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highlights
Laurus Labs about to flood the US with cheap HIV drugs
Among the coconut plantations and beaches of South India, a factory the size of 35 football fields is preparing to churn out billions of generic pills for HIV patients and flood the US market with the low-cost copycat medicines, reports Bloomberg. US patents on key components for some important HIV therapies are poised to expire starting in December and Laurus Labs - the Hyderabad, India-based company which owns the facility - is gearing up to cash in.
Laurus is one of the world’s biggest suppliers of ingredients used in anti-retrovirals, thanks to novel chemistry that delivers cheaper production costs than anyone else. Now, its Chief Executive Officer, Satyanarayana Chava, wants to use the same strategy selling his own finished drugs in the US and Europe. He predicts some generics that Laurus produces will eventually sell for 90% less than branded HIV drugs in the US, slashing expenditures for a disease that’s among the costliest for many insurers.
Cyclone Ockhi fallout: Hailstorm near Mumbai; schools shut
As Mumbai braces for Cyclone Ockhi, areas near the metropolis witnessed a spell of hailstorm, while schools and colleges in the city and adjoining districts have been closed today as a precautionary measure. Some parts of the Munbai-Pune Expressway experienced a hailstorm early today, police said.
The weather department has forecast intermittent rains in Mumbai and suburbs in the next 24 hours. The traffic on Eastern and Western Express Highways in Mumbai has slowed down after rain in some parts of Mumbai throughout last night. There are traffic curbs in some places in view of the rush of followers of Dr Babasaheb Ambedkar on his death anniversary on Wednesday.
"Intermittent rain/thundershowers very likely to occur in Mumbai and suburbs in next 24 hours," said a report of the India Meteorological Department (IMD) Mumbai at 8 am. "Heavy rainfall is likely at a few places with squally wind speed reaching 50 to 60 km per hour gusting to 70 km per hour very likely along coastal area in next 24 hours," it further said.
India Nov Nikkei Services PMI at a 3-month low of 48.5 vs 51.7 MoM
Activity in India’s dominant services industry shrank in November as rising prices, driven up in part by the new national sales tax, took a toll on both foreign and domestic demand, a business survey showed on Tuesday. November’s Nikkei/IHS Markit Services Purchasing Managers’ Index fell to 48.5 - its lowest since August - from 51.7 in October, well below the 50 mark that separates expansion from contraction.
Bharat Forge shares rally 3% on strong November North America class 8 truck orders
Shares of Bharat Forge gained over 3% on strong November North America class 8 truck orders. Data for November shows that North America class 8 truck orders stood at 32,387 units, a massive growth of 68% over 19,285 units in the same period last year. The North American business contributes 40% to Bharat Forge’s total revenue.
The reason for the strong leap in truck and tractor sales is US economic growth which has been topping 3% for the last two quarters. However, on a month-on-month basis, class 8 truck orders declined 9% from 35,700 units in October.
Paytm unveils ATM, to invest Rs 3,000cr on offline distribution network
Softbank-backed Paytm on Tuesday unveiled its ATMs or partner outlets where customers can open bank accounts, deposit cash and withdraw money. It plans to invest Rs 3,000 crore over the next three years to expand its offline distribution network by allowing local stores to act as potential cash-in and cash-out points.
It plans to add 100,000 "Paytm ka ATMs" across India to the current strength of 3,000 approved outlets. In the first phase, Paytm has started with 3,000 "Paytm Ka ATM" points in select cities including Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh. These outlets feature local banking correspondents who help customers in depositing and withdrawing money from their Paytm Payments Bank account, making banking simpler and more accessible for one and all.
Rating agency Fitch has cut India’s FY18 growth forecast to 6.7% from 6.9% earlier. It has also cut its FY19 forecast to 7.3% from 7.4% earlier.
