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WPI Inflation Eases to -3.48% in May – Top Indian Market Updates

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Here are some of the major updates that could move the markets tomorrow:

May WPI inflation falls to -3.48%, lowest since November 2015

According to the Ministry of Commerce, India’s wholesale price index (WPI)-based inflation fell from -0.92% in April to -3.48% in May. WPI is at its lowest level since November 2015, marking the second consecutive month of negative wholesale inflation in India. Food wholesale inflation declined to -1.59%, while inflation in the fuel and power category reached -9.17%. Additionally, inflation in manufactured products decreased from -2.42% to -2.97% in May.

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Indian Oil Corp to set up aviation fuel plant with LanzaJet in Haryana

Indian Oil Corp Ltd (IOCL) plans to establish an 80,000 tonnes sustainable aviation fuel plant in partnership with LanzaJet in Haryana. The project is estimated to require an investment of approximately $280.1 million (~Rs 2,300 crore). IOCL is currently undertaking a pilot project for green fuel in collaboration with Praj Industries in Maharashtra.

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Ipca Labs receives 11 observations from USFDA for MP facility

The US Food and Drug Administration (USFDA) has raised concerns about Ipca Laboratories’ manufacturing facility in Ratlam, Madhya Pradesh. During an inspection conducted from June 5 to June 13, the USFDA issued 11 observations about the facility. These observations pertain to compliance with cGMP (Current Good Manufacturing Practices) regulations. This is crucial for ensuring the quality and safety of pharmaceutical products.

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Gujarat Pollution Control Board revokes closure order to Heranba Industries

Heranba Industries announced that the Gujarat Pollution Control Board (GPCB) has lifted the order for the closure of its Vapi’s Pant units. The company had previously received an order from the GPCB instructing the prohibition and closure of operations at Unit-I and Unit-II located in Vapi. This development allows the company to resume its operations at the Vapi’s Pant units.

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SpiceJet’s financial woes deepen with $15 million judgment in UK court

SpiceJet is facing new troubles as two aircraft leasing companies, GASL Ireland and VS MSN, have obtained a summary judgment of $15 million against the airline in the London High Court. This judgment adds to the existing legal challenges faced by SpiceJet, as three more cases have been filed against the airline in the commercial courts in London. GASL Ireland and VS MSN are expected to seek enforcement of the UK court’s judgment through the National Company Law Tribunal (NCLT) in India.

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Ramkrishna Forgings bags order worth 4.5 million euros in Europe

Ramkrishna Forgings has secured a contract worth 4.5 million euros from a well-known European passenger rail coach manufacturer. The contract entails supplying undercarriage parts, and the company expects the contract to be completed within a two-year timeframe. Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel forgings.

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KEC International secures orders worth Rs 1,373 crore

KEC International Ltd has secured orders worth Rs 1,373 crore across multiple business segments. The orders include projects in the railways vertical, transmission and distribution (T&D), cable, and civil businesses. In the T&D segment, the company received orders for transmission projects in India and the United States, including a 400 KV transmission line order in India and the supply of towers, hardware, and poles in the US through its subsidiary, SAE Towers.

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USFDA concludes inspection at Ahmedabad facility of Zydus Lifesciences with zero observation

Zydus Lifesciences Ltd has received a “Nil observation” from the US Food and Drug Administration (USFDA) for its Zydus Biotech Park in Ahmedabad. This indicates that the facility complies with the current Good Manufacturing Practices (GMP), ensuring the production of safe and effective products. In addition, Zydus Lifesciences has obtained final approval from the USFDA for Varenicline tablets, used to treat smoking addiction.

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Anupam Rasayan secures Rs 2,195 crore supply deal from Japanese firm

Anupam Rasayan has secured a supply contract worth Rs 2,186 crore from a prominent Japanese specialty chemical company. The contract involves the supply of a life science active ingredient for five years. The supply is scheduled to begin in 2025. It is subject to successful product validation, which is expected to take place over the next 18 months. Anupam Rasayan will produce the active ingredient in its existing multipurpose manufacturing facilities.

