Dr. Reddy’s receives DCGI approval to conduct phase 2/3 trials of the Sputnik V vaccine in India
Dr. Reddy’s Laboratories (DRL) has received regulatory approval from the Drugs Controller General of India (DCGI) to conduct mid- to late-stage human trials for Russia’s Sputnik V vaccine candidate in India. The developments bring India a step closer to potentially getting a Covid-19 vaccine by the end of this year.
Edelweiss Alternative Asset Advisors raises Rs 6,600 cr
ESOF III, the third fund to be launched in the special opportunities fund series, will be centering its investments around the performing credit space with a focus on providing structured credit to Indian companies. The ESOF III strategy has generated strong investor interest and has received commitments from global institutional investors, which include recent investments by Canadian Ontario Teachers’ Pension Plan Board, Florida’s State Board of Administration, Swedish Pension Fund – AP4, and a European insurance investor, among others.
EAAA said it is looking to generate 16-18% returns through ESOF III.
ITC Aggressive on FMCG
In the current quarter, ITC has been aggressive in its FMCG business – launching sanitizers and hand washes, leveraging its extensive distribution network, and acquiring a key regional spice brand. However, it has lost around 40 days of cigarette sales due to the lockdown. Its hotels and paper segments, too, are likely to be impacted due to the loss of business. ITC has nil debt and a cash pile of over Rs 20,000 crore. For FY20, it generated free cash flows of Rs 11,693 crore – 30 percent higher than the year-ago level and by far the highest in the FMCG industry.
Bullet Train Project: Larsen & Toubro wins financial bids for the design and construction of the viaduct
L&T has won the financial bids for the design and construction of 237 km length of the viaduct for 508 km of the Mumbai-Ahmedabad high-speed rail corridor. The bids were opened on Monday (October 19) and the L&T emerged as the lowest bidder. A total of three bidders involving seven major infrastructural companies had participated in the competitive bidding. Except for L&T, other bidders were: Afcons Infrastructure Limited – IRCON International Limited – JMC Projects India Ltd- Consortium and NCC Limited – Tata Project Ltd- J Kumar Infra Projects Ltd – HSR Consortium. The tender covers about 47% of the total alignment of 508 km, between Vapi (Zaroli Village at Maharashtra- Gujarat border) and Vadodara in the state of Gujarat. This includes four stations namely Vapi, Billimora, Surat and Bharuch, and Surat Depot.
HDFC Bank Q2 results: Profit rises 18% to Rs 7,513 cr
HDFC Bank on Saturday reported an 18.4 percent year-on-year rise in standalone net profit at Rs 7,513.10 crore for the September quarter.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 16.7 percent to Rs 15,776.40 crore from Rs 13,515 crore in the year-ago quarter.
Britannia Q2 Results: Net profit up 23% YoY to Rs 495 crore
Biscuit maker Britannia Industries reported a consolidated net profit of Rs 495.20 crore for the quarter ended September, up 23 percent from a year ago. The company had reported a net profit of Rs 405.37 crore in the same quarter a year ago. Its consolidated revenue from operations grew 12.1 percent to Rs 3,419.11 crore from 3,048.84 crores reported a year ago.
Interest waiver case: Centre submits an affidavit in SC, supports waiver of compound interest for loans up to Rs 2 crore
The ministry will support the waiver of compound interest only for the smaller borrowers, and not the large borrowers, one of the people quoted earlier clarified. Small ticket affordable housing loans, personal loans, education loans, MSME loans, auto loans, credit card loans, etc up to Rs 2 crore would be considered for the compound interest waiver by the government, another person added. Assuming not more than 30-40 percent of the overall loans of the banks and NBFCs will be eligible for relief, the cost to the government should not exceed Rs 5,000-7,000 crore. This is assuming all borrowers are given relief irrespective of they availing of the moratorium or not.
COVID 2nd wave drives more European countries back into lockdown
More European countries have decided to reimpose nationwide lockdown measures to counter fast-rising coronavirus infection rates. Northern Ireland announced Wednesday that it would become the first among the United Kingdom’s four nations to try a so-called circuit breaker lockdown. The tactic will see pubs and restaurants closed for all but takeout service, all schools closed and many other businesses greatly restricted for a short, defined period to try and break the cycle of spiraling infections.