- India's central bank decided to cut its key interest rates by 25 basis points to the lowest since 2010, as slowing inflation provided room for easing, but the bank cautioned that price growth could accelerate from the current lows. The repo rate was adjusted to 6.00 percent from 6.25 percent. The bank had last reduced the rate by 25 basis points in October 2016.The reverse repo rate was adjusted to 5.75 percent from 6.00 percent. Likewise, the marginal standing facility rate and the Bank Rate were adjusted to 6.25 percent.
- Larsen & Toubro has bagged an order worth `3,375 crore to build a metro rail project for the government of Mauritius, the engineering major said. L&T has been upbeat on metro rail projects and is already executing projects in Riyadh and Doha, and 17 locations in India.
- Glenmark Pharmaceuticals has received final approval from the US health regulator for Acyclovir Ointment used for treatment of herpes virus.
- Lupin has received final approval from the US health regulator to market its Rosuvastatin Calcium tablets used for lowering high cholesterol.The product is a generic version of iPR Pharmaceuticals Inc's Crestor tablets. The tablets are indicated for treatment of adult patients with hypertriglyceridemia, primary dysbetalipoproteinemia and patients with homozygous familial hypercholesterolemia.
- Lupin has received approval from the US health regulator to market Fluocinonide Topical ointment, an anti-inflammatory drug, in the American market. Companu's product is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses.
- Alembic Pharmaceuticals has received the US health regulator's nod for anti-bacterial Doxycycline capsules. Doxycycline capsules are used in treatment and prevention of infections that are proved or strongly suspected to be caused by bacteria.
- Zydus Cadila has received approval from the US health regulator to market Temozolomide capsules, used in the treatment of brain tumour, in the American market.The Ahmedabad-based company has also received final approval from the USFDA to market Nadolol tablets in the US market.
Oil & Gas
- Bharat Petroleum Corporation plans to venture into gas business and diversify resources for source of fuels as part of its five-year plan.
- Tata Motors is betting big on its upcoming model compact SUV Nexon as it prepares to enter the fastest growing segment in the Indian passenger vehicles market by September. Nexon will be the last vehicle on the platform on which the company has developed earlier models such as hatchback Bolt and compact sedan Zest.
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- ITC Foods announced the launch of a biscuit variety "enriched" with native Indian cow milk. The Sunfeast NaatMaad Paal "biscuits are enriched with native Indian cow milk and fortified with the goodness of eight essential vitamins, iron and calcium.