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Maruti Suzuki to launch its most expensive car in India

Maruti Suzuki is preparing to launch its most expensive car, ‘Invicto,’ with a starting price of over Rs 20 lakh. The three-row, seven-seater MPV is considered a twin of Toyota’s Hycross. Maruti Suzuki aims to capture a significant portion of the market with the Invicto, which will be available in petrol and hybrid variants. The three-row SUV/MPV segment stood at around 2.58 lakh units in FY22, with vehicles priced over Rs 20 lakh accounting for approximately 1.2-1.25 lakh units.

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Bharti Airtel Hikes Prepaid Tariffs by up to 25% – Top Indian Market News

Bharti Airtel hikes prepaid tariffs by up to 25%

Telecom operator Bharti Airtel Ltd will raise prepaid tariff rates by up to 25% with effect from November 26. In a notification to the exchanges, the company said that the decision was taken “to provide a reasonable return on capital for a financially healthy business model.” Bharti Airtel aims to enhance its average revenue per user (ARPU) while also bringing about substantial investments as it plans to roll out its 5G network in the country.

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Heranba Industries starts production at new unit in Gujarat

Heranba Industries Ltd has commenced commercial production at its new Unit-IV facility situated at Gujarat Industrial Development Corp (GIDC) in Vapi, Gujarat. The company expects the new production facility to generate revenue of Rs 100 crore per annum. The production capacity and capacity utilisation of the new Unit-IV will be 1,200 million tonnes per annum (MTPA) at maximum capacity. 

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BEL secures biggest export order from Airbus under Govt’s C295 aircraft program

Airbus has signed a deal with Bharat Electronics Ltd (BEL) under the Indian government’s C295 aircraft programme to manufacture and supply Radar Warning Receiver (RWR) and Missile Approach Warning System (MAWS). The contract is in line with the ‘Make in India’ policy and is the biggest export order received by BEL till date. The export order is worth $93.15 million (~Rs 690 crore).

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Cars24 partners with Poonawalla Fincorp for consumer financing

Cars24, an e-commerce platform for pre-owned vehicles, and Poonawalla Fincorp Ltd (PFL) have announced a strategic partnership for consumer financing on vehicles bought from Cars24. Under this partnership, PFL will fulfill consumer loans originating through Cars24. According to Cars24 co-founder Ruchit Agarwal, consumer financing penetration in the used cars industry is only at ~20%, and there is a huge market opportunity waiting to be tapped.

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Triveni Engineering partners with GEAE Tech to manufacture gas turbine components

Triveni Engineering & Industries Ltd (TEIL) has signed a 10-year deal with US-based GEAE Technology to locally manufacture certain components for its LM2500 gas turbine, which powers many of the Indian Navy’s vessels. As part of the deal, Triveni will manufacture the gas turbine’s base frame, enclosure, lubricating oil skid, and supply other source-controlled accessories. TEIL is a market leader in engineered-to-order turbo high-speed gears and gearboxes.

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IRCON emerges lowest bidder for railway projects in Sri Lanka, Bangladesh

Ircon International Ltd has emerged as the lowest bidder for projects by Sri Lanka Railways and Bangladesh Railways. The first project (worth Rs 114 crore) was floated by Sri Lanka’s Ministry of Transport Services Management for the design, installation, and commissioning of a signalling system from Maho Junction to Anuradhapura. The second project (worth Rs 24 crore) was floated by the Ministry of Railways, Bangladesh, for the construction of signalling and telecommunication systems.

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Domestic air traffic grows by 27.15% in October: DGCA

Domestic air passenger traffic saw a 27.15% growth during the festive season in October, following a decline in Covid-19 cases and higher vaccination rates. Around 8.99 million passengers took to the skies in October, compared to 7.07 million in September. IndiGo carried 4.81 million passengers last month, securing a market share of 53.5%. SpiceJet carried 0.81 million passengers during October, registering a 9% market share. The data was released by the Directorate General of Civil Aviation (DGCA).

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KPI Global Infra secures repeat order from Surat-based Devika Fibres

KPI Global Infrastructure Ltd has secured a repeat order from Surat-based Devika Fibres (an existing client) for executing a solar power project of 5.20 MWdc capacity under the Captive Power Producer (CPP) segment of the company. Gujarat-based KPI Global Infra develops, builds, owns, operates, and maintains solar power plants as an independent power producer and captive power producer.

