Top headlines: Covishield at Rs 400; Covid shaves off a 5th of ONGC capex

From Serum pricing Covishield at Rs 400 for Centre, Rs 600 for private hospitals to merger of TV18 Broadcast, Hathway, Den Networks into Network18 being called off, here are top headlines this morning

Serum prices Covishield at Rs 400 for Centre, Rs 600 for private hospitals

With India opening up Covid-19 vaccinations for all citizens over 18 from May 1, Serum Institute of India (SII) on Wednesday said it would price its vaccine Covishield at Rs 400 per dose for the central and state governments and Rs 600 per dose for private hospitals. At present, the Pune-based firm sells the vaccine at Rs 150 per shot to the Centre. Read More

Employee vaccination spending may not classify as CSR, says Centre

The Centre is reluctant to permit India Inc to classify their employee vaccination spends under corporate social responsibility (CSR) or allow them to use the funds exclusively for employee inoculation. However, it may consider companies’ spends as CSR if the larger community is included in their vaccination drive. Read More

Negative outlook list may get longer, Q1 biz to be hit: Rating agencies

Flagging an adverse impact of the surge in Covid-19 cases, rating agencies have said some more sectors could move to the “negative outlook” list. Disruption due to lockdown curbs may impact business performance in the first quarter ended June 2021 (Q1FY22) before recovery in the second quarter (Q2FY22). Ramnath Krishnan, president of ratings, ICRA, said the agency would revisit the sectoral outlook for FY22 (made in February 2021) and evaluate the impact on sectors and the overall economy. Read More

Covid shaves off a 5th of ONGC capex in FY21; downstream firms exceed target

Oil and gas producer ONGC spent about one-fifth less than its budget Capex in 2020-21 fiscal after COVID-19 related restrictions delayed projects but fuel marketers such as IOC exceeded targeted capital spending, a government report showed. Oil and Natural Gas Corporation (ONGC) had budgeted Rs 32,502 crore of capital spending in the fiscal from April 2020 to March 2021 but ended up spending only Rs 26,441 crore, according to the report of the oil ministry's Petroleum Planning and Analysis Cell (PPAC). Read More

Stelis CEO steps down after Indian firm signs deal for Russia vaccine

The chief executive officer of Stelis Biopharma Pvt Ltd. stepped down from the Indian pharmaceutical firm barely a year after taking the helm, and days after the company announced a deal to manufacturer at least 200 million doses of Russia’s coronavirus vaccine. Roger Lias, who accepted the CEO job at unlisted Stelis in late 2019 when the pandemic was in its early stages, left on March 31, according to an automated out-of-office email Bloomberg News received from his account. Read More

Merger of TV18 Broadcast, Hathway, Den Networks into Network18 called off

A year after announcing the merger of Den Networks, TV18 Broadcast, and Hathway Cable & Datacom into Network18 Media, Mukesh Ambani-led Reliance Industries (RIL) called off the transaction. Den Networks, a cable distribution company owned by RIL, said on Wednesday that it had decided against proceeding with the composite scheme of arrangement in which it was to merge into Network18 along with its sister concerns. Read More

Rapid vaccination in US, Europe may spur onsite demand for Indian IT firms

With major markets like the US, UK, and some European countries vaccinating at least 50 per cent of their population, IT industry players have indicated a rise in demand for onsite work. To be able to manage any such uptick, Indian IT services players are hiring more locals, and relying on hybrid work models. Saurabh Govil, chief human resources officer (CHRO), Wipro, said after the company’s fourth quarter (Q4) results that though offshoring has been on the rise over the past six months, demand for onsite, too, has seen an uptick recently.  Read More
 

Raw material imports from US to produce vaccines may take a month

It may take over a month for India to be able to import certain raw materials from the US that are required for producing Covid-19 vaccines. “Discussions are going on at the highest level between both nations. Some progress on the matter can be expected over the next four-six weeks,” a person aware of the matter said. The Joe Biden administration’s decision to invoke the US Defense Production Act has blocked exports of crucial raw materials used in vaccine production.  Read More