India Financial News

Bharat Biotech International Ltd on Sunday said it has started clinical trials of tuberculosis vaccine candidate MTBVAC in India. The only vaccine in use today--BCG (Bacillus Calmette and Guerin)--is an attenuated variant of the bovine TB pathogen. This is more than a hundred years old and has a limited effect on pulmonary tuberculosis, which is mostly responsible for the transmission of the disease. Studying the safety, immunogenicity and efficacy of MTBVAC in the most populated country in the world and the one with the highest number of cases of this infectious disease is key to continue advancing in this vaccine," the company said. The trials have been done in collaboration with Spanish biopharmaceuticals company Biofabri to evaluate the safety, immunogenicity and efficacy of MTBVAC in India. «MTBVAC is being developed for two purposes: as a more effective and potentially longer-lasting vaccine than BCG for new-borns, and for the prevention of TB disease in adults and adolescents, for whom there is currently no effective vaccine,» Bharat Biotech International said. MTBVAC, the Spanish tuberculosis vaccine, is the first live attenuated vaccine of mycobacterium tuberculosis isolated from a human.

Election Commission of India is learnt to be mulling over ways to address the concerns raised by INDIA bloc parties over «erosion of level playing field» due to the alleged «blatant and audacious misuse» of central agencies by the BJP-led government. ECI could soon issue an advisory on the matter. Assessments within ECI indicate that legal and constitutional readings do not give much latitude to the panel in terms of specific actions, ET has gathered. However, it is also alive to INDIA bloc's concerns and the panel's own mandate and role in ensuring level playing field. ECI may issue either a strong advisory to the Centre or a specific communication to agencies concerned. ET gathers that the panel is considering a draft to the effect.

ONGC) is planning to drill a well in Bihar this year to look for oil and gas. A commercial discovery will not just put the state on India's oil map but also open up for exploration the entire Ganga basin stretching from Bihar to Uttar Pradesh and Punjab. Sushma Rawat, director (exploration) at ONGC, told ET that the company has acquired 3D seismic data for 300 sq km for its block in Samastipur, Bihar, and is now planning to drill two exploratory wells. The first drilling will be done this year and may cost ₹30-35 crore, she said. Data from the first well's drilling will help guide the company's plans for the rest of the exploration block, including the planned drilling of the second well.

IIFL Finance Ltd and JM Financial Products Ltd (JMFPL) will undergo a special audit to further probe their regulatory breaches, as the RBI has initiated the process for the appointment of auditors. The Reserve Bank of India (RBI) has floated two separate tenders for the appointment of auditors for special audit of these two companies. Audit firms empanelled by the Securities and Exchange Board of India for forensic audit can participate in the tendering process, and the last date for submission of bids is April 8, as per the tender document published by the RBI. The selected firms will be awarded work on April 12, as per the bid documents. Earlier this month, the RBI put a curb on these two entities for non-compliance of regulatory guidelines.

ARCs, have accumulated 55% of KSK Mahanadi Power's ₹29,330-crore debt from lenders in separate transactions, shows disclosure made by the stressed thermal power company's resolution professional. The ARCs brought over ₹16,168 crore in loans in the hope that there would be demand for thermal power companies, giving them a huge upside, while lenders have exited due to over a four-year delay in its debt resolution. In the latest deal, Prudent ARC acquired ₹156 crore of debt from Punjab & Sind Bank (PSB) at an unchallenged Swiss auction in an all-cash deal of ₹125 crore, said people with knowledge of the matter. This equated to an 80% recovery for the lender.

From 2014 to 2023, the education sector in India has witnessed notable strides in student enrolment and retention, with the gross enrolment ratio (GER) for secondary education increasing from 75.7% to 79.2%, and for higher secondary from 46.3% to 56.8%. Retention rates at the elementary level rose from 67.4% to 75.8%, and at the secondary level from 57.2% to 65.5%, signalling advances in educational engagement and policy efficacy.

There might be some people who think like this: India’s Enforcement Directorate (ED) is an independent investigative body that has gone after some key people in the Aam Aadmi Party (AAP) purely to rid the nation of corruption. But I personally do not know a single person who thinks this.

National Company Law Tribunal (NCLT) recently adjourned the hearing of an application in cable TV distribution company Siti Networks' insolvency resolution matter to April 3. Before that, the bench, comprising judicial member Lakshmi Gurung and technical member Charanjeet Singh Gulati, observed that various applications were pending, highlighting irregularities in the process and the change in the date of the start of the resolution process. Hence, all the material decisions of the process and the committee of creditors would be subject to the tribunal's final order on the pending applications, the NCLT said. The application was moved by the suspended board of directors of the company which has contested the timeframe set by the resolution professional. Siti was admitted to the corporate insolvency resolution process in February 2023, with Rohit Mehra as the resolution professional.

terror attack in the Moscow region, evidence of radicalised Central Asian youth penetrating Russia is emerging as a threat. ET has learnt that the Russian security agency FSB had eliminated two terror groups comprising youth from Central Asia between February and early March before the third group struck at Crocus City Hall last week, killing more than 100 people. The Indian security establishment is closely monitoring the situation and the emerging pattern of terror threat in Russia and Central Asia. On Sunday, External Affairs Minister S Jaishankar spoke with Russian foreign minister Sergey Lavrov and conveyed condolences over the terrorist attack. Russian national security advisor Nikolai Patrushev has called for wider partnership to counter the terror threat and radical cells. On the morning of March 7, the FSB conducted a special operation in the village of Koryakovo, Kaluga region of Russia. Two terrorists from Central Asia were killed in the operation, according to security analysts. FSB was assisted by Kazakh security officials in the operation.