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IEX resumes trading of renewable energy certificates

Indian Energy Exchange (IEX) will resume trading of renewable energy certificates (RECs) with effect from November 24, 2021, after a gap of almost 16 months. A REC is a market-based instrument that promotes renewable sources of energy and the development of the electricity market. One REC is created when one megawatt-hour of electricity is generated from an eligible renewable energy source.

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Jio loses 1.9 crore users, Airtel adds 2.74 lakh subscribers in September: TRAI

Reliance Jio lost around 1.9 crore wireless subscribers in September 2021, while Bharti Airtel added 2.74 lakh subscribers. Vodafone Idea lost 10.7 lakh wireless subscribers in the same month, shedding customers for the 11th straight month. Bharti Airtel gained a 0.08% market share of wireless subscribers, while Jio’s user base declined 4.29% in September. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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Services PMI Falls to 41.2 in June – Top Indian Market News

India’s services PMI falls to lowest level in 11 months in June

India’s services sector activities fell to their lowest level in 11 months as new businesses and output declined. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 41.2 in June, compared to 46.4 in May. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. International demand for Indian services continued to deteriorate in June, with new export orders falling for the 16th consecutive month.

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Govt to sell up to 7.49% stake in NMDC via OFS on Tuesday

The government will sell up to a 7.49% stake in National Mineral Development Corp (NMDC) through an offer for sale (OFS) on Tuesday (July 6). The Centre will sell its 4% stake (or 11.72 crore equity shares) in NMDC at a floor price of Rs 165 per share. The floor price is set at a nearly 6% discount to Monday’s closing price. The OFS also includes a greenshoe option to sell an additional 3.49% stake (or 10.22 crore shares) of NMDC. After the completion of the OFS, the government’s shareholding in NMDC will reduce to 60.8%.

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MCX signs pact with Europe’s EEX to share expertise on electricity derivative products

Multi Commodity Exchange of India (MCX) has signed a Memorandum of Understanding (MoU) with European Energy Exchange AG (EEX) to share knowledge and expertise on electricity derivative products. The MoU will facilitate cooperation between the two exchanges in areas such as education & training and organising events in the domain of electricity derivatives. EEX is a leading energy exchange in Europe that develops, operates, and connects secure and transparent markets for power and other energy products.

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ITD Cementation secures orders worth Rs 585 crore

ITD Cementation India Ltd has secured two orders worth approximately Rs 585 crore. The first order consists of the development and construction of ‘Dream City Depot’, including electrical and mechanical works, in connection with Phase-1 of the Surat Metro Rail Project. The second order has been received from Military Engineer Services for the construction of an Aero Space Museum at Air Force Station in Palam, Delhi. It also includes the installation of mechanical and electrical systems, a rainwater harvesting system, etc. 

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Tata Communications introduces Virtual Video Assisted Referee solution

Tata Communications Ltd announced the launch of a Virtual Video Assisted Referee (V-VAR) solution. It enables an unlimited number of referees, judges to connect remotely from anywhere across the globe and assess/analyse sporting events. SailGP (a global sailing championship) will be the first sports event to deploy the company’s V-VAR solution. 

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Sales volume in IEX real-time power market jumps 3-fold in June

The sales volume of the real-time power market (RTM) jumped over three-fold year-on-year (YoY) to 1,726 million units (MU) in June 2021 at the Indian Energy Exchange (IEX). RTM allows consumers to buy power just one hour below delivery. IEX traded 7,093 MU of electricity volume in June, registering a 48% YoY growth. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 641 MU last month, recording a 539% YoY growth.

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Heranba Industries gets environmental clearance for Rs 110 crore expansion

Heranba Industries Ltd has received environmental clearance from the Ministry of Environment, Forest, and Climate Change for the expansion of manufacturing capacity at its facility in Gujarat. The expansion plan consists of setting up an additional manufacturing capacity of 24,900 tonnes per annum (TPA) for producing insecticides, fungicides, and pesticide intermediates. The estimated cost for the project is Rs 110 crore.

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Godrej Consumer expects double-digit sales growth in Q1 

Godrej Consumer Products Ltd (GCPL) said it expects strong double-digit growth in sales at the consolidated level for the quarter ended June (Q1 FY22). The demand trends in various categories remained steady across all countries the company operates in. GCPL’s home care segment saw strong sales growth in Q1, led by household insecticides. There was high demand for personal care and hygiene products as well.

