Lockdown must be the last resort, says Modi as India grapples with Covid-19
As the country grapples with a worrying second wave of coronavirus infections, Prime Minister Narendra Modi appealed to states that lockdowns should be the last option. In a hurriedly called address to the nation late Tuesday evening, the PM said economic activity and livelihood must remain least impacted. His call for patience during the crisis period came in the backdrop of several states rushing to announce curfews and severe restrictions in different ways. Read More
Coronavirus vaccine shot may cost Rs 1,000 in private market: Sources
A Covid-19 shot is likely to be available at Rs 900-1,000 ($13-14) in the private market in India, sources in the know said. This would be the maximum retail price, including trade margins, and vaccine makers would stand to make around Rs 650 per dose. For institutional sales, these shots could be priced at Rs 600-650 per dose. “The prices of foreign vaccines may be higher than this as they need sophisticated cold chain infrastructure. Also, the government will monitor the prices we set for the private market. So, nothing is concrete as of now.” Read More
Manufacturers look to boost capacity as govt enhances vaccination scope
As a huge market opens up before vaccine manufacturers, with the Centre allowing everyone above 18 years of age to take the life-saving jab, firms have geared up for expansion plans to ensure sufficient availability. From Bharat Biotech and Serum Institute of India (SII) to Zydus Cadila, all major vaccine makers are en route to expand their production capacity to make Covid-19 vaccines. Read More
Despite grim outlook, fiscal stimulus unlikely for India Inc this year
Despite a grim economic outlook amid a worsening Covid-19 crisis and lockdowns in major cities, government officials have ruled out any fiscal support to industry for now. They say that a stimulus package may not be necessary because, unlike last year’s total lockdown, public transport, including the railways and airlines, is running and the restrictions on movement are localised and, in some cases, are partial rather than total. Read More
$1-bn outflows: FPIs turn wary of India on worsening coronavirus crisis
After the record-breaking equity inflows in the last financial year (FY21), foreign portfolio investors (FPI) are scaling back their exposure to India amid the rising US bond yields and worsening coronavirus crisis. So far this month, FPIs have sold shares worth $1.09 billion. If the pace of outflows continues, April could record the highest monthly outflows since March 2020. In the interim 12 months, the domestic equity markets have seen monthly outflows only on two occasions – April 2020 ($535 million) and September 2020 ($767 million). Read More
Maharashtra govt may impose 15-day lockdown starting Wednesday night
Stringent restrictions are likely to be put in place in Maharashtra for 15 days from Wednesday night to check the spread Covid-19 infections in the state. Chief minister Uddhav Thackeray will announce the restrictions on Wednesday. At a cabinet meeting in Mumbai on Tuesday, all the ministers demanded a complete lockdown as rising cases have strained health infrastructure in the state. Long-distance trains and flights will continue. Read More
Coke, Pepsi report stable financial in March quarter, but Covid cloud looms
Cola majors Coca-Cola and Pepsi saw resilient financial performances in India for the second straight quarter, after reeling from the impact of the first wave of the Covid-19 pandemic and the nationwide lockdown. Management commentary from global investor calls of the two companies indicate that the March quarter was stable, with Coca-Cola reporting 4 per cent growth in its sparkling soft drinks portfolio, led by India and China. Read More
Adani Enterprises incorporates wholly-owned arm MPL
Adani Enterprises on Tuesday announced incorporation of a wholly-owned arm 'Mundra Petrochem Ltd' (MPL). In a filing to BSE, the company said MPL is yet to commence its business operations "MPL is incorporated with the object to set up various feedstocks (coal, petcoke, coke, limestone, salts, sand, tar, oil, LPG, LNG, Ethane, LPG, green fuels etc.) based refinery, petrochemical and chemical plants in a phased manner in India and to undertake all such activities associated with land acquisition, design and engineering, procurement...and other related undertakings," the filing said. Read More
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