Author: Legal Parivar

Sun Pharma, Lupin Laboratories, and Alkem Laboratories are recalling pharmaceutical products from the US market, as indicated in the US Food and Drug Administration’s (USFDA) weekly enforcement report. Sun Pharmaceutical Industries, headquartered in Mumbai, is recalling 54,960 bottles of Mesalamine Extended-Release Capsules used to treat ulcerative colitis. The recall is due to failed dissolution specifications. The product was manufactured at Sun Pharma’s Mohali unit, which has been under US FDA scrutiny. Ascend Laboratories, a subsidiary of Alkem Ltd., is recalling 71,244 units of Fosfomycin Tromethamine Granule sachets, an antibiotic for bladder infections, due to failed impurities/degradation specifications. This product was…

Currency in circulation saw a slowdown in growth, dropping to 3.7 percent for the week ending February 9 from 8.2 percent a year earlier, largely influenced by the Reserve Bank of India’s decision to phase out Rs 2,000 banknotes. Currency in circulation (CiC) encompasses notes and coins actively used, while currency with the public is calculated as notes and coins in circulation minus cash held by banks. The RBI noted that commercial banks experienced a surge in deposits in January, also attributed to the withdrawal of Rs 2,000 currency notes. Reserve Money (RM) growth, as per RBI data, decelerated to…

The Indian Paper Manufacturers Association (IPMA) revealed that imports of paper and paperboards have surged by 37 percent to approximately 1.47 million tonnes during April-December of the current fiscal year, significantly impacting local paper mills. In the corresponding period of the previous fiscal year, imports stood at around 1.07 million tonnes, according to data from the Directorate General of Commercial Intelligence and Statistics (DGCI&S) cited by IPMA. The import volume for the entire fiscal year FY23 witnessed a 25 percent increase, reaching 1.44 million tonnes, and the April-December figures have already surpassed that mark, IPMA stated. Pawan Agarwal, President of…

The majority of G-33 nations, a coalition of developing countries within the World Trade Organization (WTO), have collectively called upon all WTO members to reach consensus and adopt a permanent resolution regarding the issue of public stockholding for food security objectives. In a ministerial statement on Agriculture Trade Negotiations issued on February 25, it was emphasized that the G-33 members recognize the crucial significance of public stockholding for food security, particularly for developing countries, including least developed countries (LDCs) and net food-importing developing countries (NFIDCs), in addressing food and livelihood security as well as rural development needs, including support for…

Eight of the top 10 most valued firms witnessed a collective surge of Rs 1,10,106.83 crore in market valuation over the past week, spearheaded by Reliance Industries Ltd (RIL). The 30-share BSE Sensex index climbed 716.16 points or 0.97 percent during this period. Among the gainers were RIL, ICICI Bank, Life Insurance Corporation of India (LIC), ITC, and Hindustan Unilever Ltd (HUL), while Tata Consultancy Services (TCS) and Infosys experienced a combined decline of Rs 38,477.49 crore in market valuation. Reliance Industries alone contributed Rs 43,976.96 crore to its market capitalization, reaching Rs 20,20,470.88 crore. On Friday, shares of RIL…

Foreign Portfolio Investors (FPIs) have maintained their bullish stance on India’s debt markets, injecting a net amount of over Rs 18,500 crore so far this month. This surge is attributed to the upcoming inclusion of Indian government bonds in the JP Morgan Index. January witnessed a substantial net investment of over Rs 19,836 crore, marking the highest monthly inflow in over six years, reminiscent of the peak in June 2017 when Rs 25,685 crore was infused. Kislay Upadhyay, smallcase Manager & Founder Fidelfolio, noted, “The introduction of India in global bond indices this year is expected to drive steady inflows…

The remarkable surge in Nvidia’s shares during a single trading session has intensified the already considerable interest in AI-based computing and associated technological innovations. Super Micro Computer, renowned for its commitment to green computing, has become a significant wealth generator for its investors. With a partnership with Nvidia, it stands as the world’s third-largest server provider, holding a market share of 5 percent. Benefiting from the explosive growth of the generative AI market, Super Micro Computer’s shares have surged by over 80 percent in the span of a month, delivering a remarkable return of 201 percent year-to-date for its shareholders.…

Razorpay, a leading merchant payment processing unicorn, is gearing up for an Initial Public Offering (IPO) in approximately two years following the closure of its reverse flipping process to India within the next six to twelve months. “We have already commenced the process of reverse flipping to India, and this is expected to take anywhere between 6-12 months to complete. We have factored in the costs and other aspects… We anticipate the IPO to be scheduled two years after our businesses break even,” stated Harshil Mathur, the co-founder and CEO of Razorpay, in an interview with Moneycontrol. Razorpay initiated the…

Indian equity indices continued their upward trajectory in the week ending February 23, building on the gains from the previous week. The Nifty50 index reached a fresh record high of 22,297.50, spurred by favorable macroeconomic data and support from global markets. Despite concerns about rising crude oil prices and US bond yields, investors remained optimistic. During the week, the BSE Sensex edged closer to its all-time high of 73,427.59, closing at 73,142.8, up by 1 percent. Similarly, the Nifty50 index climbed by 172 points or 0.78 percent to end at 22,212.70. The BSE Small-cap index also advanced by 0.8 percent,…

India’s per capita monthly consumption expenditure witnessed a notable surge of 33-40 percent during the period 2022-23 compared to 2011-12, as per the recent revelations from the government’s Household Consumer Expenditure Survey, unveiled on February 24. In rural areas, the survey unveiled a substantial 40 percent escalation in per capita monthly consumption, amounting to Rs 2,008, while urban regions experienced a 33 percent rise to Rs 3,510 after adjusting for inflation. This translates to an average annual growth of 3.1 percent for rural consumption and 2.7 percent for urban consumption, whereas India’s real GDP exhibited an average annual growth rate…