Downgrade Warning

Construction workers work at a site as the sun sets in the northern Indian city of Chandigarh December 16, 2006. REUTERS/Ajay Verma/Files

S&P affirms negative outlook on India, says chances of downgrade remain

Ratings agency Standard & Poor's affirmed India's sovereign rating at "BBB-minus" with a "negative" outlook, reiterating there was a one-in-three chance of a ratings downgrade over the next 12 months, a statement said on Friday.  Full Article 

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Cipla gains on partner's contract win

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Fri Nov 30, 2012 11:56am IST

Reuters Market Eye - Shares in drugmaker Cipla(CIPL.NS) rise 1.4 percent after Cipla Medpro (CMPJ.J) won a share in South Africa's $667 million contract, as it supplies the bulk of Cipla Medpro's drugs.

Dealers say the company may garner revenues of $30-40 million from Cipla Medpro's contract.

South Africa on Thursday awarded a $667 million contract to supply life-prolonging HIV medicine to 12 international and domestic firms, including Cipla Medpro, to deal with its biggest health problem.

Cipla also plans to offer $215 million for a majority stake in South Africa's Cipla Medpro to strengthen its presence in Africa's fast-growing market for cheap, generic versions of branded drugs.
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