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Religare’s shareholders approve Rs 570 crore preferential issue

The shareholders of Religare Enterprises Limited (REL) have approved the preferential issue of fresh equity shares worth Rs 570 crore. The company will allot 5.41 crore equity shares at Rs 105.25 per share to existing shareholders, including Burman Family, Ares SSG Capital, and select marquee investors. Noida-based Religare Enterprises provides broking services for equities, currencies, and commodities. It also offers financial services for small and medium enterprises (SMEs).

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HDFC Bank reports 14% YoY loan growth in Q1

HDFC Bank reported a 14% YoY growth in its loan book to Rs 11.47 lakh crore for the quarter ended June 30 (Q1 FY22). Loan advances grew 1.3% when compared to the previous quarter. The bank’s deposits grew over 13% YoY (or 0.8% QoQ) to Rs 13.4 lakh crore in Q1. Total retail disbursements at the end of Q1 stood at Rs 43,600 crore, a growth of 202% YoY. During the same period, HDFC Bank purchased loans aggregating to Rs 5,489 crore through a direct assignment route under a home loan arrangement with HDFC Limited.  

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SEBI announces new rules to make MIIs pay for technical glitches

Market regulator SEBI has issued a detailed framework for penalising market infrastructure institutions (MIIs) for technical glitches. MIIs include stock exchanges, clearing corporations, and depositories. Under the new framework, MIIs will have to pay Rs 1 lakh per day in case of delay in submission or incomplete submission of root cause analysis (RCA). A comprehensive RCA report needs to be submitted within 21 days of an incident. The failure to timely address a technical glitch will attract Rs 2 lakh per day for the first 15 days.

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SAIL Reports 31% YoY Rise in Net Profit in Q4 – Top Indian Market News

SAIL Q4 Results: Net profit rises 31% YoY to Rs 3,470 crore

Steel Authority of India Ltd (SAIL) reported a 31% YoY increase in consolidated net profit to Rs 3,469.88 crore for the quarter ended March (Q4). Net profit has jumped 136.34% when compared to the previous quarter. Its total income rose 41.98% YoY to Rs 23,533.19 crore during the same period. The company’s total output rose 6% YoY to 4.56 million tonnes (MT) in Q4. Net profit for the financial year 2020-21 (FY21) increased by 95.6% YoY to Rs 4,148.13 crore. SAIL’s board has declared a final dividend of Rs 1.80 per share. 

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Industrial output falls to seven-month low in April

India’s industrial output fell to the lowest level in seven months in April due to the resurgence of Covid-19 cases. The Index of Industrial Production (IIP) fell 13% over the previous month to 126.6 in April 2021. The index for manufacturing output contracted by 12.6% over March to 125.1. The mining output index contracted 22.1% month-on-month (MoM) to 108 in April. The index for electricity generation stood at 174 in April, compared to 180 in March. The data was released by the Ministry of Statistics and Programme Implementation (MoSPI).

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TCS extends 17-year partnership with Virgin Atlantic

Tata Consultancy Services (TCS) has extended a 17-year strategic partnership with UK-based Virgin Atlantic to help them embark on a new phase of recovery and growth. The IT major will take exclusive responsibility for the airlines’ end-to-end operational management and digital transformation. TCS will build innovative digital solutions with Cloud-First guiding principles to help Virgin Atlantic improve agility and performance in its purpose-led transformation.

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DLF Q4 Results: Net profit at Rs 481 crore

DLF Limited reported a consolidated net profit of Rs 480.94 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,857.76 crore in the corresponding quarter last year (Q4 FY20). The real estate developer’s total income rose 1.75% to Rs 1,906.59 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 1,093.61 crore. This is compared to a net loss of Rs 583.19 crore in FY20. DLF has appointed two of its executives, Ashok Tyagi and Devinder Singh, as Chief Executive Officers (CEOs).

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Ashoka Buildcon emerges lowest bidder for road project in Punjab

Ashoka Buildcon Ltd has been declared the lowest (L-1) bidder for a road project in Punjab by the National Highways Authority of India (NHAI). The project consists of six-laning of IT City Chowk to Kurali Chandigarh Road, the design length of which is 31.23 km, in Punjab. The quoted bid price for the project is Rs 726 crore. The road project comes under the Indian government’s Bharatmala Pariyojana— Package II.

