BackOpening Bell | Asian markets extend gains, pharma stocks in focus
S&P 500 gained 2.4% to 1,987 as data pointed to stronger than estimated expansion in the US economy
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Global equities gain on strong US data
US markets closed higher. S&P 500 gained 2.4% to 1,987 as data pointed to stronger-than-estimated expansion in the US economy. Tracking the cues, Asian markets opened higher.
Monsoon shortfall rises to 12%
Monsoon deficiency in the country aggravated further and reached to 12%, with parts like Marathwada region in Maharashtra witnessing 50% less rainfall, reports PTI.
RBI lists inflation, distressed assets as top priorities
Lower inflation, faster resolution of distressed assets and ensuring banks have enough capital to make provisions will be the top macroeconomic priorities for the Reserve Bank of India (RBI) in the immediate future, governor Raghuram Rajan said in the central bank’s 2014-15 annual report.
Indian drug makers feel the pressure as US pharmacies consolidate
Consolidation among US buyers of generic drugs is turning up the heat on the world’s smaller generic drugmakers such as India’s Lupin Ltd and Dr. Reddy’s Laboratories Ltd. Dr. Reddy’s has lost market share in generic Lipitor this year, the report says.
OMCs stare at inventory loss as crude slips to record low
After posting record profits and inventory gain in the first quarter of 2015-16, state-run oil marketing companies are staring at an inventory loss, as Brent crude price fell to a six-and-a-half-year low in August, reports Mint.
Tata Motors to expand pick-up truck portfolio
Tata Motors Ltd will have a wider presence in the pick-up segment in the next three years, as demand for such vehicles rise, reports Business Standard. The company plans to launch at least three pick-ups in the next two-three years, the report says.
DLF plans to sell stake in Delhi project to Singapore’s GIC
DLF Ltd is close to selling a majority stake in a residential project in New Delhi to Singapore’s sovereign wealth fund GIC, reports The Economic Times. According to the report, the transaction may be valued at ₹ 1,500-2,000 crore.
Dr Reddy’s sees top level changes in the US
Dr. Reddy’s Laboratories Ltd promoted Alok Sonig as executive vice-president and head of the North America generic business. Sonig, who has been heading India generics business, replaces Umang Vohra, who has stepped down. Read more.
Cipla to launch nutritional foods business next year
Cipla Ltd will expand its consumer products business by launching nutritional products over the next 12-18 months, reports Business Standard. Meanwhile, the company expects its revenues to grow 20% in the current fiscal, reports PTI.
Aurobindo Pharma gets US FDA nod for hepatitis B drug
Aurobindo Pharma Ltd received the US Food and Drug Administration approval to manufacture and market Entecavir tablets, reports The Hindu Business Line. The tablets are indicated for treatment of hepatitis B virus infection of the liver. It has an estimated market size of $294 million for the 12 months ending June 2015.
R-Com partners Jasper to offer internet of things platform
Reliance Communications Ltd (R-Com) has tied up with US-based Jasper to offer an internet of things services platform across India. The platform is currently being tested in Reliance Group companies. Read more.
Bosch opens fifth manufacturing plant in Karnataka
Bosch Ltd has opened its new factory at Bidadi, about 35 kilometers from Bengaluru. The plant has begun producing common-rail fuel injection (diesel) systems at the site.
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