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Ranbaxy, Orchid join hands
Wednesday, 23 April 2008, 17:18 IST
Mumbai: Two Indian pharma majors have entered into an agreement "to leverage the inherent strengths of each other", it was announced Tuesday.
The Gurgaon-based Ranbaxy Laboratories and Chennai's Orchid Chemicals and Pharmaceuticals are to establish a framework for enhanced cooperation, according to information filed with the Bombay Stock Exchange (BSE).
Malvinder Mohan Singh, CEO and managing director of Ranbaxy, said: "We have entered into a long-term strategic alliance. It will be mutually beneficial, allowing both organisations to leverage the inherent strengths of each other."
Added Orchid managing director K. Raghavendra Rao: "Ranbaxy's global market reach along with Orchid's state-of-the-art development and manufacturing capabilities would help expand the business of the allied firms."
Meanwhile, Ranbaxy came up with a dismal quarterly results Tuesday, posting a net profit of 
103.42 crore against 115.28 crore in the previous corresponding quarter, down 10.3 percent.
The company's net sale during the period stood at 987.28 crore compared to 988.17 crore.
On the BSE, Ranbaxy's stocks got a hit and traded at 486.10, down 2.58 percent, whereas that of Orchid was up at 255.15, up 2.31 percent.
Source: IANS
103.42 crore against 115.28 crore in the previous corresponding quarter, down 10.3 percent.
The company's net sale during the period stood at 987.28 crore compared to 988.17 crore.
On the BSE, Ranbaxy's stocks got a hit and traded at 486.10, down 2.58 percent, whereas that of Orchid was up at 255.15, up 2.31 percent.
Source: IANS