The US subsidiary of Sun Pharmaceuticals, Caraco Pharmaceutical Laboratories, has received a warning letter from the Food and Drug Administration.
In comparison, Indian companies received only 23 out of 139 final approvals (16.54 per cent) in the corresponding period in 2006.
Among the Sensex firms, Tech Mahindra, Wipro, Infosys, Tata Consultancy Services, HCL Technologies, Larsen & Toubro, ITC, Sun Pharma, NTPC and Titan were the major gainers. Nestle, Axis Bank, Tata Motors, ICICI Bank, HDFC Bank and Bharti Airtel were the laggards.
Over 50 pharmaceutical companies have scaled down operations in Maharashtra and Gujarat and are moving out to states like Uttaranchal and Himachal Pradesh following steep hike in excise duty in the Union Budget.
Among the Sensex firms, ITC, Tata Consultancy Services, Wipro, Asian Paints, HCL Technologies, HDFC, Kotak Mahindra Bank, Bajaj Finance, Infosys, Sun Pharma, Hindustan Unilever, Power Grid, Reliance Industries and HDFC Bank were the winners. HCL Technologies climbed 1 per cent after the company on Thursday posted a 10.85 per cent increase in consolidated net profit to Rs 3,983 crore for the fourth quarter of 2022-23. Tech Mahindra, Maruti, Tata Steel, UltraTech Cement, Tata Motors and ICICI Bank were among the laggards.
Nifty50's earnings growth, estimated at 20 per cent by global research and brokerage firm Jefferies for financial year 2023-24 (FY24), will be amongst the top three in the Asian region, and is likely to outperform peers. Asean 40 index with 29.1 per cent estimated earnings growth and Straits Times Index (STI) with 29.1 per cent estimated earnings growth are the only two other indices in the Asian region that are likely to outperform India, suggests the recent Jefferies report, coauthored by Mahesh Nandurkar, their managing director along with Abhinav Sinha and Nishant Poddar.
Benchmark stock indices Sensex and Nifty cut short their four-day gaining streak to close lower by half a per cent on Wednesday due to profit-taking in banking oil and metal stocks amid weak trends in global markets.
Three leading international pharma companies have started due diligence to acquire Wockhardt Ltd's wholly-owned Irish generic drug company, Pinewood.
From the Sensex firms, Tech Mahindra, NTPC, Tata Steel, Maruti, Infosys, Power Grid, Larsen & Toubro, Axis Bank, Titan, Reliance Industries, Wipro and Mahindra & Mahindra were the biggest gainers. Sun Pharma, UltraTech Cement, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, State Bank of India and Nestle were among the laggards.
Infosys, TCS, ICICI Bank and Sun Pharma among the top losers of the hour.
Under MRA, Japan is to recognise Indian medical degrees and treat the country's doctors and other medical personnel on par with its own.
Oral paracetamol and another cough medicine manufactured by companies based in Mumbai and Punjab were found to be "sub-standard or found to be containing toxins", reports Sohini Das.
Aggressive smaller players are serving a bitter pill to the big boys in the pharmaceutical sector.
India's pharma companies are moving beyond generics to set their sights on the research and development of new drugs, but the risks are many
'The deaths of the children in the Gambia would batter India's reputation as the developing world's pharmacy.'
In the Sensex pack, Asian Paints, Larsen & Toubro, Titan, IndusInd Bank, Bharti Airtel, Power Grid, Bajaj Finserv, Infosys, HDFC Bank and HDFC were the major laggards. On the other hand, Axis Bank, Tata Motors, ITC, State Bank of India, Tata Steel and Sun Pharma were among the gainers.
An AK-47 rifle wielding man allegedly tried to abduct Aurobindo Pharma's Director K Nityananda Reddy from his car near a park and opened fire when Reddy and his brother resisted in the posh Banjara Hills on Wednesday morning.
With the world's worst outbreak of COVID-19 severely straining the health system in the country, the government has made sweeping changes in the way departments procure medical supplies, including allowing procurement of the same item at different rates.
Among the Sensex firms, Infosys, Tata Motors, HDFC Bank, Asian Paints, Tech Mahindra, HDFC, Tata Consultancy Services, Sun Pharma and ICICI Bank were the biggest winners. On the other hand, PowerGrid, NTPC, Nestle, UltraTech Cement, State Bank of India and ITC were among the laggards.
According to a Pricewaterhouse Coopers Report titled 'India Pharma Inc: Capitalising on India's Growth Potential', leading pharmaceutical companies in the country have increased their sales forces by around 50 per cent in 2010.
With anti-competitive practices of global pharma companies increasingly coming under regulatory scrutiny internationally, Indian public interest groups and the domestic medicine makers complain that India's competitive laws are not equipped to face a similar situation of monopoly in the sales of patent protected medicines in the country.
The recalled drug bottles were distributed by Caraco Pharmaceutical Laboratories, Ltd in the US while manufactured in India by Sun Pharmaceutical Industries Ltd.
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%.
From the Sensex pack, Maruti, Axis Bank, Tata Consultancy Services, Nestle, Infosys, Mahindra & Mahindra, Tech Mahindra and Bharti Airtel were the major laggards. Power Grid, Sun Pharma, HCL Technologies, Larsen & Toubro and UltraTech Cement were the gainers.
Sun Pharma has evinced its interest in buying Hyderabad-based biotech company Zenotech Laboratories, through an open offer to buy 28.1 per cent worth Rs 18.41 crore ($3 million).
The initial public offering (IPO) market has seen some momentum of late with robust responses to recent issues. However, only some have been able to ride the wave. So far in 2023, 23 companies have let their approval granted by the markets regulator - the Securities and Exchange Board of India (Sebi) - lapse.
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