Mumbai Indians maintained the tradition of losing their opening match of IPL since 2012 with Gujarat Titans snatching an improbable six-run victory in a thrilling match here on Sunday. While Jasprit Bumrah bowled a couple of terrific spells to restrict Gujarat Titans to 168 for 6 in 20 overs, MI lost their way after Rohit Sharma's dismissal to end up on 162 for 9 in 20 overs.

India has called for prioritising issues such as access to finance including trade finance, manufacturing concentration, food security, and reducing transaction costs in international trade and services for discussions in various bodies of the World Trade Organization (WTO). «Cross-cutting real-life trade issues which impact the developing countries disproportionately» such as access to technology, bridging digital divide, supply chain resilience, and enhancing effective aid for trade that is effective, demand driven, untied, and has recipient ownership should be taken for discussion on a priority basis," New Delhi said in its submission on 30 years of WTO and how the development dimension has progressed. «If a large part of the membership believes that their agenda is not in lockstep with the priorities of this organisation or the messaging being delivered to the external world...a sense of defeatism and decline in members' interest in the working of this organisation is imminent,» it said.

By Uditha Jayasinghe

The World Happiness Report 2024, a partnership of Gallup, the Oxford Wellbeing Research Centre, the UN Sustainable Development Solutions Network, and WHR’s Editorial Board, is out. Mint evaluates its metrics to explain why it may not be the final word on happiness. India is ranked 126 out of 143 nations surveyed.

Packaged food and beverage companies are stepping up supplies on the ground ahead of the coming general election, as large rallies and outdoor gatherings raise demand for low-priced biscuits, snacks and beverages. The Election Commission of India (ECI) announced dates for the 2024 Lok Sabha election on 16 March. Voting will start on 19 April, and go on till 1 June, across seven phases.

Courts across the country have been alluding to the word ‘trust’ a lot these days. Occasionally, they use the term directly. But even when they don’t, it’s presence can still be felt front and centre, especially when courts point to its deficit in public life or refer to its diminution in the social contract between citizens and various organs of the state.

K Surendran its Kerala unit president from Wayanad, from where Rahul Gandhi is a sitting MP. The party released the names of the candidates for the Lok Sabha seats of Uttar Pradesh, Bihar, Odisha, Rajasthan, Haryana, Maharashtra, West Bengal, Kerala, Karnataka, Goa, Gujarat, Himachal Pradesh, Jharkhand, Mizoram, Sikkim, Telangana, West Bengal and Andhra Pradesh. Meanwhile, BJP fielded Bollywood actress Kangana Ranaut from Himachal Pradesh's Mandi, a stronghold of Congress.

₹350-400 crore." The manufacturing business is projected to grow 20-30% in FY25, buoyed by the around ₹2 trillion worth of central sector transmission projects in India. The company is also in talks with private equity investors for raising funds for its transmission business, he said. “That is the business where we operate like a highway operator, where we build, own and operate transmission lines, providing transmission services to end users, generators, and consumers.

Mint had reported in January that the department of promotion of industry and internal trade (DPIIT) had asked for details of its shareholding patterns. The company is learnt to have cited US regulations for not providing the details of complete disclosure of ownership, as required by the commerce ministry, in this case.

₹50,000 crore investment across businesses to add at least $2.5 billion to annual EBITDA. The RBI is also set to conduct a special audit of IIFL Finance, JM Financial for regulatory breaches. Kejriwal has issued his first direction from ED custody, asking Water Minister Atishi to solve water- and sewer-related problems in some areas of the city.

Election Commission, accusing BJP leader Suvendu Adhikari of violating the model code of conduct by spreading false news and maligning senior police officers of West Bengal. Adhikari, Leader of the Opposition in the West Bengal assembly, on Saturday wrote to the EC claiming that there are several non-IPS officers in West Bengal holding positions designated only for IPS officers, including that of superintendents of police (SPs). In a post on X, he urged the ECI to look into the list of 16 police officers he shared, claiming they are non-IPS officers but occupy positions designated for IPS officers. Reacting to Adhikari's claims, the ruling TMC said in a letter to the EC, labelled his accusation as «false, fake and baseless because all the names of the officials appearing in the published list are those of high ranking officials who are a part of the IPS cadres under Indian Police Service (Cadre Rules) 1954.»

Congress MP Naveen Jindal on Sunday joined the Bhartiya Janata Party. He had announced his resignation from Congress on social media platform X, a short while ago. After joining the BJP, Jindal said, «Today is a very important day of my life. I am proud that I joined the BJP today and I will be able to serve the nation under the leadership of PM Modi. I want to contribute to the 'Viksit Bharat' dream of PM Modi.» He joined the BJP in the presence of its general secretary Vinod Tawde, who said Jindal's presence in the party will help the government's agenda of boosting the country's economy and prosperity.