Sun Pharma: Strong Q1 show, settlement of antitrust case pleases investors A strong Q1, 2021-22 (Apr-Jun 2021) performance saw the share price of Sun Pharma jump by 10 per cent in a single session. The pharma major had terrific year-on-year (YoY) results, boosted by the low base of Q1, 2020-21. But it also had a pretty good quarter-on-quarter (QoQ) performance versus Jan-Mar 2021 (Q4, 2020-21). The consolidated results saw operational revenues climbing to Rs 9,719 crore versus Rs 7,585 crore YoY and versus Rs 8,522 crore QoQ. Sales grew by double-digits YoY in all of its major markets. Read more
EVs to account for 25% of Tata Motors’ PV sales: N Chandrasekaran
Electric vehicles (EVs) could constitute about 25 per cent of the total passenger vehicle sales at Tata Motors “in the medium to long term”, said the company on Friday, as it seeks to ride the electrification trend in the country.
The automobile major will announce its fundraising plans to support the EV business, N Chandrasekaran, chairman, Tata Motors, told shareholders at the company’s 76th annual general meeting.
At present, EVs account for 2 per cent of the company’s passenger vehicle (PV) sales. Read more
Mastercard submits new audit to India after ban over data handling
Mastercard has submitted a new audit report to India’s central bank, it told Reuters, as it seeks to overturn a ban on card issuance linked to concerns over the U. S. giant’s handling of data processed abroad. The Reserve Bank of India (RBI) on July 14 sent panic-waves through Indian banking partners by announcing a ban, effective from July 22, to prevent the U. S. giant from issuing new cards. It cited non-compliance with 2018 rules that required it to store payments data only in India. Read more
Jhunjhunwala’s new airline may give Boeing a chance to regain lost ground
Indian billionaire Rakesh Jhunjhunwala’s plan to launch an ultra low-cost airline could give planemaker Boeing a chance to regain lost ground in India after the fall of one of its biggest customers, Jet Airways, two years ago, industry executives say.
Jhunjhunwala, known as India’s Warren Buffett for his successful stock investments, plans to team up with former CEOs of IndiGo, the country’s biggest carrier, and Jet Airways to tap into demand for domestic air travel. Read more
India, China to hold 12th round of military-level talks on Saturday
India and China will hold the 12th round of Corps Commander-level talks at Moldo on the Chinese side of the Line of Actual Control (LAC) on Saturday to iron out an agreement for the next phase of disengagement in Eastern Ladakh.
The latest round of talks will take place after a gap of three months. Indian military delegates will meet their counterparts to discuss disengagement of troops at the friction areas such as the Hot Springs, Gogra and the Depsang plains spread over 900 sq km land. Read more