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Nicholas Piramal defers ADR issue

Indian pharmaceuticals firm Nicholas Piramal Limited has deferred its proposed $100 million American depositary receipt issue because of the volatile US market, the Press Trust of India said.

"We have postponed the ADR issue due to the prevailing volatility on the US bourses," PTI quoted Swati A Piramal, director and chief scientific officer of Nicholas Piramal, as saying.

It would not be possible for the company's proposed ADR to fetch a good price at present and the decision to postpone the issue was taken following advice by DSP Merrill Lynch, global advisers to the issue, she said.

The company's board of directors had approved the issue in March and the government had cleared the proposed issue in May.

The company is talking to some US-based laboratories for conducting animal trials for its drugs, Piramal said.

It has also tied up with the Centre for Biochemical Technology for a foray into genome research, she said and added the company had earmarked Rs 1 billion ($22.3 million) to be spent over the next 5-10 years on research and development.

The company posted a net profit of Rs 152 million for the quarter ended June 30, 2000, up from 114.5 million a year earlier.

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