Top headlines: SII buys 50% stake in vial maker; China tech stocks slump

Business Standard brings you the top headlines this evening

Serum Institute picks up 50% in glass vial maker Schott's Indian JV
 

Vaccine maker Serum Institute of India (SII) has picked up a 50 per cent stake in specialty glass company Schott AG’s Indian joint venture, Schott Kaisha, from the former co-owners Kairus Dadachanji and Shapoor Mistry for an undisclosed sum.

While the deal helps SII to have more control over its supply chain (glass vials are a critical component of vaccine packaging), it also helps the Kaisha group to focus on their other pharmaceutical ventures. Read more

India asks US court to reject Cairn Energy's $1.2 billion suit

The Indian government has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a USD 1.2 billion arbitral award, saying it had sovereign immunity under US law.

Cairn had in May asked a US federal court to force Air India to pay a USD 1.26 billion arbitration award the firm had won in December. Read more

China tech stocks slump as nation issues draft competition rules

China’s latest moves to tighten its grip on the nation’s internet giants helped trigger a fifth consecutive day of selling in the nation’s bellwether technology stocks.

The Hang Seng Tech Index dropped 3.1%, after the market regulator issued draft rules banning unfair competition among the nation’s online platform operators. Read more

Little more than half of financial inclusion achieved, says RBI's new index

The Reserve Bank of India (RBI) on Tuesday introduced its annual composite Financial Inclusion index (FI-Index) to capture the extent of financial inclusion in the country.

The index will be a single value between 0 and 100, where 0 represents complete financial exclusion and 100 shows full financial inclusion. Read more