BSE 200 companies together paid 5,819.75 crore as remuneration to their CEOs and directors in FY25, up from 5,352.8 crore a year earlier.
'Our problem is not a budget deficit but a trust deficit. We need to trust our institutions and industries to innovate and lead. That is the way forward for India.'
The drug is licensed to Ranbaxy Laboratories from Cipher Pharmaceuticals Inc of Mississauga, Ontario. It is currently protected by two issued patents listed in the FDA's approved drug products list, which expire in September 2021, the company said in a statement.
Industry insiders in India warn that any such move in the pharmaceutical sector could be counterproductive for the US as it may face increased drug shortages if tariffs are imposed on such imports.
While Ranbaxy tested the lot in question and found it to have met the specified standards, it is recalling the product on the US health regulator Food and Drug Administration's recommendation, the company said.
Jubilant Organosys on Friday announced the acquisition of US-based Trinity Laboratories Inc along with its wholly-owned subsidiary Trigen Laboratories Inc for $12.25 million.
The patent relates to the manufacturing process for the active ingredient in Sanofi-Aventis' Allegra and Allegra-D drug products. Both Dr Reddys and Sandoz are known to be marketing these products in the US.
On December 27 last year, Pfizer had moved to the US District Court for the District of Delaware against Dr Reddy's Laboratories Ltd and Dr Reddy's Laboratories Inc for infringement of Pfizer's crystalline atorvastatin patent.
US-based Mylan Laboratories Inc has acquired around 51.5 per cent stake in pharmaceutical company Matrix Laboratories for Rs 306 per share.
Sun Pharmaceutical Industries Ltd on Monday said its Michigan-based wholly owned subsidiary,
Ranbaxy Laboratories on Thursday said it had received Abbreviated New Drug Application approval from the US Food and Drug Administration to manufacture and market Loratidine
Indian drug maker Matrix Laboratories Ltd on Monday said US-based generic pharma firm Mylan Laboratories Inc will acquire up to 71.5 per cent stake in the company for around Rs 3,424 crore ($736 million).
In addition to the US drug regulator, Food and Drug Administration, and rival pharma majors that appear keen to launch litigation against Indian company Ranbaxy, a US citizen has joined the bandwagon by filing a case in the world's biggest drug market.
Research and development (R&D) spending by BSE 100 companies has grown steadily, rising from 0.89 per cent of revenue in FY20 to 1.32 per cent in FY24, averaging around 1 per cent over the period in-between, according to data compiled from Bloomberg and company annual reports. Also, these companies more than doubled their R&D spending in absolute terms over these five years: From Rs 25,041 crore to Rs 63,072 crore. While this reflects a prioritisation of innovation, corporate R&D investment remains relatively conservative.
In a relief to FMCG major Dabur, two of its foreign subsidiaries, Dabur International and Dermoviva Skin Essentials, have been removed as a defendant in multiple lawsuits filed in a US court over allegations that their hair-relaxer products caused ovarian cancer, uterine cancer and other related health issues. However, lawsuits filed against its third international subsidiary Namaste Laboratories LLC, would continue before the US District Court for the Northern District of Illinois, according to a statement from Dabur on Wednesday. Dabur International and Dermoviva were removed and got relief in the multiple suits due to lack of jurisdiction as they have not either manufactured, marketed, distributed or sold hair relaxer products in the US, it added.
The pharmaceuticals sector is expected to post a revenue growth of around 13.5 per cent and a net profit growth of 30.3 per cent for the third quarter of 2023-24 (FY24), riding on the approval for niche drugs in the US market, fall in raw material prices and correction in shipping rates. In the healthcare segment, hospitals are expected to post revenue growth of 13 per cent during the coverage, while net profit growth would be around 37 per cent, ICICI Securities said in a note. However, the performance may not be comparable on a sequential basis due to the offset of the festive season in Q3FY24, the analysts noted.
Cipla is recalling the drug for failed impurities and degradation specifications.
