Former Ranbaxy chief Malvinder Singh has refuted Japan's pharma giant Daiichi Sankyo's allegation that the company's former stakeholders concealed or misrepresented crucial information about the US justice department and the FDA's probe into the company's practices.
Ranbaxy recently pleaded guilty to criminal charges of adopting poor manufacturing practices and distributing certain adulterated drugs manufactured at its two Indian facilities. The pharma giant settled the issue by agreeing to pay $500 million in fines and civil damages.
Tata Steel Ltd gained as much as 6 per cent in morning trade on Friday, thanks to the announcement better-than-expected quarterly results.
The steel giant announced a year-on-year increase of 9.0 per cent in consolidates sales volumes to 6.56 million tones in the quarter ended March 31, 2013; while net sales from India operations jumped 13.1 per cent on year-on-year basis to Rs 10,603 crore.
State Bank of India (SBI), the country's biggest state-owned lender, has just reported a year-on-year decline of 18.54 per cent in net profit to Rs 3299.22 crore for the quarter ended March, 2013.
Net profit fell despite a 6.98 per cent increase in total income to Rs 36330.37 crore.
Analysts had projected an average decline of 8.7 per cent in quarterly net profit and a 1.4 per cent decline in net interest income.
The Finance Ministry has agreed to pay a record Rs 100,000 crore to state-run oil marketing companies towards diesel and cooking fuel subsidy in 2012-13 to help them avoid the impact of the proposed implementation of Export Parity Price (EPP) pricing formula.
The Finance Ministry wants the pricing model to be changed to EPP, but Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are opposing the proposed change as the new model would bring their profitability down to nearly zero.
Ranbaxy might have cross the hurdle of allegations of supplying poor-quality drugs but the episode will hit the Ranbaxy as well as other Indian pharmaceutical firms' businesses in the future, market analysts believe.
Ranbaxy, which is now owned by Diiachi Sankyo of Japan, pleaded guilty to criminal charges of adopting poor manufacturing practices and supplying certain adulterated drugs produced at its two Indian facilities. The company hit a settlement by agreeing to pay $500 millon in civil damages and fines.
Rajat Gupta, former board of director at Goldman Sachs Group, has sought re-trial over the insider trading case in which he was handed down a two-year prison term along with a $5 million fine.
On Tuesday, Gupta's lawyer Seth Waxman questioned the authenticity of the wiretap evidence that was accepted by US District Court Judge Jed Rakoff to penalize Gupta in October last year.
India's second largest private refiner, Essar Oil Ltd is expected to sign a Memorandum of Understanding (MoU) with officials of the China Development Bank (CDB) for up to $ 1 billion loan deal backed by supply of refined products to state-run, PetroChina.
The agreement is expected to be signed on Tuesday when the Chinese Prime Minister Li Keqiang visits Mumbai. The loan is expected to be backed by refined products from Essar's Vadinar refinery in Gujarat. The deal is a type of export advance to reduce debt by the company.
India deserved an upgrade in credit ratings and sovereign outlook as the country's macro-economic situation is much better now, Union Finance minister P Chidambaram said.
Speaking on the sidelines of an event organized by the Competition Commission of India (CCI) on Monday, there was nothing to worry about the country's current macro-economic situation.
The Finance Minister said, "We deserve a ratings and outlook upgrade. There is nothing to worry as the macro-economic situation is much better now."
NASDAQ-listed software services firm iGate has sacked its president & CEO Phaneesh Murthy following a probe into a claim of sexual harassment.
Announcing Murthy's dismissal, the company said, "The investigation, which is ongoing, has reached the finding that Mr. Murthy's failure to report this relationship violated iGate's policy, as well as Mr. Murthy's employment contract."
Indian healthcare major, Apollo Hospitals Enterprise has said that its net profit has risen 27.30 per cent to Rs. 75.52 crore during the fourth quarter of the financial year till March, 2013.
The company recorded the impressive growth due to strong performance for in the healthcare services and pharmacy segments of the company. The company had recorded a net profit of Rs. 59.32 crore for during the same quarter of the previous financial year, the company said in a statement.
According to the latest figures available, the gold futures for May were trading 1.6 per cent or Rs. 408 lower at Rs. 25,427 per 10 gram this noon at the Multi Commodity Exchange.