Ahmedabad-based multi-specialty hospital chain Shalby has raised over Rs 150 crore from anchor investors, ahead of its initial share-sale, which opens today. The company’s IPO committee has finalised allocation of 60,70,150 equity shares to 11 anchor investors at Rs 248 apiece, also the upper price band for the offer, it informed the stock exchanges. At this price, the total amount works out to be Rs 150.54 crore, it added. So, should you subscribe to issue? Click here to find out.
NYSE-listed Eros International, the holding company of Indian film studio Eros International Media, has entered into a definitive agreement to raise $100 million from an institutional investor, reports The Economic Times. The move will help the company repay $53 million outstanding under its revolving credit facility (RCF), while rest will be used for general corporate purposes, Jyoti Deshpande, group CEO at Eros International, said.
Inflation-hit UK shoppers hunt Black Friday bargains, spend more on food
British shoppers snapped up Black Friday bargains last month but an increasing share of their budgets was taken up by the rising cost of food, retailers told Reuters on Tuesday. Britain’s consumers are being squeezed by slow wage growth and the jump in inflation that followed last year’s Brexit vote, prompting many forecasters to predict a further weakening in the overall economy in 2018 after a slowdown this year.
The amount of money spent with retailers last month rose by 0.6% compared with a year earlier on a like-for-like basis, stripping out changes in store size, the British Retail Consortium (BRC) said. That represented a recovery from a 1% fall in the previous month which was the weakest October since 2008.
Australia retail sales bounce, economy seen loping along
Australian retail sales bounced in October after months of lukewarm demand, a bright sign for spending in the upcoming holiday season as Amazon.com opened its doors for business Down Under, reports Reuters. Tuesday’s data from the Australian Bureau of Statistics (ABS) showed retail sales rose 0.5% in October from the previous month, the strongest since May and above expectations for a 0.3% increase. September sales had only inched up by a revised 0.1%.
China's services sector grows at stronger pace in Nov
Growth in China’s services sector activity picked up to a three-month high in November, buoyed by a solid rise in new business, though the rate of expansion remained moderate and weaker than the long-run trend, a private survey showed on Tuesday. The Caixin/Markit services purchasing managers’ index (PMI) rose to 51.9 in November, up from 51.2 in October and the highest reading since August, reports Reuters.
The index had plunged to 21-month low in September after hitting a three-month high in August. New business also grew at the fastest pace in three months, with survey respondents reporting sales were supported by the addition of new clients and promotional activities. Companies slightly picked up the pace of new hiring as a result.
Japan Nov services growth slows but business confidence picks up
Japan’s service sector activity grew at a slower pace in November due to a slowdown in outstanding business, but new orders remained relatively strong and business sentiment improved, suggesting the economy will continue to expand in coming months, reports Reuters. The Markit/Nikkei survey released on Tuesday showed its Japan Services Purchasing Managers Index (PMI) fell to 51.2 on a seasonally adjusted from 53.4 in October, which was the highest in 26 months.
The index for outstanding business fell to 50.6 from 51.5 in the previous month to the lowest level since February. But the pace of new business was largely steady, dipping only marginally to 53.7 from 53.8 in October. Business expectations rose to the highest level since May, though job creation slowed markedly with some firms noting that retiring staff had not been replaced.
OPEC oil output falls in November to lowest since May
OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a Reuters survey found, pressured by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involuntary declines. OPEC’s adherence to pledged supply curbs rose to 112% from October’s 92%, the survey found.
Top exporter Saudi Arabia pumped below its OPEC target, as did all other members except Ecuador, Gabon and the United Arab Emirates. The Organisation of the Petroleum Exporting Countries is reducing output by about 1.2 million bpd as part of a deal with Russia and other non-member producers, which have also committed to production cuts.
US Congress moves closer to final tax bill with House vote
The Republican-controlled US House of Representatives voted on Monday to go to conference on tax legislation with the Senate, moving Congress another step closer to a final bill, reports Reuters. The Republican-led Senate was expected to hold a similar conference vote later this week.
