Glenmark Pharmaceuticals, a global pharmaceutical company based in India, said it has signed an exclusive agreement with a South Korean company to sell six eye-related generic drugs in the US market. The total U.S. brand sales for the six products was approximately $1.7 billion for calendar year 2017. Glenmark said it expects to file six […]
Pharma major Lupin said it has launched the generic version of Allergan’s Alzheimer’s drug Namenda XR in the US. The medicine has annual sales of approximately USD 936 million in the US, making it almost a billion-dollar drug. The launch was done in dosages of 7mg, 14mg, 21mg and 28mg of Memantine Hydrochloride. The drug […]
Bharat Heavy Electricals Ltd, the largest Indian heavy equipment maker, said it won a Rs 1,034 cr order to set up a gas-based captive power plant at Hindustan Petroleum Corporation’s Visakh Refinery. The order, given on a turnkey basis, is part of the expansion project at the refinery at Andhra Pradesh. BHEL’s scope of work […]
Royal Orchid Hotels announced the opening of its eighth new hotel this year at Nashik, the wine capital of India. ‘Regenta Resort Soma Vine Village’ has 32 rooms with “varied” dining and banquet facilities, the hotel chain said. With this, the total number of hotels in the chain has reached 49. Chander Baljee, Managing Director […]
The United States’ Food & Drug Administration has issued a Form 483 after inspecting Biocon’s Malaysia manufacturing plant, indicating that it found discrepancies during the inspection. Issue of Form 483 means that the plant has not been approved for production of medicines in its current shape, and must be modified under a ‘corrective and preventive […]
Drug maker Suven Life Sciences Ltd said it secured more patents in India and South Korea for its drugs designed for treating neurodegenerative diseases. The India product patent is valid through 2029, while the Korean one is good for up to 2033, the company that focuses on neurological diseases said. “The granted claims of the […]
Private sector lender IndusInd Bank clarified that it does not have any heavy exposure to the ongoing saga of fraud and crime involving unauthorized letters of comfort issued by an employee of Punjab National Bank. “IndusInd Bank has no direct credit exposures to Nirav Modi nor any indirect credit exposures basis the LoUs issued by […]
IndiGrid, India’s first infrastructure investment trust for power assets, said it has acquired three transmission assets from its sponsor at a cost of 1,410 cr, taking the total assets under management to 5,300 cr. The company said it will also invest Rs 232 cr into Patran Transmission Company Limited, a unit of Techno Electric & […]
Automaker Mahindra & Mahindra said it will invest Rs 500 cr at its Chakan plant in Maharashtra for product development and capacity enhancement in its electric vehicle operations. The investment is in addition to the Rs 6,500 cr expansion program that is already going on at the plant that also makes non-EV models, India’s biggest […]
Axis Bank has again increased the rate of interest that will be charged for new loans, this time by one-tenths of a percentage. The hike comes a month after a 0.05 percentage point increase in January, and ten days after rival HDFC Bank increased its lending rate. The new interest rates will be applicable to […]
Pune Municipal Corporation has awarded a Rs 1,680 cr contract to construction major Larsen & Toubro to revamp the city’s water supply system. The plan is to “transform the prevailing intermittent water supply into 24X7 pressurized water supply and to implement 100% smart metering covering every household of Pune City over the next 5 years,” […]
Glenmark Pharmaceuticals reported encouraging results from its Phase 2 clinical trial for GBR 830, a drug that it is testing as a potential treatment for a skin disease known as atopic dermatitis. “A clinical improvement in Eczema Area and Severity Index (EASI) scores was observed in 17 out of 23 patients treated with GBR 830,” […]
The finance ministry has denied that Life Insurance Corporation of India has appointed any consultant to redevelop the 10 chawls owned by the insurer in Mumbai. Replying to a question by Lok Sabha MP Arvind Sawant, the finance ministry said the insurer has neither conducted a survey on redeveloping its chawls nor has it appointed […]
Allahabad Bank said it is exposed to the tune of $366.87 million to the current incident involving diamond merchant Nirav Modi and the unauthorized Letters of Undertakings he allegedly secured from Punjab National Bank. However, said Allahabad Bank, it is not worried about getting its money back as the loans are guaranteed by PNB. “The […]
The total amount of money held under the accounts opened under the Jan-Dhan Yojana is once again nearing the all-time high seen during demonetization, and has increased by nearly 10% over a period 4 months, puzzling banking officials. Numbers from RBI also show that Jan Dhan accounts have stopped losing money and that the average amount […]
Despite a good monsoon, levels of water in the country’s big river water reservoirs are substantially below where they were last year, and are also well below the average levels seen in the last ten years. The only exception was South India, which had seen extreme water stress last year. On average, the quantity of […]
Upcoming politician Kamal Hasan expressed ‘shock’ that the Supreme Court has reduced the quota of water allocated to Tamil Nadu from the river Cauvery, but said the matter should not be exploited for votes. “Like the farmers in Tamil Nadu, I am also shocked at the reduction of water,” said Hasan, who is currently building […]
Punjab National Bank, India’s second largest public sector bank, has issued a statement on exactly what happened in the Nirav Modi case that resulted in nearly $1.77 bln of unauthorized liabilities being taken on by the bank. In the statement, PNB detailed exactly how the bank was taken for a ride by some of its […]
Sunil Mehta, MD of Punjab National Bank today denied that billionaire diamond merchant Nirav Modi has offered a concrete proposal to repay the $1.77 bln that he’s accused to embezzling. Speaking at a press conference called to address the allegations and controversies surrounding the ‘scam’, Mehta said he cannot go into the details, given that […]
National Stock Exchange of India, India’s largest securities trading platform, has sought details from Punjab National Bank on media reports regarding raids by enforcement agencies on the bank’s premises in the Nirav Modi case. “The exchange has advised the company to provide clarification or confirmation on the news item (on the raids) in detail,” the […]
