COMPANIES
Ranbaxy
makes open offer to Zenotech Lab shareholders
Mumbai: Ranbaxy Laboratories Ltd has made an open
offer to acquire additional 20 per cent shares in
Zenotech Laboratories Ltd from its existing shareholders
in compliance with the Securities & Exchange Board
of India takeover regulations, managers to the offer
Rabo India Securities Pvt Ltd said in a release.
Ranbaxy
Laboratories proposes to acquire from the existing non-promoter shareholders of
Zenotech Laboratories Ltd up to 68.93 lakh paid-up equity shares, representing
20 per cent of the expanded equity capital, at a price of Rs160 for each fully
paid-up equity shares to be paid in cash in accordance with the regulations, the
release said.
The
offer opens on November 19 and closes on December 8.
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GENERAL
India
slipping on poverty alleviation front, says report
Mumbai: India
is slipping on nine out of 21 parameters with regard
to reducing poverty and improving quality of life,
a report on an assessment on Millennium Development
Goals (MDGs) said.
India is way
off achieving targets with regard to poverty reduction, child health, infant mortality
and sanitation in urban and rural areas, 'The Millennium Development Goals: Progress
in Asia and the Pacific 2007', jointly produced by the Asian Development Bank,
the UN Development Programme and UN Economic and Social Commission for Asia and
the Pacific, ESCAP, said.
India,
"with a 2004 poverty rate of 34 per cent has travelled less than half the
distance to its 2015 target. Since India's subsequent economic growth has been
more rapid, the country could see a faster decline in poverty," the report
said
The country,
the report said, has also not made any progress towards achieving targets relating
to carbon dioxide emissions and reduction of CFC consumption.
India,
however, has achieved the targets with regard to primary enrolment, controlling
the incidence of HIV and TB and improving forest cover.
The
report indicates that India is on way to achieve targets with regard to education,
especially girls education at primary and secondary levels.
The
report said an ambitious programme to reduce poverty and provide adequate social
services for all citizens by 2015 is unlikely to be met in full by any developing
country in the Asia-Pacific region.
While
progress has been made on combating poverty, it has been coupled with a troubling
increase in economic inequality, said the report on the UN's Millennium Development
Goals.
However,
the number of people living in extreme poverty in the region is likely to be cut
in half by 2015, it said.
The
region - home to 60 per cent of the world's population - had more than 1 billion
people living on less than $1 day in 1990, but that number has now dropped to
641 million, said the report.
China
has made the biggest headway, with one in three Chinese living in poverty in 1990,
compared to one in 10 today, the report said. But other countries were lagging
behind, among them the Philippines, India, Bangladesh, Pakistan and Sri Lanka.
In
many countries, the poorest 20 per cent of the population have seen their share
of national income drop steeply and economic inequality has risen in 14 of the
20 countries in the region, the report said. Nepal and China experienced the largest
increase in income gaps.
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MARKETS
Political
uncertainty drives down Sensex, Nifty
The markets saw a sharp cut in today's session on
account of political concerns looming large. They
opened in positive taking cues from Asia but saw a
sharp fall.
Sensex
closed down 281.97 points or 1.59 per cent at 17491.39, and the Nifty down 100.75
points or 1.94 per cent at 5085.10. Broader markets have taken it on their chin
and are the midcap and smallcap indices were down 4 per cent. The breadth of the
market was absolutely weak, with advance decline ratio at 1:10.
From
last week's intra-day high of 17982.59, the Sensex has come down almost 600 points
and the Nifty is down more than 150 points. The mid caps have been hurt the most
and the Midcap Index is down more than 4.5 per cent..
Raamdeo
Agrawal says that the pace of rally and political concerns are worrying the markets.
He believes that the markets are likely to stay apprehensive and may see good
amount of correction
Asian
markets were trading firm.
