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NEWS

Posted On:
27-06-2024

Indian firms fared better in USFDA inspections in recent years, says IPA

Revised Schedule M implementation is going to be “instrumental” in elevating quality of pharma manufacturing in India as it tries to meet and exceed international standards, felt leading pharma firms. Meanwhile, there has been a notable improvement in India’s performance when it comes to US FDA inspection outcomes, data shared by the Indian Pharmaceutical Alliance (IPA) suggested. The share of Official Action Indicated (OAI) status issued after an USFDA inspection for Indian sites has fallen from 26 per cent in 2014 to 13 per cent in 2023. In comparison, the share of OAI in total USFDA inspections has risen from 7 per cent in 2014 to 15 per cent in 2023, thereby indicating more stringency.Indian pharma accounts for 20 per cent of the global exports of generics by volume and is thus considered a pharma powerhouse. It supplies 47 per cent of US generic medicines demand. The IPA represents the top 23 research driven pharma companies in India. It also revealed while Indian pharma companies have improved data integrity and observations, gaps between practices and written procedures have increased from 19 per cent to 23 per cent, gaps in facilities and ancillary infrastructure maintenance have risen from 17 per cent to 23 per cent.
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Posted On:
28-06-2024

RBL Bank to raise Rs 6,500 cr through combination of QIP, debt issue

Indian private lender RBL Bank said on Thursday it will raise up to Rs 6,500 crore ($779 million) through a combination of qualified institutional placement (QIP) of shares and debt sale. The bank will raise Rs 3,500 crore through QIP and Rs 3,000 crore through issue of debt securities via private placement, according to an exchange filing.This will be RBL's first share issue via institutional placement since 2021 when the bank saw an abrupt management transition and the central bank increased scrutiny of the lender by temporarily appointing a director on its board amid reports of a large share of unsecured borrowing on its books.The fundraising comes at a time when the lender targets 20%growth in its loan book over the next two financial years, largely led by an increase in secured retail assets. RBL, however, did not mention how it would deploy the proceeds of the latest capital raise. Indian banks have been shoring up their capital base to keep up with the rising demand for loans. Lenders including Punjab National Bank and State Bank of India have approved raising funds in recent months
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Posted On:
28-06-2024

Flipkart sellers facing issue in changing price, firms denies intervention

Some sellers on Flipkart have complained about issues facing problems in changing the price of their products since May 18 after the e-commerce company introduced a new commission rate card. The Walmart group firm, however, denied any role in influencing pricing on the platform and said that it is working with sellers to help them understand the new rate card policy."Around hundreds of our members are facing issues in changing their product price. In India, no one can sell above maximum retail price (MRP) and sellers can decide on charging belowP. Sellers have complained that they are unable to change the price after Flipkart issued the new rate card on May 18. Not all are facing this issue. Only select sellers are facing this problem," Vinod Kumar, Trustee, Forum for Internet Sellers, Traders and Resellers ( First India) said.He said that Flipkart has reached out to sellers with a promise that the issue will be resolved soon. The FDI norms bar any e-commerce player from interfering in price-related decisions of sellers on their platform. When contacted, a Flipkart spokesperson said that it is in compliance with all FDI regulations and does not influence pricing.
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Posted On:
29-06-2024

Consumer spending on ITC's goods increase 12% to Rs 32,500 cr in FY24

Diversified conglomerate ITC has said consumer spending on the company's FMCG products has increased 12 per cent to nearly Rs 32,500 crore in FY24 with over 25 crore households having access to its various brands. ITC measures annual consumer spending as the sum total of what consumer spends on buying goods of the company. It is the net sales turnover of the brands along with channel margins and taxes.The FMCG portfolio of over 25 world-class Indian brands, largely built through an organic growth strategy leveraging institutional synergies in a relatively short period of time, "represents an annual consumer spend of nearly Rs 32,500 crore and reach over 250 million households in India", the company said in its annual report for 2023-24.This is 12 per cent higher than the numbers achieved in financial year 2022-23, when it had reported an annual consumer spend of nearly Rs 29,000 crore. The company's reach has also expanded to 25 crore households from 23 crore a year ago. The FMCG (fast moving consumer goods) businesses comprising branded packaged foods, personal care products, education and stationery items, incense sticks (agarbattis) and safety matches have grown at an impressive pace over the past several years, it said. Some of its brands as Aashirvaad leads in branded atta segment. Similar Bingo leads in the bridges segment of snack foods, Sunfeast also leads in the cream biscuits segment.
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Posted On:
29-06-2024

Iffco withdraws case against Triumph Offshore, Swan Energy in NCLT

Leading fertiliser cooperative Iffco has withdrawn its petition filed before National Company Law Tribunal (NCLT) in which it had sought to restrain Triumph Offshore Private Limited (TOPL) and Swan Energy from passing any board resolution without its approval and issuing shares to the lenders against loan. Iffco -- Indian Farmer Fertiliser Cooperative Limited -- recently exited TOPL by selling its 49 per cent stake to Swan Energy for Rs 440 crore.In March, it had moved the NCLT’s Ahmedabad bench against its JV partner Triumph Offshore, a subsidiary of Swan Energy Ltd (SEL), to restrain them from passing any board resolution without the prior written approval of petitioner (Iffco), with reference to the substitution of the bank term loan with promoters loan or from issuing any shares/security or any instrument convertible into equity in favour of R2 (SEL) or any third party, which may result into diluting shareholding of the petitioner. The bench had said no relief would be granted as the applicant (Iffco) was also a director on the board of Triumph Offshore. Noting that the respondents, Swan Energy and Triumph had filed replies to the petition, the court directed Iffco to file a rejoinder within seven days.
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