Thursday, November 28
Leading Indian drugmakers, Zydus Lifesciences and Sun Pharmaceutical industries entered into a licensing agreement to co-market Desidustat, an oral treatment for anaemia, associated with chronic kidney disease (CKD). The agreement allows Sun Pharma to co-market the product developed by Zydus Lifesciences Limited, the companies announced in a joint note. Desidustat is an oral treatment for anemia associated with chronic kidney disease (CKD) in India.
The World Bank has warned that oil prices could reach unprecedented levels if the violence between Israel and Hamas escalates. The conflict has raised concerns about a wider conflict in the Middle East, which could lead to disruptions in the global oil supply. The World Bank's Commodity Markets Outlook outlines three scenarios for the impact on oil prices, with prices potentially increasing by 35% to 75% in the event of a medium or large disruption.
The Sri Lankan government has extended the petroleum products license of Lanka IOC, the local subsidiary of Indian Oil Corporation, for another 20 years. This will allow Lanka IOC to continue its retail operations in Sri Lanka until 2044. The license renewal has been met with opposition from the main opposition party, which questions the basis on which the renewal was granted and the lack of transparency in the agreement. The renewal comes as Sri Lanka faces an economic crisis and a liberalized energy sector with new players entering the market.
Stock markets this week will be influenced by the US Federal Reserve's interest rate decision, global cues, macroeconomic data announcements, and quarterly earnings. The outcome of the Federal Reserve meeting and the policy decisions of the Bank of Japan will be closely watched. Economic data releases from the US and China, as well as geopolitical situations, will also impact market sentiment. In a holiday-shortened last week, the BSE benchmark tanked 1,614.82 points or 2.46 per cent.
IRB Infrastructure Trust, the private InvIT of IRB, has received the letter of award from NHAI for Rs 4,428 crore road project. This award takes the company's asset base to Rs 75,000 crore, IRB Infrastructure said in a statement on Sunday. "IRB Infrastructure Trust (Private InvIT) receives the Letter of Award (LoA) from NHAI (National Highways Authority of India) for Rs 4,428 crore Lalitpur-Lakhnadon NH 44, TOT-12 project for the revenue linked concession of 20 years," the statement said.
Zydex Group, a specialty chemicals company, aims for a 15-20% revenue growth in various sectors, including road, textile, agro, water proofing, and paints, in the fiscal year 2023-24. The company's Chairman and Managing Director, Ajay Ranka, stated that the market sentiments have improved, except for the textile sector, which has been performing poorly since October 2022. Zydex also focuses on organic farming solutions and offers products for road stabilization and improvement. Sustainability is a key differentiator for the company.
Trade and economy officials from the G-7 countries have pledged to work together to ensure smooth supply chains for essentials like energy and food. The nations promised to maintain a free and fair trading system based on the rule of law and enhance economic resilience and security. The participants also discussed tackling climate change, strengthening food security, promoting digital trade, and sustainable development. China's export curbs and Japan's seafood bans were also topics of discussion. Bilateral agreements were made between Britain and Japan, as well as Japan and the EU.
As per the PFRDA's circular dated October 25, 2023, successful penny-drop verification, along with name matching, is necessary for processing exit/withdrawal requests and updating subscriber bank account details.
Elon Musk discussed new concepts for his social media platform, X, during a video conference. One idea discussed was incorporating dating app features into the platform. Musk envisions X becoming a fully-fledged dating site by 2024, in addition to functioning as a digital bank. However, Musk did not provide specific details on how the transformation would occur or if there was demand for such features. This aligns with Musk's push for features that require payment, as most dating apps operate on a subscription model.
Japan's business lobby, Keidanren, will urge member firms to consider raising base salaries next year and is calling on the central bank to achieve "moderate" inflation, according to the Nikkei newspaper. Keidanren will also call on companies to maintain and strengthen the momentum for raising wages beyond next year.BOJ Governor Kazuo Ueda has stressed the need to keep low interest rates until stronger wage gains help Japan sustainably achieve 2% inflation backed by solid consumption.
