The stock of Dr Reddy's (DRL) has fallen 8% in the past month to Rs 397.90 per share compared with a 1.7% increase in the BSE Sensex.
Lack of clarity on execution of the 33 contracts (across eight products) on the Allgemeine Ortskrankenkassen (AOK) tender due to legal challenges has weighed heavy on the stock in recent past. The eight products are likely to enjoy relatively lesser margins, but volumes are expected to increase. Supplies begin in March 2009 and are valid for two years, but completion of the tender may be delayed.
Some European players could pose legal hurdles, questioning the terms used to award contracts by AOK. DRL has not bagged contracts for any of its top 10 products under the AOK tender.
Wellington - The New Zealand stock market - the first in the world to open every day - bounced back from a five-year low on Wednesday following the recovery overnight on Wall Street.
The benchmark NZX-50 index, which fell below 2,500 on Tuesday for the first time since January 2004, gained 42 points to 2,530, a rise of 1.7 per cent, in morning trading.
New York - US stocks made their strongest gains in a month Tuesday after Federal Reserve Chairman Ben Bernanke said that government action could pull the US economy out of a severe recession by later this year.
Testifying to the US Senate Banking Committee, the central bank chief said that the success of the 787-billion-dollar stimulus package would be essential to ending a downward economic spiral.
Zurich - Shares in UBS fell Tuesday, hitting a new low on the Zurich exchange, as Switzerland's largest bank said it would fight to keep client information protected.
The stock hit 9.35 Swiss francs during trading, a record low, but did recover slightly to close at 9.85, down 1.5 per cent on the day.
A US judge on Monday gave UBS until April 30 to file a response to a summons against it by authorities there, demanding that the bank hand over some 52,000 names of US clients holding assets in Switzerland. The judge scheduled a trial for July 13.
Tokyo - Tokyo stocks bounced back Wednesday after Wall Street's overnight rally.
Wellington - The New Zealand stock market - the first in the world to open every day - bounced back from a five-year low on Wednesday following the recovery overnight on Wall Street.
New York - US stocks made their strongest gains in a month Tuesday after Federal Reserve Chairman Ben Bernanke said that government action could pull the US economy out of a severe recession by later this year.
Zurich - Shares in UBS fell Tuesday, hitting a new low on the Zurich exchange, as Switzerland's largest bank said it would fight to keep client information protected.
