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Daiichi FY'09 loss at $3.45 bn on fall in Ranbaxy scrips

Japanese drug maker Daiichi Sankyo today reported a loss of $3.45 billion during the financial year 2008-09, and said it was on account of a steep fall in share prices of Ranbaxy, which it acquired last year.

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Corporate awards normally go to the sultans of success and the purveyors of good news. The cautious CEO who worries about bad times and steers his ship away from choppy waters is rarely rewarded. So, it is not surprising that the same high-profile jury of a media group that rejected the name of former RBI governor YV Reddy for an award two years ago, on the grounds that he was an excessively cautious and conservative governor, has now chosen him for this year’s award for saving the Indian banking sector from the ravages of the global financial crisis.

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RIL, ONGC lead stock surge

Heavy buying by foreign and domestic institutional investors saw the Bombay Stock Exchange (BSE) Sensex rise 2.25 per cent, or 339 points, to close at a 10-month closing high at 15,466. The rally was led by index heavyweights Reliance Industries (RIL) and Oil and Natural Gas Company (ONGC) as global crude oil price touched $71 a barrel after settling above $70 for the first time in over seven months. Firm global markets too helped the rally.

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Vishnupriya Hotels ties up with JHM Interstate

Vishnupriya Hotels Limited (VHL), which is setting up a five-star hotel at Visakhapatnam, has tied up with US-based JHM Interstate to operate the hotel. Sensex ends up 35pts VHL has spent Rs 70 crore (excluding land cost) on the 122-room hotel, which is coming up on nearly 2 acres. Of the total investment, the State Bank of India has provided Rs 37 crore as loans while the remaining has come from promoters, he said. It will have 2 presidential suites, 6 suites, 36 executive rooms, 78 standard rooms and a conference hall among others. The hotel will be inaugurated in January 2010, Reddy said, adding 4-points Sheraton would be the third five-star hotel in the city after Park and Grand Bay.