Economy Updates

  The Sun Pharma's Halol facility was classified as 'Official Action Indicated (OAI)' in March 2020, and was awaiting re-inspection from the US regulator USFDA. The USFDA has issued a Form 483 with 10 observations after inspection of Sun Pharma's Halol facility, the company said. Halol facility, however, at present has a very low contribution to the company’s turnover. The Halol facility was classified as ‘Official Action Indicated (OAI)’ in March 2020, and was awaiting re-inspection from the US regulator. Due to the coronavirus (Covid-19) pandemic related travel restrictions, the re-inspection got delayed, and now the USFDA has issued Form 483 with observations, which is an improvement over the OAI status. In a notification to the stock exchanges, Sun Pharma said that the US Food and Drugs Administration (USFDA) did a... read more

  BharatPe said it has initiated action against ex-founder Ashneer Grover to "claw back his restricted shares as per the shareholders' agreement" and will take steps to enforce its right under law. ading fintech platform BharatPe on Tuesday said it has initiated necessary action against the company's former founder Ashneer Grover to "claw back his restricted shares as per the shareholders' agreement" and will take all steps to enforce its right under the law. As part of its corporate governance review of the company after the financial irregularities were unearthed during Ashneer and his wife Madhuri Jain Grover's time, the company found many vendors were involved in malpractices, such as incorrect or inflated invoices, who have been blocked for further business with the company. "These vendors were also identified during the GST Enquiry. The company has already issued legal notices to... read more

The kit is validated by the Indian Council of Medical Research (ICMR) and much more advanced than other RT PCR tests, the drug firm said Drug major Cipla on Tuesday said it has launched a COVID-19 RT PCR testing kit in the country in partnership with diagnostics firm Genes2Me. With the launch of the "RT-Direct multiplex COVID-19 RT PCR" test kit, the Mumbai-based drug firm is expanding its diagnostics offerings, it said in a regulatory filing. Cipla will be responsible for the distribution of RT Direct kits in India and has commenced supply of the same, it added. The kit is validated by the Indian Council of Medical... read more

Deposits of Rs 2 crore or above for 5-10-year tenor and 3-5 year tenor will fetch an interest rate of 4.50 % as against 3.60 per cent earlier, a hike of 90 bps, according to SBI's website. The country’s largest lender, State Bank of India (SBI), has raised the interest rate on its bulk term deposits (Rs 2 crore and above) by 40 – 90 basis, effective May 10. Consequently, deposits of Rs 2 crore or above for 5–10-year tenor and 3-5-year tenor will fetch an interest rate of 4.50 per cent as against 3.60 per cent earlier, a hike of 90 bps, according to SBI’s website. Bulk deposits for 2-3-year tenor will now fetch an interest rate of 4.25 per cent versus 3.60 per cent earlier, and deposits in the 1 – 2-year bucket will have an interest rate of 4 per cent as... read more

The revised interest rates by Bajaj Finance will be applicable to fresh deposits as well as renewals of maturing deposits Consumer financier Bajaj Finance has raised interest rates by up to 10 basis points on its fixed deposits (up to Rs 5 crore) for tenor between 36 months to 60 months, effective May 10. The revised interest rates will be applicable to fresh deposits as well as renewals of maturing deposits. Accordingly, deposits between 36 to 60 months will earn a return of 7 per cent. Deposits between 12 – 23 months will continue to fetch interest of 5.75 per cent, while deposits between 24 – 35 months will earn an interest rate of 6.40 per cent, as was the case earlier. For senior citizens, the interest rate will be 25 basis points higher in each category. The lender has come up with special interest rates for its... read more

The Euro 600 million transaction will see Varroc divesting its lighting System operations in the USA, Brazil, Mexico, Poland, Czech Republic, Germany, Turkey, and Morocco Varroc Engineering has signed a Securities Purchase Agreement (SPA) with Compagnie Plastic Omnium SE of France to divest its four-wheeler lighting systems operations in the Americas and Europe, the Aurangabad-based company said in a statement. The Euro 600 million transaction will see Varroc divesting its lighting System operations in the USA, Brazil, Mexico, Poland, Czech Republic, Germany, Turkey, and Morocco. The move is part of the larger strategy to transform Varroc into... read more