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Heranba Industries Q4 Results: Net profit rises 64.5% YoY to Rs 43 crore

Heranba Industries Ltd reported a 64.51% YoY increase in net profit to Rs 43.20 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 25.34% YoY to Rs 267.83 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 57.9% YoY to Rs 154.22 crore. The chemical manufacturing company’s board has recommended a final dividend of Rs 0.70 per share.

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Ipca Laboratories acquires 13% stake in Trophic Wellness for Rs 21 crore

Ipca Laboratories Ltd has acquired an additional 13.09% stake in Trophic Wellness Pvt Ltd (TWPL) for a cash consideration of Rs 21.20 crore. The pharma company currently holds a 52.35% stake in TWPL. With this acquisition, Trophic Wellness has become a subsidiary of Ipca Laboratories. TWPL is a nutritional and wellness products company that offers a wide variety of dietary supplements of global standards. 

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BHEL Q4 Results: Net loss at Rs 1,035 crore

Bharat Heavy Electricals Limited (BHEL) reported a consolidated net loss of Rs 1,034.82 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,532.67 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 40.23% YoY to Rs 7,245.16 crore in Q4 FY21. BHEL’s power vertical posted a 51% YoY growth in revenues to Rs 4,789 crore. Net loss for the financial year 2020-21 (FY21) stood at Rs 2,697.11 crore. This is compared to a net loss of Rs 1,466.01 crore in FY20.

Zee Entertainment to launch OTT platform ZEE5 in the US on June 22

Zee Entertainment Enterprises Ltd (ZEEL) will launch its video streaming service, ZEE5, in the United States on June 22. The over-the-top (OTT) platform is currently present in international territories such as the United Kingdom and the Middle East. The ZEE5 annual pack (priced at $84) will be available across devices at a limited launch offer price of $49.99. ZEE5 will provide 130,000 hours of content across 18 languages. You can learn more about ZEEL here.

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Deccan Cements Q4 Results: Net profit at Rs 22.08 crore

Deccan Cements Ltd reported a net profit of Rs 22.08 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 2.96 crore in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations rose 72.83% YoY to Rs 213.83 crore in Q4 FY21. Net profit for the full financial year 2020-21 (FY21) jumped 103.27% YoY to Rs 115.13 crore. The cement company’s board has recommended a final dividend of Rs 5 per share.

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Cochin Shipyard Q4 Results: Net profit rises 71% YoY to Rs 236 crore

Cochin Shipyard Ltd reported a 71.76% YoY increase in consolidated net profit to Rs 236.21 crore for the quarter ended March (Q4). Net profit has increased by 5.53% when compared to the previous quarter. Its total income rose 33.35% YoY (or 50.41% QoQ) to Rs 1,148.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 3.7% YoY to Rs 608.66 crore. Cochin Shipyard’s board has recommended a final dividend of Rs 2.50 per share.

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ACC Reports 74% YoY Rise in Net Profit in Q1 – Top Indian Market News

ACC Q1 Results: Net profit rises 74% YoY to Rs 563 crore

ACC Limited reported a 74.17% year-on-year (YoY) increase in consolidated net profit to Rs 562.69 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its total revenue rose 22.7% YoY to Rs 4,291.97 crore during the same period. Cement sales volumes increased by 21.5% YoY to 7.97 million tonnes in Q1. ACC has commissioned a new grinding unit at Sindri Industrial Township at Dhanbad district in Jharkhand with a capacity of 1.4 million tonnes per annum (MTPA).

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IEX launches cross-border electricity trade on power trading platform

Indian Energy Exchange (IEX) has launched Cross Border Electricity Trade (CBET) on its power trading platform. This will help IEX expand its power markets beyond India to the South Asian region. The government-designated nodal agency for CBET is NTPC Vidyut Vyapar Nigam Ltd (NVVN), a wholly-owned subsidiary of NTPC Limited. Currently, the CBET with neighboring countries for India stands at about 18 billion units (BUs), conducted through medium and long-term bilateral contracts.

