Wells Fargo expects short term profit hit from interest rates rise -CEO
Dec 6 Wells Fargo & Co will see a near term profit hit because of the sharp rise in interest rates, Chief Executive Officer Tim Sloan said on Tuesday.
MUMBAI May 9 Indian drugmaker Ranbaxy Laboratories Ltd, which has agreed to be acquired by rival Sun Pharmaceutical Industries Ltd for $3.2 billion, posted a surprise loss in the March quarter due to write-offs related to regulatory sanctions for poor manufacturing quality.
The company, owned by Japan's Daiichi Sankyo Ltd, has been slapped with a slew of regulatory sanctions in the last year, hitting its sales in the United States and Europe, its primary export markets.
Ranbaxy's net loss in January-March stood at 736.54 million rupees ($12.27 million), compared with a profit of 1.26 billion rupees a year earlier. The mean estimate of 22 analysts was a profit of 958.7 million rupees.
Net sales rose 1.2 percent to 24.4 billion rupees.
Shares in Ranbaxy, valued at about $3.3 billion, fell about 2 percent to 462.2 rupees after the results announcement, while the main Mumbai market was up 3 percent.
($1 = 60.0050 Indian rupees) (Reporting by Zeba Siddiqui; Editing by Sunil Nair)
* SL-401 was found to be safe and well tolerated, and side effects were predictable and manageable
NEW YORK, Dec 6 (IFR) - Books for a new up to three-part US dollar bond from Petroleos Mexicanos have reached US$30bn, according to a lead on the deal.