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Posted On:
21-05-2024

JB Pharma aims to grow its revenue by 12-14% in the next two years

Mumbai-based pharma company JB Pharma is aiming to grow its revenue by 12-14 per cent in the next two years. The company is particularly focused on expanding its presence in the chronic medicines segment and its contract development and manufacturing organisation (CDMO) business. During a recent interaction, JB Pharma CEO Nikhil Chopra highlighted the company's strong performance, attributing the recent surge to a strategic shift towards chronic medications, which offer higher margins. Additionally, Chopra emphasised the significant contribution of the CDMO business, which partners with major players like Procter & Gamble and Johnson & Johnson. Improved profitability in South Africa, which moved from high single digits to mid-teens, has also bolstered overall performance. "We are seeing significant improvements in our chronic business, particularly in cardiology. In three years, we’ve moved from the 13th to the 8th position in this segment. Our cardiology revenue crossed Rs 1,000 crore in 2024, and we continue to touch millions of lives annually," Chopra said. Looking ahead, JB Pharma plans to maintain its presence in cardiology, focusing on hypertension, heart failure, and lipid-lowering treatments. There are ongoing efforts to expand in diuretics, arrhythmias, and blood thinners, potentially through acquisitions or organic growth.
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Posted On:
22-05-2024

Kotak Mutual Fund launches Nifty 100 Low Volatility 30 Index Fund

Kotak Mutual Fund (MF) on Tuesday announced the launch of a passive fund, which will track the Nifty 100 Low Volatility 30 Index. The index comprises low volatility stocks from the Nifty 100 universe. The new fund offering will remain open for subscription till May 31. “Currently, largecaps are at reasonable valuations as compared to midcaps and smallcaps. This index fund offers investors an opportunity to invest in a rule-based index that invests in low volatile largecap companies across different sectors," said Nilesh Shah, Managing Director of Kotak Mahindra AMC.
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Posted On:
22-05-2024

Finance Ministry asks PSBs to review their IT disaster preparedness

The Union Finance Ministry (FinMin) has instructed public-sector banks (PSBs) to review their information technology (IT) systems, especially the disaster recovery channels, a senior government official said, requesting anonymity. “The regulator (Reserve Bank of India) conducts its own audits regularly. We have also requested major PSBs to evaluate their disaster recovery channels, where banks maintain data in parallel,” said the senior government official.In case a bank headquartered in Mumbai stores backup data in another seismic zone, if one channel stops functioning, the other will automatically activate without causing any disruptions for customers, the official said. “Implementing such a system requires significant investment,” the official said. A query sent to FinMin remained unanswered till the time of going to press.Testing the disaster preparedness of various segments of the financial market has gained prominence in the recent past. On May 18, the Indian stock markets, such as BSE and NSE, conducted special trading sessions in the equity and derivative segments to evaluate their disaster preparedness in the event of major disruptions. Both exchanges underwent an intraday switch from the primary site to the disaster recovery site during this session.
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Posted On:
23-05-2024

MCA fines Nadella, LinkedIn India, 8 others for violating SBO norms

The Ministry of Corporate Affairs (MCA) fined Microsoft Chief Satya Nadella and eight other executives Rs 27,10,800 for violating significant beneficial ownership (SBO) norms related to LinkedIn Technology Information, according to an order by the Registrar of Companies (RoC) — Delhi and Haryana. Company law experts have noted that the company has the option to appeal against the RoC order at the office of the regional director, MCA, or high court.Section 90 of the Companies Act addresses the identification of individuals who hold beneficial interest in a company, requiring companies to disclose SBO details.In its 63-page order, the RoC stated that the company and its officers failed to send a notice, as mandatorily required by Rule 2A(2) of the Companies (Significant Beneficial Owners) Rules. “LinkedIn itself disclosed on its website that Ryan Roslansky reports to Nadella and is part of Microsoft’s senior leadership team… Nadella is also a significant beneficial owner of the subject company under Section 90.”
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Posted On:
23-05-2024

Vedanta seeks shareholders' approval for Rs 8,500 crore fundraise

Mining billionaire Anil Agarwal-led Vedanta Ltd has sought shareholders' nod to raise up to Rs 8,500 crore through issuance of securities. "We hereby submit a copy of Postal Ballot Notice....seeking approval of the Members of the company in respect of...issuance of securities up to Rs 8,500 crore," the company said in a filing on the BSE.The e-voting for postal ballot will start at 9 am on Thursday and will end at 5 pm on June 21, the filing said.The company's board had earlier approved raising funds via instruments like American depository receipts, global depository receipts and foreign currency convertible bonds.Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across countries like India, South Africa, Namibia, Liberia and UAE.
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