Beleaguered liquor baron Vijay Mallya on Wednesday announced he will retire as chairman of Sanofi India and will not seek reelection as a director of the drug maker.
The Indian pharmaceutical market (IPM) grew 6.8 per cent to touch a turnover of ~1.93 trillion in calendar year 2023, despite volumes going down marginally by 0.9 per cent. This indicates the price increase has been the major growth driver. Growth in the moving annual turnover (the previous 12 months' turnover) in December was 5.1 per cent and that in new product introduction 2.6 per cent, while volumes dipped 0.9 per cent, leading to an overall growth rate of 6.8 per cent, according to the data from market research firm Pharmatrac.
Notwithstanding the fact that the country's pharmaceutical (pharma) pricing regulator has allowed a 12 per cent price increase for medicines listed under the National List of Essential Medicines (NLEM) in 2023, analysts and industry insiders predict that the overall domestic pharma industry will only witness a price hike of 5-6 per cent. This is attributed to higher competitive intensity in the market. Krishnakumar V, executive director and chief operating officer (CEO) of Eris Lifesciences, a domestic-focused pharma company, noted that the NLEM segment experienced growth suppression of around 150 basis points due to price reductions during the January to July period this year.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Sanofi India is seeking approval of the shareholders for perpetuity.
Adani Power will also be dropped from the S&P BSE 100 index
The company said it will appoint a new Chairman at the next Board meeting.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
n the broader market, both the BSE Midcap and Smallcap indices, were up 1.2% and 0.7% each.
It is advisable to stick to mid-caps with sustainable financial metrics rather than those offering the promise of faster growth.
Infosys, Wipro and HUL among the top losers for the day.
Markets recorded their biggest single-day fall since August 1 amid growth concerns in the euro zone.
Sensex in green, JSW climbs higher.
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