Page 30 - Business Finance
Glenmark Pharma gets tentative nod from USFDA for acne treatment drug
Glenmark Pharmaceuticals Thursday it has received tentative approval from the US health regulator for Clindamycin Phosphate Foam, used to treat acne. The approved product is a generic version of Mylan Pharmaceuticals' Evoclin Foam. Glenmark Pharmaceuticals, USA, has been granted tentative approval by the United States Food and Drug Administration (USFDA) for Clindamycin Phosphate Foam, 1 per cent, the company said in a BSE filing. For the 12 months to April 2019, Evoclin Foam market achieved annual sales of approximately USD 17 million, Glenmark said, citing IQVIA sales data. The company's current portfolio consists of 156 products authorised for distribution at the US marketplace and 59 Abbreviated New Drug Applications (ANDAs) pending approval with the USFDA. The company's stock was trading 0.21 per cent lower at Rs 508.50 apiece on BSE.
Stock markets opens in red, Wipro falls nearly 4 per cent
Domestic equity benchmark NSE Nifty and BSE Sensex on Thursday opened in red in early trade dragged down by tech stocks that declined after reports that the United States was mulling caps on H-1B work visas to deter data rules.At 9:35 am, the BSE S & P Sensex was down by 47 points at 39,977 while the Nifty 50 opened around 11, 650.Under Nifty, the top losers are Wipro which slipped by - 3.74 per cent, Britannia (-2.44 per cent), Zee Entertain (-2.59), Yes Bank (-1.45 per cent) and Tech Mahindra (-1.56 per cent).Under Sensex, Yes Bank has been placed at the top of the table with -1.60 per cent, IndusInd Bank (-1.52 per cent), TCS (-1.20 per cent), Maruti Suzuki (-0.91 per cent) and Infosys (-0.88 per cent).The Rupee opened stronger at 69.48 per dollar in comparison to yesterday's close of 69.68 against the US dollar.
HDFC gains on signing agreements to buy Apollo Munich
HDFC was up 0.17% to Rs 2,182.05 at 09:29 IST on the BSE after the company announced that it would acquire 51.2% stake in Apollo Munich Health Insurance Company.
Rupee sees high volatility against USD post Fed policy decision
The rupee witnessed high volatility against the US dollar in opening trade Thursday, after the US central bank left key interest rates unchanged. The US Federal Open Market Committee kept the key rate in the 2.25-2.5 per cent range. The rupee opened strong at 69.47 at the interbank forex market, but lost ground and touched 69.67 per dollar, displaying gains of just 1 paise against the greenback. On Wednesday, the rupee had settled at 69.68 against the US dollar. Forex dealers said foreign fund outflows, weak opening of domestic equities and rising crude oil prices weighed on the local unit. Foreign funds pulled out Rs 97.05 crore from the capital markets on a net basis Wednesday, provisional data showed. The benchmark BSE Sensex was trading 34.59 points, or 0.09 per cent, lower at 39,078.15 at 0930 hours. Similarly, the broader NSE Nifty was quoting 23.45 points, or 0.20 per cent, down at 11,668. Meanwhile, brent crude, the global benchmark, was trading at 62.61 per barrel higher by ..
HOV Services Ltd Slips 6.3%, S&P BSE IT Sector index Shed 1.05%
HOV Services Ltd has lost 43.2% over last one month compared to 3.37% gain in S&P BSE IT Sector index and 0.13% rise in the SENSEX
JSW Steel Ltd Surges 1.08%
JSW Steel Ltd has lost 5.93% over last one month compared to 1.5% gain in S&P BSE Metal index and 0.05% rise in the SENSEX
Sensex falls below 39,000
Domestic stocks drifted lower in early trade on selling pressure in index pivotals. At 9:27 IST, the barometer index, the S&P BSE Sensex, was down 149.76 points or 0.38% at 38,962.98. The Nifty 50 index was down 41.70 points or 0.36% at 11,649.75. The Sensex declined below the psychological 39,000 mark in early trade.
HDFC in spotlight on signing agreements to buy Apollo Munich
Housing Development Finance Corporation (HDFC) said it has entered into agreements for acquiring up to 51.2% of the equity share capital of Apollo Munich Health Insurance Company for a total consideration of Rs 1346.84 crore. The announcement was made after market hours yesterday, 19 June 2019.
Market may gain on positive Asian stocks
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34 points at the opening bell.
