Ranbaxy Laboratories gained over 3 per cent after the pharmaceutical major announced the launch of a generic version of an ulcer pill Prilosec in the United States under an agreement with AstraZeneca. Omeprazole is the generic name of Prilosec. Prilosec 40 mg had sales of $204.2 million in the US market, Ranbaxy said in a statement citing IMS March 2008 data.
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Oil prices rise due to Anglo-Dutch energy giant Royal Dutch Shell cut output in Nigeria after militants sabotaged at least one of its pipelines supplying crude. Prices also climbed as the market tracked developments over a disputed nuclear programme being run by Iran, a major exporter of oil. Brent North Sea crude for September delivery climbed 42 cents to $124.94 a barrel, though off earlier highs of above $126 as profit-taking set in. New York's main contract, light sweet crude for September, advanced by 36 cents to $123.62 a barrel.
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Larsen & Toubro net profit rise up to 5 per cent after the capital goods major posted a 33 per cent rise in quarterly net profit, beating forecasts, helped by strong demand from the engineering and construction sector. Larsen & Toubro has been riding a construction boom as the country revamps crumbling infrastructure such as airports, roads, ports and power plants. L&T, which has operations ranging from manufacturing to software services, reported a net profit of Rs 502 crore in the fiscal first quarter ended June, compared with Rs 377 crore reported a year ago.
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