Dr Reddy's H1 net dips 29%MUMBAI: Dr Reddy's Laboratories Ltd on Wednesday unveiled a 29 per cent drop in net profit for the second quarter of 1999/2000 (April-March) over the same period last year, dragging its share down 5 % at close on the Bombay Stock Exchange. The firm said its bulk drugs business took a hit due to intense competition. The shares ended 5.19 %, or Rs 77.90, lower at 1,421.10. The firm's net profit in the three months to September 1999 was Rs 11.96 crore compared to Rs 16.853 crore in the previous-year period. Sales rose marginally to Rs 114 crore from Rs 109 crore in the year-ago.Bhargava to retire from Eicher groupMUMBAI: The Eicher group has announced the appointment of S Sandilya as the group vice chairman and nominated him as group chief executive-designate with immediate effect. Sandilya will succeed Subodh K Bhargava, who will be retiring as the group chief executive for the last many years. He will assume office as the group chief executive with effect fromApril 1, 2000.BASF profit up marginally to Rs 9.96 crMUMBAI: BASF India has registered a marginal increase in its net profit at Rs 9.96 crore for the half-year ended September 30, 1999, against Rs 9.83 crore in the corresponding period of the previous year. Net sales rose by 6.80 per cent to Rs 187.68 crore, against Rs 175.72 crore in the previous year. However, due to the absence of any major project during the current year, the tax outflow has gone up significantly from Rs 1.99 crore to Rs 6.92 crore.German Remedies H1 net up 23 pcMUMBAI: German Remedies has registered a 22.55 per cent increase in its net profit (after extraordinary item) at Rs 13.57 crore for the six months ended September 30, 1999, against Rs 11.08 crore in the corresponding period of the previous year. Net sales jumped to Rs 107 crore, from Rs 96.11 crore in the previous year. The company said the extraordinary item represents additional contribution to gratuity fund payable to Life Insurance Corporation forpast years.Sarabhai, NPIL to invest Rs 20 crMUMBAI: In a bid to enlarge the scope of its operations, pharmaceutical company Sarabhai Piramal Private Limited will see an infusion of Rs ten crore each from its 50:50 joint venture partners (JV), Nicholas Piramal India Ltd and Sarabhai Ambalal Enterprises.
