Madhucon Projects may edge higher on strong order backlog

Madhucon Projects said on Wednesday its unit TN (DK) Expressways had achieved financial closure for a Rs 360 crore road project in Tamil Nadu. The State Bank of India is the lead banker in the consortium of the special purpose vehicle.

Madhucon also said it had a strong order backlog of over Rs 5000 crore in highways, toll roads, irrigation, and residential and commercial projects.

Torrent Pharmaceuticals has entered into an agreement with Tasly, one of China's largest pharma companies, to exclusively market their blockbuster drug, Cardio-tonic pill, in India. Cardiotonic is sold globally in 13 countries, including US. The USFDA-approved drug has sales of $360 million globally with $30 million in US alone, besides being the highest selling single medicine in China, with sales of over $160 million.

Electrical appliance maker Asian Electronics said on Thursday its board had approved issuing 2.1 million equity shares to qualified institutional buyers at Rs 460 a share. The stock had settled at Rs 505.75 on BSE on Wednesday (11 October), ahead of the announcement.

Apollo Hospitals Group on Wednesday signed a joint venture agreement with Deutsche Krankenversicherung AG (DKV) to invest 20% of the equity capital of the proposed Joint Venture Company to carry on health insurance operations in India. Apollo Hospitals had on Tuesday approved forming a joint venture with Deutsche Krankenversicherung AG. Deutsche Krankenversicherung is part of the German reinsurer Munich Re group.

Aztec Software & Technology reported a 7.9% growth in net profit for Q2 September 2006 at Rs 6 crore (Rs 5.56 crore). Net sales rose 46% to Rs 45.87 crore (Rs 31.40 crore).