US antitrust probe singes India's pharmaceutical firms; Sun Pharma falls 9%
Share prices of some leading domestic pharmaceutical companies, led by Sun Pharmaceutical Industries, fell 4-9 per cent on Monday, after being named in a price-fixing lawsuit in the US.
The biggest loser was Sun Pharma, whose stock tanked as much as 20 per cent intraday in late afternoon trades, but recovered to close 9.4 per cent lower on the BSE. Sun Pharma, which is India’s largest pharma company by sales, is already under a cloud over corporate governance issues and is facing Sebi probe on charges of funds diversion. Read more here
Trade war: China hits back at US with tariffs on goods worth $60 billion
China said on Monday it would impose higher tariffs on a range of US goods including frozen vegetables and liquefied natural gas, striking back in its trade war with Washington after US President Donald Trump warned it not to.
The move, widely expected after the US last week raised tariffs on $200 billion in Chinese imports, heightened fears the world’s two largest economies were spiralling into a no-holds-barred dispute that could derail the global economy. Read more here
Sensex falls 2,000 pts in 9 days as economic slowdown makes investors wary
The equity markets on Monday resumed their downward journey with the benchmark Sensex declining 372 points, or 1 per cent, to end at 37,091, while the Nifty50 index declined 131 points, or 1.2 per cent, to close at 11,148. Both indices logged their ninth consecutive session of decline and ended at two-month lows.
Relief for TCS as US court rejects CSC's restraining order demand
A US court on Monday denied Computer Sciences Corp’s (CSC’s) application for a temporary restraining order against Tata Consultancy Services (TCS). CSC, a US-based insurance platform provider to a client of TCS, filed for a temporary restraining order against TCS last month, after accusing it of misappropriating its trade secrets. TCS, in turn, said CSC was trying to disrupt its $2-billion deal with their common client Transamerica.
A trade secret is misappropriated when it is acquired through “improper means,” noted the court ruling. Read more here
Etihad Airways has put in stiff conditions, which include a substantial write down of the Rs 9,000-crore loans, as a prerequisite to run Jet Airways. The Abu Dhabi-based airline has also put the onus of finding a majority investment partner on the Jet lenders.
Etihad, which holds 24 per cent stake in Jet, submitted its offer last Friday just before the window closed for binding bids. Read more here
ITC Q4 profit jumps 18.73% to Rs 3,482 crore, revenue rises 14.26%
Beating Street estimates, ITC posted an 18.73 per cent increase in net profit at Rs 3,481.90 crore during the quarter ended March 31, 2019, even as total revenue grew by 14.26 per cent to Rs 12,946.21 crore.
Profit and revenue during the corresponding quarter of the 2017-18 fiscal year stood at Rs 2,932.71 crore and Rs 11,329.74 crore, respectively. Read more here
Voda Idea Q4 loss narrows to Rs 4,881.9 cr; revenue misses street estimate
Merged telecom operator Vodafone Idea reduced losses to Rs 4,881.9 crore compared to Rs 5,004 crore on a sequential basis for the fourth quarter ended in March 31, 2019.
Revenues grew from Rs 11,764 crore to Rs 11,775 crore during the same period, missing Street estimates marginally. Read more here
IL&FS to return incomplete road projects to NHAI for rebidding
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) Ltd has agreed to return under-construction road projects to the National Highways Authority of India (NHAI) for fresh bidding, according to the minutes of IL&FS’s 22 April board meeting.
Women in driver’s seat at car dealerships
Gone are the days when you would walk into an auto showroom to find only men-in-ties explaining airbags, or revs per minute. Car companies in India, including Tata MotorsNSE -2.77 %, new entrant Morris Garages and Mahindra & Mahindra are putting women in the driver’s seat by appointing them in customer facing roles at prime dealerships.
Rising balance in Jan Dhan accounts spells windfall for banks
Banks have been witnessing a spurt in Current Account and Savings Accounts (CASA) due to a high balance in Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts. This is seen as one of the growth drivers of CASA.
CASA deposits are advantageous to banks as they can bring down the cost of funds when compared with bulk deposits.