Fed opens door to rate cut amid growing 'uncertainties'
The Federal Reserve on Wednesday opened the door to an interest rate cut soon, saying uncertainties about the economic outlook are on the rise and vowing to act to keep the economy growing. The central bank left rates unchanged but one policymaker dissented in the vote, advocating for an immediate cut instead - something President Donald Trump has been calling for loudly. The policy-setting Federal Open Market Committee kept the key rate in the 2.25-2.5 per cent range but said "uncertainties about this outlook have increased" and the Fed "will act as appropriate to sustain the expansion." The closely-watched Fed statement included a marked shift in language, no longer saying the central bank will remain "patient" in assessing economic data. Officials in recent weeks had acknowledged that trade frictions with China are darkening the outlook. "In light of these uncertainties and muted inflation pressures, the Committee will closely monitor the implications of incoming information for ..
Russian deputy PM visits India, prepares ground for Modi's Vladivostok visit in Sept
Russia's Deputy Prime Minister Yury Petrovich Trutnev visited India this week in order to help both the countries to prepare grounds for the upcoming visit of Prime Minister Narendra Modi to Vladivostok in early September to participate in the fifth edition of the Eastern Economic Forum as the Chief Guest.Trutnev, who is also the Presidential Plenipotentiary Envoy to the Far Eastern Federal District of the Russian Federation, led a high-level delegation to India from June 15-19.His visit also provided an opportunity to explore bilateral cooperation in the sectors of diamond-processing, petroleum and natural gas, coal and mining, agro-processing and tourism which have been identified as the priority areas for the development in Russia's Far East region.Russian Far East, located on the transport corridor between Asia and Europe, has unique geographical advantages and untapped energy potential.Prime Minister Narendra Modi, during his two-day visit to Bishkek last week to attend the ...
EDMC offers exemption from enhanced property tax till July 31
The cash-strapped EDMC will offer exemption from enhanced property tax till July 31 on account of implementation of the 3rd Municipal Valuation Committee (MVC) report, officials said on Wednesday. The announcement was made by Leader of house in East Delhi Municipal Corporation Nirmal Jain. As per the provisions, commercial and non-residential properties of 139.35 sqm or more, that fall under A Category, are granted exemption equivalent to pre-existing MVC-I, the EDMC said in a statement. Jain also said that along with the exemption, an extension of rebate period on prompt payment, has also been offered till July end. The rebate is also offered on all industrial properties of B category as per the recommendations of MVC-I.
Hoping to start Kolkata-Hanoi flights from Oct 3: IndiGo CCO
Calling Vietnam as "one of the most promising destinations", IndiGo Chief Commercial Officer William Boulter Wednesday said the airline is hoping to start operating flights on the Kolkata-Hanoi route from October 3. "For us it (Vietnam) is one of the undiscovered markets... Vietnam is certainly one of the most promising destinations that we have identified," Boulter said. "We are hoping to start services between Kolkata and Hanoi on October 3, followed quickly by services to Ho Chi Minh city," he said in the presence of Vietnamese Ambassador to India Pham Sanh Chau at an event here. Boulter added that these flights are subject to government approvals and the airline is in the last stages of getting them. "We expect to get those (approvals) to be done in next couple of weeks. And then, we would be able to put the flights open for sale," he said. Boulter said that whenever he travels to Bangkok, he finds it quite surprising to see the number of passengers that are heading from India to .
lnduslnd Bank-Bharat Fin merger to be effective from July 4
Private sector lender lnduslnd Bank and Bharat Financial Inclusion Ltd (BFIL) Wednesday said their merger will be effective from July 4. The National Company Law Tribunal on June 10, 2019 approved the Scheme of Arrangement among BFIL, lnduslnd Bank and Induslnd Financial Inclusion and their respective shareholders and creditors. IndusInd Bank in October last year decided to acquire the country's leading micro-finance player BFIL, which was previously known as SKS Microfinance. The boards fixed Thursday, July 4, 2019 as the effective date of the scheme, when the NCLT order will be filed by the bank, BFIL and IFIL with the jurisdictional Registrar of Companies. Besides, the Boards Wednesday have decided to take on record and publish consolidated financial results for the quarter ending June 30, 2019, on July 12, 2019. "July 4, 2019 shall also be the Record Date, following the effectiveness of the scheme, for determining the shareholders of BFIL who shall be entitled to receive shares of
RBI slaps Rs 10 lakh fine on South Indian Bank
The RBI Wednesday said it has imposed a fine of Rs 10 lakh on South Indian Bank for violating norms regarding bank guarantees. The penalty follows references from a government department and a private party alleging non-payment of invoked bank guarantees by the lender, the Reserve Bank said in a statement. The penalty has been imposed through an order dated June 13. "Examination in this regard revealed violation of RBI directions on 'Guarantees and Co-acceptances' and a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions," the RBI said. After considering the bank's reply, oral submissions made during the personal hearing and additional submission, the RBI said it came to the conclusion that the charge of non-compliance with directions was substantiated and warranted imposition of monetary penalty. However, the RBI added the action is based on deficiencies in regulatory compliance and is not intended to .
