Bizbits

Bizbits

Dr Reddy's group cos may merge
MUMBAI:Dr Reddy's Laboratories (DRL) plans to integrate both American Remedies - in which DRL recently acquired a 45 per cent stake - and group company Cheminor Drugs with itself.

DRL managing director Satish Reddy said that he plans to "eventually" merge American Remedies with DRL, though it would be retained as a distinct unit within DRL. Reddy, however, did not divulge the proposed sequence of mergers and only said that "it formed part of the group's integration plans".

DRL has already acquired a further 15-20 per cent stake from the associates of ARL promoters (at Rs 175 per share) and has made an open offer (scheduled to open on January 12, 2000) to acquire an additional 20 per cent from the company's shareholders.

Re falls below 43.50 against dollar
MUMBAI:The Indian rupee continued its downtrend against the US dollar following the State Bank of India dollar buying pressure in an active trading at the interbank foreign exchange (forex) markettoday. The currency opened a bit lower at 43.48/4850, and recovered marginally in the morning session but it fell sharply to 43.51 in the afternoon trade as soon as the SBI entered the market and resorted the dollar buying spree, dealers said.The rupee finally closed at 43.5050/5150 per dollar from the previous close of 43.4750/4850 showing a net decline of 3 paise.

CMIE sees 6.4 pc industrial growth
MUMBAI:The Centre for Monitoring Indian Economy said data on industrial activity in the year so far indicated a modest recovery in the economy. The industrial sector recorded a 6.4 per cent increase in the first half (of the year) and many individual industries recorded healthy growth rates in October, CMIE said.

Industry grew four per cent in the first half of 1998-99. The capital goods sector's output grew 13 per cent in the first-half of 1999-2000, and machinery, equipment and non-metallic minerals (mainly cement) output grew 20 per cent. CMIE said indicators like money supply, public finance,inflation and balance of payments inspired optimism.

"Macro-economic indicators reflect stability and mild optimism," it said.However, it expected inflation to "rise somewhat" in the remaining months of 1999/00 (April-March).