Packaged food company Nestlé said it would pass on to consumers any reduction in tax rates due to the introduction of the goods and services tax tomorrow. Companies are not obliged to pass on the benefit of lower taxes to consumers, and many are unlikely to. The Swiss giant said it won’t be one of […]
Larsen & Toubro Deputy Managing Director and President S.N. Subrahmanyan has taken over as CEO and Managing Director with effect from today. He has been on the company’s board since 2011 and was named the new CEO in April this year. At the meeting on April 7, 2017, the company’s director board had also requested […]
Unichem Laboratories said the US FDA has completed its inspection of the company’s formulations manufacturing facility in Goa. The facility has received an Establishment Inspection Report, the company added. “This receipt indicates the successful closure of the inspection and the queries raised during the audit (Form 483). The inspection has now been closed by the […]
Zydus Cadila said it received the final approval from the US FDA to market obesity drug Phentermine Hydrochloride. The drug will be marketed in the form of orally disintegrating tablets in strengths of 15 mg, 30 mg, and 37.5 mg. The drug is used to treat obesity in people with risk factors such as high […]
The cloud-based VPS, or virtual private server market in India has seen the entry of several new players in recent months, driving down prices. VPSes are used for various functions, including web hosting, software development and testing. Till about a year ago, prices for VPSes in India were quite high, at around Rs 1,800 per […]
JSW Steel Limited said the company’s board has approved a plan to build a pipeline from its Vijayanagar plant in Karnataka to the coast to facilitate the import of cheaper iron ore from Odisha and Eastern India. “This Slurry Pipeline can be set up within 24 months at an estimated cost of Rs 2,100 crores. […]
JSW Steel said it will seek approval from its shareholders to raise thousands of crores of rupees via debt and equity in the upcoming annual general meeting of the company. “the Company had obtained the approval of members at the Annual General Meetings held on 26.07.2016 and 31.07.2014 for raising of resources in the form […]
Nesher Pharmaceuticals, a subsidiary of Zydus Pharmaceuticals received final approval from the US Food and Drug Administration to sell generic drug Dextroamphetamine Sulfate. Dextroamphetamine is a central nervous system stimulant used in the treatment of Attention Deficit Hyperactivity Disorder (ADHD) and in the treatment of narcolepsy (a Special type of sleep disorder), Zydus Cadila said. […]
Crisil, the Indian credit rating agency controlled by Standard & Poor’s, said it acquired an 8.9% stake in competitor CARE Ratings Ltd. It said it purchased the stake from Canara Bank Ltd for Rs 435 cr, or Rs 1,659.79 per share. A total of 26.22 lakh shares were acquired. “The investment has been made pursuant […]
Ratings agency Fitch said the string of farm loan waivers announced by various Indian states could impact the financial profile of the country as a whole. The agency, however, did not directly say that the moves could lead to a downgrade in India’s credit rating, which would increase the cost of borrowing for both government […]
Axis Bank said eight of the 12 big defaulters highlighted by the Reserve Bank of India in its June 15 circular owed over Rs 5,000 cr to the bank. The RBI had given a list of 12 large accounts which together owed about 25% of the total bad loans of Indian banks. The total bad […]
Rupert Murdoch’s News Corp announced yet another acquisition in India with the agreement to purchase Bangalore-based GyanMatrix Services Private Limited. The company, which provides software solutions for media and publishing companies, will be renamed News Technology Services, and be significantly scaled up. The News Corp team came in touch with the Gyan Matrix as part […]
Social network Facebook said it has tied up with the Election Commission of India to remind Indians to register themselves to vote. “Starting from 1st July till 4th July, the voter registration reminder will be sent to people on Facebook in India who are eligible to vote,” Facebook said, on a day when the company […]
Infosys Chief Executive Officer Vishal Sikka said his company was not overwhelmed by the problem of automation and that it is trying to retrain its staff displaced by automation. Sikka was responding to a question on ‘what happened to the 11,000 employees’ displaced by automation at the sidelines of the World Economic Forum at Dalian […]
Zydus Cadila said it received the final approval to sell urine leakage drug Oxybutynin Chloride in the US market. The annual US sales of the drug is about $150.9 million, it said. The US FDA approved dosages of 5 mg, 10 mg, and 15mg. The drug is largely available in generic format. The medicine is […]
Lypsa Gems and Jewellery said it will launch a new portfolio of 100 designs under its diamond studded jewelry collection for its wholesale clients in the Middle East. “The company is hopeful to receive orders from its wholesalers and jewelry retailers based in the Middle East Market,” it said. Lypsa Gems and Jewellery is one […]
Hindustan Petroleum Corp Ltd said it had appointed banking intermediaries for organizing investor meetings in the run up to raising Rs 6,000 cr ($930 mln) by selling foreign-currency denominated bonds. The bonds will be non-convertible, and will be issued if the meetings discover favorable market conditions and demand, the state-owned oil marketing company said. Shareholders […]
Bharat Heavy Electricals Limited said it got an order from Gujarat Alkalies and Chemical Limited for setting up a 15 MW Solar Photovoltaic power plant in Gujarat on Engineering, Procurement and Construction (EPC) basis. This takes the total solar power generation capacity being constructed by the company to 180 MW, including ground-based and rooftop-based. The […]
LML Buddy, the low-cost cargo three-wheeler from the scooter manufacturer, is now available across several key states in India. The vehicle, which comes in CNG and petrol versions only, is priced at around Rs 1.10 lakh — compared to around Rs 1.7 lakh for an entry-level Ape three-wheeler diesel truck and Rs 3.9 lakh for […]
Zydus Cadila has received the final approval from the the US Food and Drug Administration to market Hepatitis B drug Entecavir. The drug has sales of $166.3 million in the US, and will be sold in 0.5 mg and 1 mg dosage. It will be produced at the group’s formulations manufacturing facility at the Pharma […]
