Pharmaceuticals Financial News

Budget 2024, the spotlight is firmly on the Production-Linked Incentive (PLI) schemes, which have been instrumental in revitalizing the manufacturing sector and strengthening supply chains. The government's proactive steps in enhancing these schemes signal a commitment to bolstering India's economic growth, increasing employment, and positioning Indian industries on the global stage. In a significant move, the Indian government has hiked the allocation for the PLI scheme to ₹6,200 crore during the interim budget for FY25, marking a 33% increase from the previous year’s estimate of ₹4,645 crore. This substantial boost underscores the government's dedication to supporting manufacturing and supply chains across the 14 sectors currently covered, which include mobile phones, pharmaceuticals, automobiles, and electronic products.

pharmaceutical industry has sought exemption from the government on fixation of ceiling prices for all low-priced formulations or those that are priced at up to ₹5 per unit. At a meeting last week, the Federation of Pharma Entrepreneurs (FoPE) lobby group also asked for the exemption of patented drugs from price control for 10 years instead of the existing five. According to FoPE, in the absence of a 10-year exemption, many companies are conducting research outside the country. «All formulations sold at ₹5 per unit i.e. per tablet, capsule, ml, gm may be exempted from provisions of ceiling price,» FOPE said in its presentation to the secretary, department of pharmaceuticals (DoP). «The industry has been asking for this exemption for a long time. It would be desirable to allow...small manufacturing units to be kept outside the Drug Price Control Order (DPCO) provisions,» said a person in the know. Earlier, the Indian Pharmaceutical Alliance (IPA), which represents the country's biggest drug manufacturing companies, along with other lobby groups had asked for exemptions from price ceiling regulations for low-priced formulations. The National Pharmaceutical Pricing Authority (NPPA) fixes the ceiling price of essential Schedule I drugs under the DPCO.

Manish Malhotra and Tarun Tahiliani were the go-to designers for American reality TV stars and sisters Kim Kardashian and Khloe Kardashian who attended the grand wedding ceremony of Anant Ambani and Radhika Merchant in India. Anant, the youngest son of Asia's richest man Mukesh Ambani, on Friday married pharmaceutical heiress and childhood sweetheart Radhika at a star-studded event in Mumbai which saw the presence of celebrities from across the globe, politicians, who's who of Hindi and south Indian cinema world and almost all the top cricketers of the country. For their first visit to India, Kim (43) and Khloe (40) embraced the Indian style in true Manish Malhotra signature glamour, the celebrated fashion designer's label said. The Kardashians, who returned to the US on Sunday morning, chose custom-made creations by Manish Malhotra for the Friday nuptials.

Quant Mutual Fund (MF) has announced the appointment of Shashi Kataria as the new Chief Financial Officer (CFO), effective from July 1. Kataria replaces Harshal Patel, who resigned from the fund house due to personal reasons. The fund house posted on social media platform X that Harshal Patel tendered his resignation on February 19, with his last day of service being May 19. Shashi Kataria joined the fund house on June 10. «Shashi Kataria joined us on 10th June, 2024 and the Board Meeting was convened on 1st July 2024, and was appointed as Chief Financial Officer, Operations Head and Executive Director of Quant Money Managers Limited,» it said on social media platform X.

Narendra Modi on Saturday blessed the newly-wed couple Anant Ambani and Radhika Merchant after their star-studded wedding that was attended by global celebrities, business tycoons, and politicians. Modi arrived at the Ambani family-owned Jio World Convention Centre here for a wedding reception that has been titled 'Shubh Aashirwad'. Anant, the youngest son of Mukesh Ambani — Asia's richest man — and Radhika, a pharmaceutical heiress, touched Modi's feet to seek his blessings.

Emcure Pharmaceuticals jumped 4% to Rs 1,384 after a strong debut on the exchanges on Wednesday. The stock is listed at Rs 1325 on NSE and BSE over the IPO price of Rs 1008 apiece, a premium of Rs 317 or 31.4% as against the issue price. The enthusiastic listing was kind of expected after it received an overwhelming response, as the issue was subscribed to a whopping nearly 68 times.

Glenmark Pharmaceuticals' board of directors approved the sale of a 7.84% stake or 96,09,571 equity shares, in Glenmark Life Sciences Limited, as stated in its filing to the exchanges on Wednesday. The stake sale will be done through the stock exchanges via an offer for sale (OFS).

Allied Blenders and Distillers listed on the exchanges on Tuesday with a premium of 14%. The stock debuted at Rs 320 on NSE as against an offer price of Rs 281. The IPO, which was a combination of fresh equity sale of Rs 1,000 crore and an offer for sale (OFS) of 1.77 crore shares, was subscribed over 20 times at close.

Gopal's sweets will invest Rs 150 crore to set up a manufacturing unit in Mohali Industrial Economic Zone (MIEZ), being developed by the Royale Estate Group. Spread over 150 acres with a plan to expand it to 500 acres over the next three years, MIEZ's proximity to an International Airport, and other transport him gives advantage of connectivity to all the four states. «With the perishable nature of our products, mainly sweets and other dairy and bakery products, we were looking for the most central and strategic location from where we could serve all the four states within the desirable timelines,” said Sharanjit Singh managing director of Gopal's Sweets Pvt. Ltd. Punjab's green farm products, such as green peas, cabbage, onions and potatoes, which currently go to Rudrapur in Uttarakhand for processing & packaging, will now no longer have to go to Uttarakhand. The new plant at MIEZ will cater for all such operations for the farmers and food growers of Punjab.

