s economy with a decline in dependence on the primary sector and a rise in per capita income levels, said Crisil.

KBJNL acts as a financing and implementing agency for the completion of Upper Krishna Projects in the state of Karnataka. The UKP was envisaged to tap the potential of the Krishna Basin for the purpose of irrigation and generation of hydro-electric power.

KBJNL is the nodal agency for the completion of the unfinished irrigation projects in the state in order to meet the Bachawat award, which addresses the issue of water sharing between the states of Karnataka, Andhra Pradesh and Maharashtra, the release said.

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Power regulators increasing risks: Crisil – Mumbai

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THE SETTING up of regulatory commissions has exposed power utilities to higher regulatory risks. This assumes greater significance in view of the fact that power utilities in India are operationally not very efficient, said rating agency Crisil.

The setting up of regulatory commissions in several states has been a welcome feature that is expected to make the power sector more efficient. The regulatory commissions are primarily conceived as tariff setting bodies that are expected to play a balancing act where the interests of all stakeholders are to be taken into account.

This is illustrated from the marginal tariff increases along with stipulations to reduce high level of Transmission & Distribution losses granted to power utility companies in Maharashtra and Orissa.

Crisil believes that states like Maharashtra and Gujarat, that are excessively dependent upon costlier power purchases from IPPs, are thus exposed to higher regulatory risks. This is because, the regulatory commissions factor the cost of power purchase to determine the extent of tariff hike, based upon the concept of merit order dispatch.

This has influenced the tariff award given by Maharashtra Electricity Regulatory Commission, wherein the regulator has asked Maharashtra State Electricity Board to cut down power purchase cost by following merit order dispatch.

Crisil expects the regulatory risk to continue to be one of the key rating determinants in the power sector, in the short-medium-term. This view arises from the fact that certain states have been facing delays in their respective regulators granting tariff increases.

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Canadian MF to expand Indian operations @ New Delhi

CANADA-BASED mutual fund major Dundee is expanding its India operations

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CANADA-BASED mutual fund major Dundee is expanding its India operations in a big way in line with its focus on wealth management for non-resident Indian clients.

To start with, the holding company for the group in India, which is registered as a non banking financial services company with the Reserve Bank of India, namely, Dundee Bancorp, has applied to the RBI for a full-fledged money changers licence.

The holding company currently has a restricted money changers licence from the RBI.

“Currently, we are catering to the investment and money management needs of our NRI clients via Dundee MF and our other group concerns. The idea is to broaden this focus to complete wealth management solutions,” Dundee Mutual Funds president Sunil Joseph told ET.

On the mutual funds side, the AMC is planning to launch a pure growth scheme and an index fund in the next two months in addition to introducing a cheque writing facility for its gilt and liquid funds in the next three weeks.

“At Dundee Capital Markets we are focusing on building a business of distributing mutual fund products. We will also offer segregated account wealth management facilities, ie portfolio management schemes for offshore clients and onshore clients under the aegis of Dundee Investment Management & Research, the investment manager for Dundee Mutual Funds in India,” Joseph said.

Once the regulatory issues are resolved, another group company Dundee Securities Company, is planning to set up trading terminals in London and Dubai to offer stock trading facilities for NRI clients. To facilitate this, the company has already acquired seats on the Bombay Stock Exchange and the Inter Connected Stock Exchange of India.

Other initiatives on the mutual fund front include setting up of a two-tier e-commerce enabled website and providing one-business-a-day redemption facility to investors in its Liquid fund.

Currently, Dundee Mutual Fund offers three open end debt-oriented schemes and two open-end equity oriented schemes in India.

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