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Weekly News: The Indian service sector was again impacted by the Goods and Services Tax - IndiaNotes.com
Weekly News: The Indian service sector was again impacted by the Goods and Services Tax
SMC | Published: 11 Sep, 2017  | Source : IndiaNotes.com

Economy


- India's private sector activity deteriorated for the second straight month in August, as the Indian service sector was again impacted by the Goods and Services Tax, survey figures from IHS Markit showed .


Construction


- Hindalco will invest in new capacities for automobile component offerings from its Canadian subsidiary Novelis and expand manufacturing lines to grow its auto shipments to a quarter of the total production capacity. The company is considering expanding Novelis' auto lines in the US and China to tap rising demand for aluminium sheets used for automotive purposes.


Pharmaceutical


- Biocon's insulin manufacturing facility in Malaysia has received a Good Manufacturing Compliance certificate from Europe's drug regulator, giving its Malaysian subsidiary the green light to supply products manufactured at this plant to the European market. This comes as a positive development for the Bengaluru-headquartered biotech firm, which recently faced issues with the European authority regarding one of its manufacturing plants in India.


- Lupin announced the launch of its Olmesartan Medoxomil tablets, a hypertension drug, in the US market. The company has launched the tablets in strengths of 5 mg, 20 mg and 40 mg after having received an approval from the United States Food and Drug Administration.


- Ajanta Pharma has received final approval from the US health regulator for Entacapone tablets, used in the treatment of Parkinson's disease. It is a bioequivalent generic version of Comtan1 Tablets. Company will be launching the product shortly in 200mg strength tablets.


- Jubilant Life Sciences said its subsidiary Jubilant Pharma has completed the acquisition of the US radiopharmacy business of Triad Isotopes Inc.Triad operates the second largest radiopharmacy network in the US with more than 50 pharmacies.


- Cadila Healthcare group firm Zydus Cadila has received final approval from the USFDA to market Mycophenolate mofetil for injection used in organ transplants to prevent rejection.The approval is for Mycophenolate Mofetil injection of strength 500mg/vial. The drug is indicated for use in combination with other drugs -- cyclosporine and corticosteroids for prophylaxis of organ rejection in patients receiving kidney, liver or heart transplants.


- Cadila Healthcare said the US health regulator has issued no observations after completion of inspection of its Moraiya plant in Gujarat.


Automobile


- MRF Limited has recently released the Perfinza range of luxury and premium tyres, making this the first tyre made by any Indian company to be approved by a leading global luxury car manufacturer.


Oil & Gas


- Petronet LNG will build a liquefied natural gas (LNG) import terminal in Sri Lanka in collaboration with Japanese and Lankan companies.


Construction


- Punj Lloyd JV has won a Rs 1,177-crore project in Myanmar from the National Highways Authority of India. The NHAI has awarded its first international project in Myanmar. A joint venture between Punj Llyod and Varaha Infrastructure Ltd has won the bid to construct the Yagyi- Kalewa road section in Myanmar at a cost of Rs 1,177 crore.


FMCG


- Nestle is consolidating its product portfolio to focus on high-performing brands. The Swiss company, which launched more than 40 products over two years, is reviewing categories across chocolates, confectionery, coffee and the dairy segment.

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About SMC
SMC Research, founded in 1990, is India’s leading share and stock broker, provides a wide range of financial services and investment solutions. A blend of extensive experience, diverse talent and client focus has made us the 4th largest broking house in India(Source: Dun and Bradstreet, 2008). Over the years, SMC has expanded its operations domestically as well as internationally. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Cochin, Ahmedabad, Jaipur, Hyderabad, Bangalore plus a growing network of 2100+ offices spread across 425 cities/towns in India.


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