Indian benchmark indices soared to fresh all-time highs on Tuesday, led by gains in auto and pharmaceutical stocks. Analysts said the uninterrupted rise in equities since the election results on June 4 has resulted in an overbought market, although a big reversal is unlikely for the moment. NSE's Nifty rose 112.65 points or 0.46% to close at 24,433.20, having hit a lifetime high of 24,443.60 during the day. BSE's Sensex rose 391.26 points or 0.49% to end at 80,351.64, down from an intraday record of 80,397.17.

IPO) of Emcure Pharmaceuticals, which opened earlier today, was booked 66% so far, driven by hefty demand from non-institutional investors. The issue, which closes on July 5, was subscribed 83% in the retail category and 1.07 times in the NII portion. Meanwhile, there were no bids yet in the QIB category.

IPO of Emcure Pharmaceuticals, the shares of the company are commanding a healthy premium of Rs 360 in the unlisted market. Considering the upper price band of Rs 960, the stock is expected to list at a premium of 37% if the current trends sustain. The company has finalised the share allotment today and listing date is fixed as July 10.

Sudeep Pharma Private Limited's promoters have completed the acquisition of shares from their joint venture partners - JRS PHARMA, regaining 100% ownership of the company. This strategic move represents a significant step in Sudeep Pharma’s ongoing growth and development, enabling the company to pursue its vision.Promoters of Sudeep Pharma, Mr.

Alembic Pharmaceuticals on Thursday said it has received tentative approval from the US health regulator for its generic Ivosidenib tablets used in the treatment of certain types of cancer of bone marrow and bile duct. The tentative approval by the US Food & Drug Administration (USFDA) is for the abbreviated new drug application (ANDA) for Ivosidenib tablets of strength 250 mg, the company said in a regulatory filing. The approved ANDA is therapeutically equivalent to the reference listed drug product Tibsovo tablets, 250 mg, of Servier Pharmaceuticals LLC (Servier), it added. The company said Ivosidenib tablets are indicated for patients with newly diagnosed Acute Myeloid Leukemia (AML) as monotherapy in adults 75 years or older, or who have comorbidities that preclude the use of intensive induction chemotherapy.

J B Chemicals & Pharmaceuticals Ltd.(up 1.62 per cent), Mankind Pharma Ltd.(up 1.2 per cent), Gland Pharma Ltd.(up 0.8 per cent), Zydus Lifesciences Ltd.(up 0.75 per cent) and Natco Pharma Ltd.(up 0.7 per cent) were among the top gainers.

Saurabh Mukherjea, the Founder & Chief Investment Officer of Marcellus Investment Managers, a renowned portfolio management service (PMS) player, stressed on three transformative themes driving new investment opportunities in India. These include the democratization of boardroom opportunities, the $300 billion China +1 opportunity, and the empowerment of Indian women.

IPO) of Emcure Pharmaceuticals will open for subscription today. Ahead of the issue opening, the company raised Rs 582 crore from anchor investors. Marquee investors who participated in the anchor round include HDFC MF, ICICI Pru MF, SBI MF, Abu Dhabi Investment Authority, Goldman Sachs Asset Management, Nomura, HDFC Life among others.

Union Budget 2024 that is set to be presented on July 23, the Centre is mulling over the idea of doubling the beneficiary base under its flagship Ayushman Bharat health insurance scheme over the next three years, with all those aged above 70 years to be brought under its ambit, to begin with, and also increase the insurance coverage to Rs 10 lakh per year. These proposals or some parts of it are expected to be announced in the Union Budget. In the interim Budget, the government increased the allocation for the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), which provides health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalization to 12 crore families, to Rs 7,200 crore while Rs 646 crore was assigned for the Ayushman Bharat Health Infrastructure Mission (PM-ABHIM).

J B Chemicals & Pharmaceuticals Ltd.(up 1.02 per cent), Biocon Ltd.(up 0.94 per cent), Lupin Ltd.(up 0.93 per cent), Torrent Pharmaceuticals Ltd.(up 0.83 per cent) and Natco Pharma Ltd.(up 0.76 per cent) were among the top gainers.

Eli Lilly has yet to get the nod from India's drug regulator for selling its blockbuster drug Tirzepatide in the country for weight loss, said the American pharmaceutical firm. «The apex drug regulator's subject expert committee (SEC) has so far given a go-ahead for its import and marketing for diabetes and not for weight loss,» Elli Lilly told ET, adding that the «obesity» indication is undergoing review by the Central Drugs Standard Control Organisation (CDSCO). The drug is marketed under the brand name Mounjaro for type 2 diabetes treatment and as Zepbound for weight loss, in the US. Mounjaro has been available in the US since 2022 while Zepbound was approved by the US FDA in November 2023. The company said it has yet to firm up the schedule for launching the drug in India.

Shares of Glenmark Pharmaceuticals Ltd.(up 3.01 per cent), Natco Pharma Ltd.(up 2.76 per cent), J B Chemicals & Pharmaceuticals Ltd.(up 2.18 per cent), Biocon Ltd.(up 1.87 per cent) and Mankind Pharma Ltd.(up 1.49 per cent) ended the day as top gainers in the pack.