Gold futures for May have fallen for the seventh straight session in the Indian market. Gold prices have faced the pressure in the market due to heavy selling in the global markets. The confidence in the gold investment is falling as investors find other avenues for investment and this indicates that the price of gold might fall further in the year.
The government in India is planning to release clarifications to the regulations relating to the foreign direct investment in multi-brand retail.
Department of Industrial Policy and Planning officials have said that they have received a number of quarries from various global retail players for clarifications on various matters including sourcing arrangements. Foreign retailers will be permitted to include only processed food items form small enterprises under the mandatory sourcing regulations.
Tata Sons Ltd on Friday confirmed that its decision to cancel its offer for sale (OFS) of shares in its subsidiary Tata Teleservices (Maharashtra) Ltd.
The OFS was announced on Wednesday, when Tata Sons said that it would sell a total of 51,623,679 shares, or 2.72 per cent of the equity capital of the Tata Teleservices (Maharashtra) Ltd, on May 17.
But, the company yesterday confirmed that it had cancelled the sale. In a filing to the Bombay Stock Exchange (BSE), the company said, "Tata Sons Limited has now informed BSE that they have decided to cancel the sale in full."
The prices of several life-saving medicines will soon fall by up to 80 per cent in India, thanks to the government's new drug price control order.
Issued by the union government, the long-pending drug price control order has paved the way for the implementation of pharmaceutical pricing control policy across the country. It is expected to reduce the prices of drugs on an average by 20-25 per cent, and some cancer drugs by up to 80 per cent.
The Brihanmumbai Municipal Corporation (BMC) on Thursday urged traders to call off their strike in opposition of local body tax (LBT), stressing that it was open for discussions over the issue.
Municipal Commissioner Sitaram Kunte said that the traders' stir against LBT, which entered the 26th day, was causing a big inconvenience to the citizens.
Speaking on the topic, Kunte said, "The Mumbai Municipal Corporation Act, 1888 needs to be amended to introduce LBT in the city. We are still drafting amendments to the Act and rules based on which it would be executed."
While the global demand for gold declined 13 per cent in Q1 of this year, India's demand for the precious yellow metal jumped 27 per cent year-on-year, according to latest figures released by the World Gold Council
Indians' demand for jewellery jumped 15 per cent year-on-year to 159.5 tonnes in the first quarter of 2013, while investment demand climbed a whooping 52 per cent to 97 tonnes.
China reported gold demand growth at 27 per cent. Therefore, India's demand growth for the yellow metal surpassed China's demand growth by 7 per cent.
Households which have multiple LPG (cooking gas) connections and where the obligatory Know Your Customer (KYC) norm has not been completed will not get cylinders (including non-subsidised) from June 1, Indian Oil Corporation (IOC) warned in a press release.
Public Sector Undertaking IOC said, "No transactions, including delivery of non-subsidised cylinders, will be permitted in such cases once such connections have been blocked."
Oil marketing companies, viz. IOC, BPCL and HPCL, have shared their customer data in order to identify households that have multiple LPG connections.
Global firms are making huge investments in India's consumer market, despite the overall weakness in the Asia's third-largest economy.
In the recent past, consumer goods giant Unilever announced its decision to invest $5.4 billion to increase its stake in its Indian arm Hindustan Unilever Ltd.
Available figures suggest that foreign companies collectively spent around $9.86 in mergers and acquisitions in India this year. The figure is the highest in Asia.
AirAsia's CEO Tony Fernandes on Wednesday revealed the identity of the person who will pilot the Malaysian airline's India operations.
Fernandes, the promoter of AirAsia, had announced in March that the airline had selected a very smart boy from Madras, with an amazing CV, as the CEO for AirAsia India.
Revealing the identity of the AirAsia India CEO, he yesterday said the CEO is 32-year-old, Chennai-born Mittu Chandilya, who is currently based in Singapore.
The National Association of Software & Services Companies (NASSC), the IT industry lobby group, has argued that security breaches at Indian payment card processing companies are rare.
Many foreign companies as well as security analysts retriggered concerns over the risks of outsourcing financial services to Indian companies after the recent breach of security at two payment card processing firms in India.
A few days back, U. S. prosecutors said a gang of cyber criminals stole nearly $45 million from two Middle Eastern banks by breaking into India-based two card processing companies.