Realme aims 12-15pc mkt share in 2019, to launch accessories
Realme, a sub-brand of Chinese smartphone manufacturer Oppo, Wednesday said it was aiming 12-15 per cent marketshare of India by December 2019 and will foray into the accessories market. The company claimed to enjoy 7.25 per cent smartphone marketshare in the January-March 2019 period. "We are aiming at selling 15 million handsets in 2019 and aspire to garner 12-15 per cent marketshare. We will also introduce full-range mobile accessories," Realme India CEO Madhav Sheth said. Realme, which used to be a pure online player, recently started offline sales after it found that its products are receiving greater acceptance in the tier II to VI cities. "We will continue to be an online focus mobile brand, but want to have offline channel as this segment accounts for 65-70 per cent of total smart handsets sold in the country," Sheth said. "But, we will restrict our offline trade channel presence limited to just 20,000 outlets across the country in 2019," he said. Six Realme ...
Our strategy built around strength of offerings, value: Ericsson
Parrying questions on weather uncertainty over the fate of rival Huawei will give it an edge in the Indian market, Ericsson said Wednesday that its strategy is based on the strength of its offerings and creating value in technology innovation. "From Ericsson's perspective, we believe in creating value in technology innovation. It is not a question of a push or pull...for us, the push will come from what we have to offer," Nitin Bansal, Head of Ericsson India and Head of Network Solutions, South East Asia, Oceania and India told reporters here. He was responding to a specific query on Chinese telecom gear maker Huawei. "So the discussion with operators is about how do we evolve the network towards future technologies ...discussions we are having right now with our customers is more about how do we start preparing the network and making sure we are getting the right technology, which is needed for India," he said. Last week, a senior Government official had said that a decision on the ..
RBI holds meeting over coin-storage crisis of banks in Shirdi
The Reserve Bank of India has instructed nationalised banks to continue to accept coins deposited by the famous Saibaba temple at Shirdi in Maharashtra, the temple's managing body said Wednesday. Earlier, some banks, where the Shri Saibaba Sansthan Trust (SSST) has accounts, had expressed inability to accept huge amount of coins which are collected in the temple's donation boxes every day. The banks had cited lack of space for storing coins in their Shirdi branches as the reason. The RBI convened a meeting at its Navi Mumbai office Wednesday and directed the banks to accept the coins and cash deposited by the temple authorities, said Deepak Muglikar, chief executive officer of SSST. The temple trust suggested that as a temporary measure, it could make available rooms with security and CCTV cameras for keeping the coins on the banks' behalf, and the Central bank agreed to the proposal, Muglikar told PTI. Money deposited in the temple's donation boxes is counted twice a ...
IOC demand guarantees for Swedish 2026 Olympic bid
The International Olympic Committee (IOC) said Wednesday it had asked Stockholm for clarifications over financial backing for its bid to stage the 2026 Winter Olympics. Just days before the IOC votes on Monday on whether to award the Games to Stockholm/Are or rival Italian bid Milan/Cortina d'Ampezzo, the IOC wants more information from the Swedish bid, according to Christophe Dubi, the IOC's sports director. "We received a number of non-binding letters of intent and guarantees, these do not represent binding commitments and therefore put Olympic village delivery at risk," said a letter that the IOC sent to the Stockholm bid on June 14 and seen here by AFP. A spokesperson for the Stockholm bid told AFP the exchange of letters was nothing out of the ordinary, saying: "We have an ongoing, positive and constructive dialogue with the IOC -- both in mails and in letters." Dubi said the exchanges concerned improving the bids after the IOC's Evaluation Commission reports released on May 24 ..
Pakistanis only hearing "depressing" news these days: Pak chief justice
Pakistan's chief justice Asif Saeed Khosa Wednesday lamented that Pakistanis were only hearing "depressing" news these days -- on the state of the economy, politics and even from the cricket field. Addressing a ceremony to highlight the work of model courts in Pakistan, the Chief Justice of Pakistan said that the reports of the 'national economy in ICU' was not a good news. "We hear about the economy and we are told that either it is in the Intensive Care Unit (ICU) or it has just come out of the ICU," he said, referring to the serious balance of payments crisis that threatens to cripple Pakistan's economy. The cash-strapped government of Prime Minister Imran Khan is negotiating with the International Monetary Fund, the World Bank and the Asian Development Bank for bailout packages worth billions of dollars. "We see the noise coming out of Parliament and we see that leader of the house as well as the leader of the opposition, they are not even being allowed to speak.
