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Tension between Japanese drugmaker Daiichi Sankyo and Singh brothers of Fortis Healthcare is rising as the former has again moved the Delhi High Court against Fortis on March 6.
Malvinder and Shivinder Singh had sold their stake in Ranbaxy Laboratories to Daiichi way back in 2008, following which Daiichi-led Ranbaxy was forced to pay the US Department of Justice a sum of USD 500 million over non-compliance with US Food and Drug Administration's testing norms.
SP Tulsian of sptulsian.com advises to prefer Glenmark Pharma, Aurobindo Pharma or Cipla over Ranbaxy Labs.
In his analysis of market on CNBC-TV18, SP Tulsian of sptulsian.com, expects the bidding war on IVRCL to intensify, attributes Ranbaxy’s 6% rise to Daiichi’s move to delist loose stock, soothed investors’ fears on missing out on Dish TV and indicated that the future was bright for Coal India.
JAPAN-NUCLEAR:Japan nuclear disaster made worse by bad preparation, communication
In a latest mishap, Zenotech failed to pay salaries to its employees for the first time in its eight year history due to non-payment of dues by majority shareholder - Ranbaxy. Promoter Jayram Chigurupati feels that the company is being neglected by Ranbaxy, reports CNBC-TV18's Appaji Reddem.
Japanese fund managers reduced their global stock weighting to a 12-year low in March, while raising their bond weighting to an all-time high as they lightened risk positions after a devastating earthquake in Japan, a Reuters survey showed.
Japanese nuclear authorities said that there was a high possibility that nuclear fuel rods at a reactor at Tokyo Electric Power's Daiichi plant may be melting or have melted, Jiji news agency reported.
The Daiichi and Daini power plants operated by Tokyo Electric Power experienced critical failures of the backup generators needed to power cooling systems after the plants shut down automatically following the quake. Some reports said that about 45,000 people were affected by the evacuation order at the Daiichi plant.
Indian markets are not showing any kind of resilience. As they tank further there is panic and growing concern that selling pressure may continue even till the end of budget.