Ohm Laboratories Inc, a wholly-owned subsidiary of Ranbaxy has received approval from the US Food and Drug Administration for manufacturing and marketing Valsartan tablets in strengths of 40 mg, 80 mg, 160 mg, and 320 mg on an exclusive basis, Ranbaxy Laboratories said in a statement.
Corporate earnings grew in double digits during the April-June 2022 (Q1FY23) quarter but the momentum waned. Overall corporate earnings in the quarter were down sharply from their highs in FY22. The combined net profit of 2,981 listed companies across sectors in the Business Standard sample was up 22.4 per cent YoY to Rs 2.24 trillion in the June quarter, driven by a big jump in the earnings of banks, non-banking lenders, oil & producers, and FMCG companies. Also, earnings in the corresponding quarter a year ago were affected because of the second wave of the Covid pandemic, even though the numbers were a lot better than Q1FY21 when there was a nationwide lockdown.
Apple Inc Chief Executive Tim Cook publicly came out as gay in an article he wrote in Bloomberg Businessweek.
Drug major Sun Pharma is recalling over 34,000 bottles of a generic medication, used to treat high blood pressure, in the US market due to failed dissolution testing. As per the US Food and Drug Administration's Enforcement Report, the US-based arm of Sun Pharmaceutical Industries is recalling lots of Diltiazem Hydrochloride extended-release capsules which are used to treat angina, high blood pressure and some types of irregular heartbeats.
'Kerala isn't as dependent on agriculture like Bihar or Odisha or even other southern states.' 'Economic losses would not be too intense, unlike other states.' 'The floods could, at best, impact India Inc's earnings for a quarter or two.'
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
Is yet to decide about the partnership or acquisition route
The recall is the latest in a series of problems to hit Ranbaxy, which has had all its India factories stopped from sending drugs and ingredients to the United States.
In addition, the CPSC asserted that the company violated the CPSA by failing to immediately advise the CPSC of the alleged violations.
MakeMyTrip, RBL Bank, Inox wind and IRCTC are among the firms that have made it to the Fortune Next 500 list of Indian companies.
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.
Mirroring the increase in the earnings of their companies, the chief executives and promoters of India's top listed firms gained handsomely from the boom last financial year. Their remuneration includes salaries, perquisites or perks, and profit-linked commissions.
Bharat Biotech on Wednesday said a study has demonstrated that a booster dose of Covaxin has a neutralising effect on the Omicron and Delta variants of COVID-19.
India's largest listed pharmaceutical (pharma) company - Sun Pharmaceutical Industries (Sun Pharma) - is expected to maintain its outperformance vis--vis the sector's, as its multiple bets on specialty products, improving product mix, recent acquisitions, and branded business are finding favour with brokerages. While it has gained 7 per cent over the past year, the Nifty Pharma Index is down 13.6 per cent. Its outperformance over two years has been fairly evident, with the market leader gaining 66 per cent to Nifty Pharma's minus 1.4 per cent.
Amazon Web Services (AWS) will invest nearly $4.4 billion (Rs 36,000 crore) in India by 2030 and support more than 48,000 jobs externally through a new regional service launched on Tuesday, said the on-demand Cloud computing company. AWS Asia Pacific (Hyderabad) is the company's second infrastructure region in India, six years after it opened its first Cloud region in Mumbai in 2016. The Hyderabad region will give customers access to AWS technologies for data analytics, security, machine learning, and artificial intelligence.
Indian firms raised the money via external commercial borrowings.
Eight of the 30 companies in the BSE Sensex that shared data reported 99 fatalities in 2016-17 against 86 in the previous year. These lives were lost due to industrial accidents at manufacturing facilities. Fatalities owing to road accidents were excluded from the count.
The company had stopped production of generic version of cholesterol lowering drug Lipitor last year as it investigated the issue of potential glass particles in certain lots of the drug.
President A P J Abdul Kalam asked the Indian companies on Friday to tap the vast potential for health care products in the international market by maintaining competitive pricing and high quality.
The launch came after final approval from the US health regulator to manufacture the generic version of Lipitor at Ranbaxy's wholly owned Ohm Laboratories facility in New Brunswick, New Jersey, as well as market the product.
