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Summary
of Contents
STOCK UPDATE
Alphageo India
Cluster: Emerging
Star
Recommendation: Buy
Price target: Rs214
Current market
price: Rs155
Revision of earnings
estimates
Alphageo has announced
that its board has been authorised to issue and allot 5.5 lakh
convertible warrants to the promoters at a price of Rs136 per share
(ie a premium of Rs126 per share). The warrants are convertible
within a period of 18 months and would enable the company to raise
Rs7.5 crore.
In addition to the proceeds of the issue, the
company is likely to take a debt of Rs10-12 crore to fund the
capital expenditure (of around Rs18-20 crore) on setting up the
third crew to carry out 3-D seismic
study.
SECTOR
UPDATE
Pharmaceuticals
Zocor market open to
all
The 180-day exclusivity
for simvastatin, the cholesterol-lowering drug, is getting over on
December 23, 2006, paving the way for generic companies to enter the
$4.8-billion simvastatin market in the USA. In this regard, Cadila
Healthcare (Cadila), Aurobindo Pharma (Aurobindo), Cobalt, Sandoz,
Perrigo and Dr Reddy's Laboratories (Dr Reddy's) have received the
final approval from the US Food and Drug Administration (USFDA) for
manufacturing and marketing simvastatin in all strengths, namely
5mg, 10mg, 20mg, 40mg and 80mg. Ranbaxy Laboratories (Ranbaxy),
which already has the approval for the 80mg strength of simvastatin,
has also secured the approval for the remaining four
dosages. |