US top court lets Donald Trump's latest travel ban go into full effect
The US Supreme Court on Monday handed a victory to President Donald Trump by allowing his latest travel ban targeting people from six Muslim-majority countries to go into full effect even as legal challenges continue in lower courts, reports Reuters.
The nine-member court, with two liberal justices dissenting, granted his administration’s request to lift two injunctions imposed by lower courts that had partially blocked the ban, which is the third version of a contentious policy that Trump first sought to implement a week after taking office in January.
The high court’s action means that the ban will now go fully into effect for people from Chad, Iran, Libya, Somalia, Syria and Yemen seeking to enter the United States. The Republican president has said the travel ban is needed to protect the United States from terrorism by Islamic militants.
Laurus Labs about to flood the US with cheap HIV drugs
Among the coconut plantations and beaches of South India, a factory the size of 35 football fields is preparing to churn out billions of generic pills for HIV patients and flood the US market with the low-cost copycat medicines, reports Bloomberg. US patents on key components for some important HIV therapies are poised to expire starting in December and Laurus Labs - the Hyderabad, India-based company which owns the facility - is gearing up to cash in.
Laurus is one of the world’s biggest suppliers of ingredients used in anti-retrovirals, thanks to novel chemistry that delivers cheaper production costs than anyone else. Now, its Chief Executive Officer, Satyanarayana Chava, wants to use the same strategy selling his own finished drugs in the US and Europe. He predicts some generics that Laurus produces will eventually sell for 90% less than branded HIV drugs in the US, slashing expenditures for a disease that’s among the costliest for many insurers.
Cyclone Ockhi fallout: Hailstorm near Mumbai; schools shut
As Mumbai braces for Cyclone Ockhi, areas near the metropolis witnessed a spell of hailstorm, while schools and colleges in the city and adjoining districts have been closed today as a precautionary measure. Some parts of the Munbai-Pune Expressway experienced a hailstorm early today, police said.
The weather department has forecast intermittent rains in Mumbai and suburbs in the next 24 hours. The traffic on Eastern and Western Express Highways in Mumbai has slowed down after rain in some parts of Mumbai throughout last night. There are traffic curbs in some places in view of the rush of followers of Dr Babasaheb Ambedkar on his death anniversary on Wednesday.
"Intermittent rain/thundershowers very likely to occur in Mumbai and suburbs in next 24 hours," said a report of the India Meteorological Department (IMD) Mumbai at 8 am. "Heavy rainfall is likely at a few places with squally wind speed reaching 50 to 60 km per hour gusting to 70 km per hour very likely along coastal area in next 24 hours," it further said.
India Nov Nikkei Services PMI at a 3-month low of 48.5 vs 51.7 MoM
Activity in India’s dominant services industry shrank in November as rising prices, driven up in part by the new national sales tax, took a toll on both foreign and domestic demand, a business survey showed on Tuesday. November’s Nikkei/IHS Markit Services Purchasing Managers’ Index fell to 48.5 - its lowest since August - from 51.7 in October, well below the 50 mark that separates expansion from contraction.
Bharat Forge shares rally 3% on strong November North America class 8 truck orders
Shares of Bharat Forge gained over 3% on strong November North America class 8 truck orders. Data for November shows that North America class 8 truck orders stood at 32,387 units, a massive growth of 68% over 19,285 units in the same period last year. The North American business contributes 40% to Bharat Forge’s total revenue.
The reason for the strong leap in truck and tractor sales is US economic growth which has been topping 3% for the last two quarters. However, on a month-on-month basis, class 8 truck orders declined 9% from 35,700 units in October.
Ind vs SL 3rd test day 4: Sri Lanka all out for 373 in third test
Sri Lanka were all out for 373 in their first innings, conceding a 163-run lead to hosts India in the third and final test at the Feroz Shah Kotla Stadium on Tuesday. Skipper Dinesh Chandimal top scored for the tourists with a defiant 164, while Angelo Mathews made 111. Ravichandran Ashwin and Ishant Sharma claimed three wickets apiece for India, who lead the three-match series 1-0. For more match updates, click here.
