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UCO Bank seeks shareholders' nod for fund raising
Public sector lender UCO Bank today said it will convene a meeting of its shareholders to decide whether it should come out with a follow-on public offer (FPO) or placement of shares to qualified institutional buyers to raise funds.

TUF scheme for paper industry on the anvil
The Centre has in principle agreed to come out with a Technology Upgradation Fund Scheme (TUFS) for the benefit of the paper industry, an official of Indian Agro and Recycled Paper Mills Association (IARPMA) said today.

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ONGC jumps on fuel price hike
The ONGC scrip rose 7 per cent to close at Rs 1,126.45 on fuel price hike. The government raised the price of petrol by Rs 4 a litre and diesel by Rs 2 after market hours on July 1. Following the hike, experts believe that the ONGC"s subsidy burden for the current year would reduce if the crude prices stay at around $70 a barrel. The stock opened at Rs 1,081.1 and made a high of Rs 1,155.7 and a low of Rs 1,076.1. The total traded volumes stood at 1.9 million shares (around 4 times its two-week average).
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Lupin buys worldwide rights for nasal spray AllerNaze

Pharma firm Lupin today said it has acquired the worldwide rights for nasal spray AllerNaze from Collegium Pharmaceutical for an undisclosed amount. - Glenmark"s diabetes drug to enter phase lll trials - Emami realty arm to be listed on BSE in 3-4 months - Piramal Healthcare gets nod for appt of Nandini Piramal as ED - Sun Pharma gets USFDA nod for anti hypertensive drug - Step up vigil to stop fake Made-in-India drugs in Africa: govt - Report on pharma innovation to be released at USIBC meet In a filing to the Bombay Stock Exchange Lupin said it has acquired the worldwide rights for the intra-nasal steroid product AllerNaze nasal spray in the strength of 50 micrograms (mcg). The United States is the first market where Lupin will launch the product. "Lupin expects to expand its US sales force as it launches AllerNaze, building on its presence in pediatrics and expanding into other specialties like allergy," the filing said. "Our investment in AllerNaze reflects our commitment to expand our brand business in the US and also in some select markets," Lupin Managing Director Kamal Sharma said. The US Food and Drug Administration (USFDA) has already approved AllerNaze Nasal spray in treating nasal itching, sneezing and nasal congestion in patients with allergic rhinitis. "We are excited about Lupin"s first New Drug Application acquisition and this opportunity to expand our US brand business into another specialist segment," Lupin President and CEO Vinita Gupta said. Shares of Lupin were trading at Rs 820, down 0.74 per cent in late afternoon trade on the BSE.


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