Top headlines: HC setback for Future Group; 5,481 new Covid cases in Delhi

Business Standard brings you the top headlines on Tuesday

India's largest bank SBI to invest $20 mn in fintech firm Pine Labs

Pine Labs, a leading merchant commerce platform, announced a new investment of $20 million from India’s largest commercial bank, the State Bank of India (SBI).

Earlier in 2021, Pine Labs had raised a total round size of $600 million from a marquee set of new investors and followed it up with a $100 million fundraise from US-based Invesco Developing Markets Fund. Read more

Dr Reddy's to launch Molflu at Rs 35 per capsule for Covid treatment

Indian drugmaker Dr Reddy's Laboratories Ltd will launch its generic version of Merck's antiviral COVID-19 pill, molnupiravir, and price it at Rs 35 ($0.4693) per capsule, a company spokesperson said on Tuesday.

The overall cost for a patient treated with a 5-day course of 40 capsules of the generic drug, to be sold under brand name 'Molflu', will come up to Rs 1,400 ($18.77). In comparison, the treatment with Merck's pill in the United States costs $700. Read more

Delhi HC rejects Future's plea for termination of Amazon arbitration

The Delhi High Court on Tuesday dismissed the pleas moved by Future Group companies seeking a direction to the arbitration tribunal, which is adjudicating on Amazon's objections against their deal with Reliance, to take a decision on their application for the termination of the arbitration proceedings before moving any further.

"Both the petitions are dismissed," said Justice Amit Bansal, who had reserved the order on the petitions filed by Future Coupons Private Limited (FCPL) and Future Retail Limited (FRL) on January 3.  Read more

Delhi logs 5,481 new Covid cases, most since May 16; positivity rate 8.37%

Delhi reported 5,481 fresh COVID-19 cases on Tuesday, the highest number of such cases since May 16, with a positivity rate of 8.37 per cent, and three more fatalities due to the viral disease, according to data shared by the city health department.

The national capital had recorded 6,456 fresh COVID-19 cases and 262 fatalities on May 16, while the case positivity rate stood at 10.4 per cent. Read more