BUSINESS
Covid pushes India's Pharma industry growth to 59% in April
According to total sales audit data from world's largest pharmaceutical market research firm IMS Health, the Indian Pharma Market (IPM) grew 59 per cent yoy in April, 2021 vs 16 per cent yoy in March, 2021 due to the low base effect in April, 2020 and sharp surge in Covid-19-related sales.
GST Council to meet 1st time in 2021 on May 28 to discuss Covid relief
The meeting coming in the backdrop of the fresh and more deadly Covid wave sweeping the country is expected to announce a few Covid relief measures, particularly on compliance matters. It may also announce a few measures to correct the inverted duty while discussing the compensation cess dues arising in 2021-22 due to a possible shortfall in cess collections.
Covid Care: Boeing plans to set up field hospitals in India
Accordingly, the aerospace major has been in talks with five state governments to provide such facilities in their jurisdictions. In the last few days, Boeing India has reached out to UP, Chhattisgarh, Karnataka, Telangana and Tamil Nadu state governments. The initiative as part of Boeing's India Covid relief commitment envisages setting up of such facilities in each of five states which are facing the pandemic resurgence.
Cisco to acquire threat assessment platform Kenna Security
This is the third acquisition by Cisco this week. The company announced its intent to acquire Sedona Systems and Socio Labs earlier this week, but did not disclose financial details. Kenna is the first significant acquisition for Cisco's security business since its $2.35 billion purchase of Duo Security in 2018. Kenna Security is a recognised leader in risk-based vulnerability prioritisation with over 14 million assets
India's forex reserves up by over $1 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $589.465 billion from $588.020 billion reported for the week ended April 30. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
India's April exports rise to over $30 bn
In April 2021, exports grew to $30.63 billion, higher by 195.72 per cent over the $10.36 billion reported in April 2020."As compared to April 2019, exports in April 2021 exhibited a positive growth of 17.62 per cent in dollar terms and 26.17 per cent in rupee terms," an official statement on foreign trade said. As compared to April 2019, the non-petroleum and non-gems and jewellery exports in April 2021 registered a positive growth of 20.47 per cent.
FIDC seeks relief for MSMEs benefited under RBI's Restructuring Framework 1.0
In a letter to RBI Governor Shaktikanta Das, Mahesh Thakkar, the Director General of FIDC said that the second wave of the Covid pandemic has created new uncertainties in the country's economic revival and MSME customers are the most affected category of borrowers, especially in sectors such as education (school and school bus operators), transportation (staff bus and route bus operators) and tourism.
India needs its own crypto unicorns: Experts
Framing an appropriate regulatory framework for cryptocurrencies and crypto assets continues to be a challenge with countries taking differing approaches to find a solution. The government earlier indicated that it would take a ‘calibrated approach' towards digital assets and formulating a Bill on cryptocurrencies. A final decision is yet to be taken.
PNB, DLF, Tata Steel top bought large cap stocks by MFs in April
Inflows into equity funds declined to Rs 3,400 crore compared to Rs 9,100 crore in March but the inflow trend remain, said a report by ICICI Direct. SIP flows are now back at pre-Covid levels with April inflow at Rs 8,590 crore, it said.
Sovereign Gold Bond Scheme 2021-22 to be issued at Rs 4,777 per gm
The government, in consultation with the Reserve Bank of India, has decided to allow discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors, the issue price of the Gold Bond will be Rs 4,727 per gram of gold.
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