Paytm unveils ATM, to invest Rs 3,000cr on offline distribution network
Softbank-backed Paytm on Tuesday unveiled its ATMs or partner outlets where customers can open bank accounts, deposit cash and withdraw money. It plans to invest Rs 3,000 crore over the next three years to expand its offline distribution network by allowing local stores to act as potential cash-in and cash-out points.
It plans to add 100,000 "Paytm ka ATMs" across India to the current strength of 3,000 approved outlets. In the first phase, Paytm has started with 3,000 "Paytm Ka ATM" points in select cities including Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh. These outlets feature local banking correspondents who help customers in depositing and withdrawing money from their Paytm Payments Bank account, making banking simpler and more accessible for one and all.
Here are the top headlines at 10 am from Moneycontrol News' Anchal Pathak
Rating agency Fitch has cut India’s FY18 growth forecast to 6.7% from 6.9% earlier. It has also cut its FY19 forecast to 7.3% from 7.4% earlier.
Ahmedabad-based multi-specialty hospital chain Shalby has raised over Rs 150 crore from anchor investors, ahead of its initial share-sale, which opens today. The company’s IPO committee has finalised allocation of 60,70,150 equity shares to 11 anchor investors at Rs 248 apiece, also the upper price band for the offer, it informed the stock exchanges. At this price, the total amount works out to be Rs 150.54 crore, it added. So, should you subscribe to issue? Click here to find out.
India’s domestic passenger traffic grew by 20.4% in October, a global airline association said on Monday. According to the International Air Transport Association, India’s domestic demand was highest amongst major aviation markets like Australia, Brazil, China, Japan, Russia and the US.
The Chief Financial Officer of Zensar Technologies, Manoj Jaiswal, has resigned just a year after joining the mid-sized software services company. “He will be relieved from his duties with effect from the closing of business hours on December 4,” the RPG Group company said in a regulatory filing on Monday, without specifying the reason for Jaiswal’s exit.
NYSE-listed Eros International, the holding company of Indian film studio Eros International Media, has entered into a definitive agreement to raise $100 million from an institutional investor, reports The Economic Times. The move will help the company repay $53 million outstanding under its revolving credit facility (RCF), while rest will be used for general corporate purposes, Jyoti Deshpande, group CEO at Eros International, said.
Kolkata: Indian football captain Sunil Chhetri with his wife Sonam posing after their wedding at Ordnance Club in Kolkata on Monday late evening. PTI
Visakhapatnam: The Eastern naval Command (ENC) is conducting Naval Operational display highlighting the multi-dimensional warfare capability of the Indian Navy in protecting the vast Maritime borders and offshore assets of our country on the occasion of Navy Day at RK Beach, Visakhapatnam on Monday. PTI
Visakhapatnam: The Eastern naval Command (ENC) is conducting Naval Operational display highlighting the multi-dimensional warfare capability of the Indian Navy in protecting the vast Maritime borders and offshore assets of our country on the occasion of Navy Day at RK Beach, Visakhapatnam on Monday. PTI
Mumbai: Naval commandos demonstrate their skills during Naval Day celebrations in Mumbai on Monday. December 4 is celebrated as Navy Day to celebrate Indian Navy’s achievement and as a tribute to the courage and determination made by the Indian Navy during the 1971 war. PTI
Mumbai: Naval helicopters perform a routine drill off the Gateway of India as a part of Navy Day celebrations in Mumbai on Monday. December 4 is celebrated as Navy Day to celebrate Indian Navy’s achievement and as a tribute to the courage and determination made by the Indian Navy during the 1971 war. PTI
3 LeT militants killed in encounter in south Kashmir
Three Lashker-e-Taiba militants, including two Pakistanis, allegedly responsible for carrying out an attack on Amarnath pilgrims in July this year, were killed in an encounter in South Kashmir, police told PTI. One militant, who had managed to flee from the encounter site, was also arrested by the police from a maternity hospital of Anantnag district of South Kashmir, they said.
