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Autos

  • Commercial vehicle sales to stay in fast lane
    on May 24, 2022 at 7:29 pm

    “GST (goods and services tax) collections touched an all-time high last month. Tax collections going up is a good sign,” said Vinod Aggarwal, managing director at VE Commercial Vehicles (VECV). “Potential in the market continues to be very large (despite inflationary concerns).”

  • Exports take front seat in Citroen India strategy
    on May 24, 2022 at 7:20 pm

    Apart from sourcing components worth a billion dollars, Citroen will use India as a base for exporting cars to Africa, the Middle East and Asean to begin with, and eventually add left-hand drive markets as well. The whole C-Cube, or the Smart Car, programme is originating out of India. So, there is a huge dimension of engineering exports also from the country, said its top global executives, adding that this would help ensure best cost.

  • Volvo Trucks, the first in the world to use fossil-free steel in its trucks
    on May 24, 2022 at 7:14 am

    The steel from SSAB is produced using a completely new technology, based on hydrogen. The result is a much lower climate impact than conventionally produced steel. Small scale introduction of the steel in Volvo’s heavy electric trucks will begin in the third quarter of 2022, the truck manufacturer said.

Banks

  • Government on course on PSU bank privatisation: Sources
    on May 25, 2022 at 4:21 pm

    According to sources, the government is committed to the privatisation of two public sector banks and it is on course. Besides, sources also said the divestment of BPCL is also on the card and fresh bids will be invited.

  • RBI cancels registration of 5 NBFCs due to irregular lending practices
    on May 25, 2022 at 2:10 pm

    “The CoR of the (five) NBFCs have been cancelled on account of violation of RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations undertaken through third party apps which was considered detrimental to public interest,” the RBI said.

  • Non-disclosure of foreign assets comes back to haunt thousands
    on May 24, 2022 at 7:13 pm

    Some of the summons relate to remitting money that was transferred from another member of the family who has exhausted individual LRS limit for the year. If such fund transfers are not established as a ‘gift’ to the family member, it could be construed as ‘borrowing’ – and therefore a violation – by the latter as LRS investments cant’ be with borrowed money.

Consumer Products

  • Packed food prices may rise despite government sops
    on May 25, 2022 at 7:15 pm

    The government has in recent days banned wheat exports, restricted sugar exports, allowed duty-free imports of crude soyabean and sunflower oil up to 2 million tonnes each per year for two years, and cut excise duty on petrol and diesel.

  • Steps to stabilise food prices: Govt
    on May 25, 2022 at 6:29 pm

    The government had on Tuesday decided to cap export of sugar (raw, refined and white sugar) at 10 million tonnes in the current sugar season from June 1, 2022, and exempt customs duty and agriculture infrastructure development cess on 2 million metric tonnes each of imported crude soyabean and sunflower oil per year for two years.

  • Covid scare pushed up trade of aromatic and medicinal oils by 20%: Industry body
    on May 25, 2022 at 4:20 pm

    The conference is being organised in Madhya Pradesh for the first time, he said, adding that with the availability of herbs in abundance in the state, their processing can give a fillip to the local economy. Shaktivinay Shukla, director of the central government’s Kannoj-based Fragrance and Flavour Development Centre (FFDC), said that world’s 90 per cent mentha is produced in India and the country has the potential to produce even more.

Healthcare

  • Government may ‘rationalise’ drug trade margins in a bid to reduce costs
    on May 25, 2022 at 7:12 pm

    The meeting was attended by representatives from the Indian Drug Manufacturers Association (IDMA) and Indian Pharmaceutical Alliance (IPA), The Organisation of Pharmaceutical Producers of India (OPPI), and All India Drug Action Network (AIDAN), among others. The All India Organisation of Chemists and Druggists (AIOCD) has suggested a 10% trade margin for wholesale dealers on PTR (price to retailer) and 20% for retailers on MRP.

  • Indian hospitals set for quality upgradation thanks to ISRO
    on May 25, 2022 at 9:48 am

    Many healthcare associations approached ISRO in 2016 to learn the best practices in its quality domain and implement them in their emergency care and critical care departments “for reducing mortality rates.”

  • Patent infringement lawsuit filed against Natco by Johnson & Johnson, Momenta
    on May 25, 2022 at 8:02 am

    Homegrown pharma firm Natco on Wednesday said Johnson & Johnson and Momenta Pharmaceuticals have filed a patent infringement lawsuit against the company and its marketing partner Mylan Pharmaceuticals Inc, along with others, in the US. Johnson & Johnson and Momenta Pharmaceuticals lawsuit alleges infringement of two old patents associated with 20mg/ml and 40mg/ml Glatiramer Acetate injection, Natco said in a regulatory filing.