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Bajaj Consumer Q4 Results: Net profit jumps two-fold to Rs 55 crore

Bajaj Consumer Care Limited reported over a two-fold YoY increase in consolidated net profit to Rs 54.67 crore for the quarter ended March (Q4). Its revenue from the sale of goods stood at Rs 244.86 crore in Q4, compared to Rs 172 crore in the corresponding period last year. Bajaj Consumer’s net profit for FY 2020-21 rose 20.76% YoY to Rs 223.13 crore. The FMCG firm’s Board of Directors has recommended a final dividend of Rs 4 per share.

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SC stays all further proceedings in Amazon-Future Retail case

The Supreme Court (SC), on Monday, stayed all further proceedings in the Amazon-Future-Reliance case before Single Judge and Division Bench of the Delhi High Court. A bench headed by Justice Rohinton F Nariman said the matter will be finally decided by the SC. The matter will be heard on May 4, 2021. The apex court was hearing an appeal of Amazon.com, Inc. challenging Delhi High Court’s decision to stay an order upholding an emergency arbitrator award restraining Future Retail Limited (FRL) from going ahead with its Rs 24,731 crore assets sale deal with Reliance Retail.

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Infosys partners with Copenhagen Fintech to establish ‘innovation bridge’ between India and the Nordics

Infosys Limited has announced a collaboration with Copenhagen Fintech to strengthen connections across the innovation ecosystem and support the development of new and compelling fintech solutions for the global financial services industry. Both companies will establish a ‘fintech innovation bridge’ between the Nordic countries (Denmark, Sweden, Finland, Norway) and India. This partnership will involve joint participation in events to facilitate the mutual sharing of deep industry expertise with Copenhagen Fintech’s corporate partners.

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Jubilant Pharma develops oral formultion of remdesivir

Jubilant Pharma has developed a novel oral formulation of Remdesivir, an anti-viral drug used to treat patients infected by Covid-19. The company said the oral formulation is likely to ease the capacity constraint that injectable formulations face. It will also ensure wider and timely availability of the drug to Covid-19 patients. Jubilant Pharma has sought authorisation for additional studies of the oral formulation from the Drugs Controller General of India (DCGI).

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Borosil Renewables’ board approves expansion plan with an outlay of Rs 1,000 crore

The Board of Directors of Borosil Renewables Limited has approved an expansion plan to raise its production capacity of solar glass by an additional 1,000 tonnes per day (TPD). The company’s processing capabilities will also be enhanced in one or two phases. The estimated outlay for this expansion plan is Rs 1,000 crore. Mumbai-based Borosil Renewables is the sole manufacturer of solar glass panels in India.

Heranba Industries gets GPCB approval to manufacture products at Saykha

Heranba Industries Ltd has received the ‘Consent to Establish’ (CTE) from the Gujarat Pollution Control Board (GPCB) to manufacture pesticides, fungicides, insecticides, and other products at its plot in Saykha Industrial Estate in Bharuch, Gujarat. The company has a land parcel measuring around 34,600 square metres at Saykha. It plans to set up a manufacturing unit with a capacity of 10,680 tonnes per annum at this plot. Heranba Industries expects to commence commercial production at this unit by September 2022.

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Trident opens six new showrooms across India

Trident Limited has opened six new exclusive showrooms across India for its bed and bath linen collections under Trident Home Decor Design. The newly opened showrooms are located in Kolkata, Jaipur, Chandigarh, Mohali, and Karnal. The total count of its exclusive showrooms has now increased to 18.

Caplin Steriles receives USFDA approval for Milrinone Lactate injection

Caplin Steriles has received final approval from the US Food and Drug Administration (USFDA) for generic Milrinone Lactate injection, used for short-term treatment of patients with acute decompensated heart failure. According to IQVIA data, Milrinone Lactate injection had US sales of around $24 million (~Rs 179 crore) for the 12 months ended December 2020. Caplin Steriles is a subsidiary of Caplin Point Laboratories Limited.

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Indian Oil Corp to supply oxygen to hospitals in Delhi, Haryana, Punjab

Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Limited (BPCL) have begun diverting oxygen produced at their refineries to meet the rising requirements of medical oxygen in states worst-hit by Covid-19. IOCL has begun the supply of 150 tonnes of oxygen at zero cost to various hospitals in Delhi, Haryana, and Punjab. BPCL will supply 100 tonnes of medical oxygen per month at no cost.

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