The encounter broke on Monday afternoon when the militants opened fire on an Army convoy, on its way to Srinagar, at Qazigund on Jammu-Srinagar national highway. One soldier was killed in the attack while another sustained injuries. The security forces cordoned off the area and launched a hunt for the militants. The search operation turned into an encounter with militants which ended at 2 AM this morning, the police said.
China suspends flights from Bali to China due to volcanic ash
China’s aviation authority has suspended all flights from the Indonesian holiday island of Bali to Chinese cities until the threat of volcanic ash clears, the state-run People’s Daily newspaper reported on Monday. Clouds of volcanic ash from Bali’s erupting Mount Agung volcano disrupted flights to and from the island’s airport last week, stranding many thousands of tourists.
Flights began resuming when the airport reopened on Wednesday, after the wind changed and blew the ash away from flight paths. Individual airlines make their own decisions on whether to operate. Australia’s Jetstar resumed flights on Monday, while Virgin Australia Holdings said it planned to do so on Tuesday.
Karangasem: Mount Agung volcano is seen in Karangasem, Bali, on Monday. Indonesia's disaster mitigation agency said Monday the volcano remains at its highest alert level but most of Bali is safe for tourists. AP
Inflation-hit UK shoppers hunt Black Friday bargains, spend more on food
British shoppers snapped up Black Friday bargains last month but an increasing share of their budgets was taken up by the rising cost of food, retailers told Reuters on Tuesday. Britain’s consumers are being squeezed by slow wage growth and the jump in inflation that followed last year’s Brexit vote, prompting many forecasters to predict a further weakening in the overall economy in 2018 after a slowdown this year.
The amount of money spent with retailers last month rose by 0.6% compared with a year earlier on a like-for-like basis, stripping out changes in store size, the British Retail Consortium (BRC) said. That represented a recovery from a 1% fall in the previous month which was the weakest October since 2008.
Cathay Pacific crew saw North Korean missile from plane
A crew on board a Cathay Pacific aircraft saw a North Korean missile blow up over the Sea of Japan last week, the airline told CNBC on Monday. Pyongyang launched the latest in a series of ballistic missiles last Wednesday in defiance of international sanctions and warnings against provocations. The rocket, which the regime said could reach the US mainland, crashed into the sea near Japan.
The crew of Cathay Pacific CX893, which was traveling to Hong Kong from San Francisco, reportedly saw the missile from their plane as it was passing over Japan and alerted the country's air traffic control. "On November 29, the flight crew of CX893 reported a sighting of what is suspected to be the re-entry of the recent DPRK test missile. Though the flight was far from the event location, the crew advised Japan ATC (air traffic control) according to procedures," Cathay Pacific said.
A file image provided by the North Korean government on November 30 shows what the North Korean government calls the Hwasong-15 intercontinental ballistic missile at an undisclosed location in North Korea. Cathay Pacific said in a statement on Monday that the crew on a San Francisco-to-Hong Kong flight reported witnessing the apparent re-entry of the ICBM that North Korea launched before dawn Wednesday. Independent journalists were not given access to cover the event depicted in this image distributed by the North Korean government. The content of this image is as provided and cannot be independently verified. Korean language watermark on image as provided by source reads: "KCNA" which is the abbreviation for Korean Central News Agency. AP
Australia retail sales bounce, economy seen loping along
Australian retail sales bounced in October after months of lukewarm demand, a bright sign for spending in the upcoming holiday season as Amazon.com opened its doors for business Down Under, reports Reuters. Tuesday’s data from the Australian Bureau of Statistics (ABS) showed retail sales rose 0.5% in October from the previous month, the strongest since May and above expectations for a 0.3% increase. September sales had only inched up by a revised 0.1%.