This was even as the country's economy grew by 7.3%.
Mumbai-based Ajanta Pharma has tied up with the Canadian vaccine maker, Medicago Inc, to commercialise Medicago's pandemic and seasonal influenza vaccines in India and other territories.
The value of mergers and acquisitions that India Inc snapped up in the first half of the year surged over seven times to a staggering $38 billion or over Rs 1.8 trillion, led by big ticket deals in the telecom and pharma sectors.
Some big ones hoard cash unduly and others borrow to keep up payments to shareholders
June indicates a change in trend from previous quarters in terms of how much companies are spending on employees. The worst hit sectors included steel, air transport service and automobile firms.
Indian companies' market capitalization has grown at the fastest pace last year among major economies despite contraction in GDP, economists from SBI said, flagging the risks to financial stability it poses. Further, retail investors have shown higher interest in markets and their numbers have increased by 1.42 crore in FY21 and another 44 lakh in April and May, they said in a note, wondering if this will be a lasting behavioural change or is transitory. The economists at the country's largest lender attributed the growth in equity markets to lower returns on other financial instruments amid a low rates regime, increase in global liquidity, and even a tendency to spend more time at home because of mobility restrictions which led many to trade more.
According to assurance, tax and advisory firm Grant Thornton, corporates in the country announced 458 deals in the January-November period amounting to $26.76 billion.
Pharma Link, a joint venture of leading pharmaceutical support service provider Interpharma Asia-Pacific
A glance back at some of the important ups and down Indian Inc faced in 2018.
In peace and at war, firms remain tethered to promoter families in a uniquely Indian way.
MakeMyTrip, RBL Bank, Inox wind and IRCTC are among the firms that have made it to the Fortune Next 500 list of Indian companies.
Overseas direct investment by Indian companies fell by over 53 per cent year-on-year to $1.16 billion in July 2014, as per RBI data.
Skilling of people to use new technology in manufacturing should be encouraged, said Sun Pharma MD Dilip Shanghvi
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Q1 results indicate more pain ahead, as slowdown has spread to more sectors, pricing power has come down and rising interest cost is eating into profits.
Is yet to decide about the partnership or acquisition route
Ties between India and the United States have been strained in recent years because of trade policies and patent disputes.
India's biggest firm, Reliance Industries, has decided to cut salaries by 10 per cent in its oil and refining divisions. Several smaller companies like Kajaria Ceramics have followed suit with cuts as high as 40 per cent for those earning more than Rs 50 lakh.
Brokerages expect revenue growth at a 7-quarter high but profitability may disappoint.
Over the past three trading sessions, the stock of Cummins India has gained about nine per cent on strong January-March quarter (Q4) results and good near-term prospects. Its Q4 performance was led by a healthy 29 per cent revenue growth over the year ago quarter. This was largely on the back of a 33 per cent jump in domestic revenues while exports witnessed a growth of 17 per cent.
India Inc is ready to invest in Russia's pharmaceutical sector and the two governments are working on a joint document to this effect, Commerce and Industry Minister Anand Sharma has said.
India Inc is ready to diversify into unchartered areas.
In a surprise announcement in April, Sun and Ranbaxy -- at that time owned by Japan's Daiichi -- declared an all-stock deal to create India's largest and world's fifth-largest drugmaker in an over $4 billion deal.
Key events that rocked India Inc in 2014 and one of them is Vishal Sikka taking over reins at Infosys.
Top companies across sectors -- automobile maker Maruti Suzuki, consumer electronics giant Samsung to IT giant Infosys -- have reopened factories and offices as India took its first steps towards resuming economic activity after weeks under a near-total coronavirus lockdown.
Besides, some foreign MNCs -- possibly enticed by the world's second fastest growing economy -- sought to enter India by acquiring into local companies, mostly in telecom, steel and pharma sectors.
Drug firm MSD has decided to enter into voluntary licensing agreements for investigational oral antiviral drug candidate 'Mmolnupiravir', which is being studied for the treatment of Covid-19, with Indian drug firms Sun Pharma, Cipla, Dr Reddy's, Emcure Pharma and Hetero Labs, its Indian arm said on Tuesday.
A full-blown recovery remained elusive for India Inc in the July-September quarter, even as it overcame the challenge of achieving profitable growth.
Not just mid- and small-sized firms, even big ones will either sell group companies or stakes in their listed entities to tide over crisis; more sell-offs seen in coming months.
Tight liquidity will hit over-leveraged and cash-hungry companies, spare conservative ones
50-odd biz leaders are part of Modi's entourage for the 3-nation tour
The BSE Mid-Cap index was currently up 0.81%.
Leading stock exchange NSE has tweaked the constituents of its major indices with Adani Group's two companies -- Adani Wilmar and Adani Power -- all set to make their way into some of the Nifty indices from March 31, 2023. Adani Wilmar will be part of Nifty Next 50 and Nifty 100 indices, while Adani Power will be included in Nifty 500, Nifty 200, Nifty Midcap 100, Nifty Midcap 150, Nifty LargeMidcap 250, and Nifty Midsmallcap 400 indices. All the changes in the indices will be effective from March 31 this year, the exchange said in a late night statement on Friday.
BSE Metal and Capital Goods indices plunged over 2% followed by counters like Consumer Durables, Auto, Banks and Realty, all falling down between 1-2%.
The biggest spender was Tata Motors, with Rs 4,224.6 crore assigned under the R&D head.
Details on prices sought as 10 generic drugs become up to 83 times costlier in 6 months
Analysts now expect India Inc to report a decline in both top line and bottom line for the September quarter.
Indian CEOs might like to make some serious course correction.
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