Bank of Baroda said it will buy out its foreign partner Pioneer Investments in its asset management subsidiary to raise its stake in the unit to 100%. It will acquire 51% of Baroda Pioneer Asset Management Company for an undisclosed amount. This is being done due to the acquisition of Pioneer Investments by Amundi, which […]
Pharma Major Lupin announced that it has received final approval from the US Food & Drug Administration to market a generic version of Dovonex Scalp Solution from Leo Pharmaceutical Products Ltd. Calcipotriene Topical Solution is indicated for the topical treatment of chronic, moderately severe psoriasis of the scalp. Lupin’s Calcipotriene Topical Solution, 0.005% (Scalp Solution) […]
Aurobindo Pharma Limited said it received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Fondaparinux Sodium injection — a bioequivalent and therapeutic equivalent to Arixtra of Mylan Ireland. The product, used to prevent deep vein thrombosis (DVT), will be launched next month. “The approved product has an estimated market […]
Sun Pharmaceutical Industries Ltd said the US FDA has accepted a New Drug Application (NDA) for its OTX-101 dry eye drug. The application will now be processed for approval. Dry eye is a condition in which the eye does not produce tears properly, or when the tears are not of the correct consistency and evaporate […]
The country’s largest packaged fruit juice maker Dabur India said it was entering the fruit-based Mocktail category under its Réal brand. The Réal Mocktails have been launched in two variants – Virgin Mary and Virgin Pina Colada. The Réal Mocktails will be available in 1-litre Tetrapaks, priced at Rs 110, it said. The company currently […]
Adhesive manufacturer Pidilite Industries said it would return up to Rs 500 cr to its shareholder by way of a share buyback. The company’s board approved a buyback proposal for up to 5 mln shares at a price of Rs 1,000 each, aggregating to Rs 5 bln (500 cr). The shares are being traded at […]
Pharma manufacturer Dr. Reddy’s Laboratories said it launched a generic version of chemotherapy drug drug Alkeran. The drug is used for palliative — or relief-oriented — treatment of multiple myeloma and epithelial carcinoma of the ovary. The Alkeran brand and generic had U.S. sales of approximately $107 million MAT for the most recent twelve months […]
The Reserve Bank of India has released the list of Indian banks and their non-performing assets as of September 30, 2017, the latest period for which financial data is available. The total non-peforming assets, or bad loans, has risen to 8.37 lakh cr — a burden of around 20,000 for each working person in the […]
The pace of bad industrial debt written off by public sector banks in India increased substantially this year, according to RBI data. In the first six months of the financial year (April to September), public sector banks wrote off 36,510 cr of bad industrial debt, compared to only 2,369 cr of agricultural debt. If the […]
The number of income tax e-filings increased by 19.5% this year compared to last year as demonetization forced many people declare their hitherto undeclared incomes. A total of 3.89 cr e-filings were recorded in the current financial year as of Nov 7, compared to 3.25 cr in the same period of the previous year, the […]
Jet Airways said it will hold an 11-day sales starting tomorrow with 10-15% discounts. “With a flat 10% off on base fares in Economy and up to 15% off on Premiere fares, guests will be able to realise attractive savings on popular sectors across the airline’s domestic network of 44 destinations in the New Year, […]
The total number of people employed by various undertakings and companies controlled by the central government has been showing a decline of 4%-5% per year in recent years. According to numbers from the ministry of heavy industry and public enterprises, the total number of personnel in central public sector enterprises fell by 4.2% in 2015-16 […]
Hero MotoCorp, the world’s largest two-wheeler manufacturer, said it will increase the price of its motorcycles by an average of Rs 400 each from January 1. This is being done to “partially off-set the rising input costs,” it said. However, cheaper models are likely to see a lower increase and higher-end models are likely to […]
A total of 3,328 Indian women complained to various Indian embassies and missions about their treatment at the hands of their non-resident Indian husbands in the last three years, the external affairs minister said. The highest number of such complaints were received last year, at 1,510. The first 11 months of the current year have […]
Suven Life Sciences Ltd said it has been granted one patent each in Canada and India for drugs for treating Neurodegenerative diseases. The Canadian patent 2932428 is valid through 2034 and the Indian patent 289123 is valid through 2028. The chemical entities are considered useful in the treatment of cognitive impairment associated with neurodegenerative disorders […]
The Ministry of Railways today said that its inquiry into the Elphinstone stamped, that killed nearly two dozen people three months ago, was not caused by negligence or the failure by any railway official to do his duty. “As per the departmental enquiry headed by Chief Safety Officer/Western Railway, no Railway official(s) have been found […]
Bank of India said the Reserve Bank of India has placed it under the ‘Prompt Corrective Action’ framework, a set of restrictions aimed at preventing further deterioration in the health of a bank. It said the action followed an onsite inspection by the RBI. “This is in view of high net NPA, insufficient CET1 capital […]
The move to withdraw high-value currency notes in November last year has helped the income tax department unearth Rs 25,000 cr of undisclosed income as of October this year, the finance ministry said. Out of this, Rs 15,761 cr was unearthed by searches and raids, while the remaining was detected using ‘surveys’, the ministry said. […]
Not a single employee was laid off or removed as part of the merger of five associate banks with State Bank of India, the government said, adding that the bank had no plans to offer VRS options to its employees. “SBI has informed that no employee has been removed after merger and no application was […]
Amara Raja Batteries Ltd said it has inaugurated the first phase of its two-wheeler battery plant in Chittoor with a capacity of 5 mln units per year. Before this, the company had a capacity of only 12 mln two-wheeler batteries per year. The new plant will have an ultimate capacity of 17 mn units with […]
