The UPA government introduced four major bills that could overhaul India’s education system. The bills include one that will allow foreign universities to set up base in India and award degrees locally. While another is for preventing educational malpractice, a third bill is for setting up tribunals that can resolve disputes on campus. A fourth proposes creating a national education agency.
India’s housing market could be picking up once again. The country’s biggest mortgage lender, HDFC, has reported healthy fourth quarter numbers. Net profit shot up 26.3% to Rs926 crore. But total income fell 8% to Rs2,899 crore. What helped keep profits high was a 23% fall in expenditure to Rs1,633 crore.
HDFC’s board also approved rewards for shareholders. It decided on a Rs36 dividend for every equity share and also gave the green light to a sub-division of shares. The shares will be split in a 1:5 ratio, with every Rs10 rupee share divided into five shares of Rs2 each. Shareholders will now have to approve the split for it to come into effect.
Glenmark Pharmaceuticals has bagged a lucrative deal to create a new pain-killing drug. It has signed a licensing agreement with Sanofi-Aventis of France to develop and commercialize a new medicine for chronic pain. The agreement gives Glenmark an upfront payment of $20 million and licensing fees of up to $325 million. The company also expects to get double-digit royalties on sales of the commercialized products.
India’s manufacturing output rose last month, but at a slower pace than before. The Purchasing Managers’ Index stood at 57.2 in April as against a figure of 57.8 for the previous month. Any figure over 50 on the index indicates a gain and April is India’s 13th straight month of expansion in manufacturing.
Indian stocks fell on Monday taking their cue from global markets. The Sensex plunged 173 points to close at 17,386. And the Nifty followed course, losing 55 points to end trade at 5,223.