New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

Earnings, global cues to dictate market trend: Experts

The ongoing corporate results season, movement of the rupee and global cues will set the tone for the domestic equity markets this week, experts said.

  "The market will closely watch supervision and management commentary of the companies coming out with their earnings," said Mustafa Nadeem, CEO, Epic Research.

Indices may also react to results posted over the weekend. Wipro announced its results after market hours Friday, while HDFC Bank

Saturday reported a 20.3 per cent growth in net profit to Rs 5,585.9crore for the December quarter.

Lupin, Sun Pharma, Glenmark recall products in US

Indian drug majors Lupin, Sun Pharma and Glenmark Pharmaceuticals are recalling various drugs from the

US market for a variety of reasons. As per the latest Enforcement Report published by the US Food and Drug Administration (USFDA), Lupin is voluntarily recalling 55,000 vials and 1,60,241 boxes of anti-bacterial drug Ceftriaxone for injection in various strengths.

The recall has been initiated by Lupin Pharmaceuticals, Inc, a subsidiary of the Mumbai-based firm.

Reliance seeks partner Niko's exit from KG-D6 over payment default

Reliance Industries has asked its partner Niko Resources to withdraw from eastern offshore KG-D6 gas block over default in payments for field development cost, but the Canadian firm has sought to stall the move by invoking arbitration, the companies said.

Niko, which defaulted on payment of loans to its lenders, has been unsuccessful in seeking a possible buyer for its 10 per cent  stake in Bay of Bengal block KG-D6 or securing financing for its  share of the USD 5-6 billion.  R-Cluster, Satellite Cluster and MJ  development projects in the block.

BSNL applies for in-flight connectivity licence

State-run BSNL has applied for inflight connectivity (IFC) licence to offer on-board Wifi and mobile calls in flights.

With this BSNL becomes the third telecom player to apply for IFC licence; earlier Hughes and Tata Telenet had applied. “We hope to get more applications soon", a senior DoT official said. The lice­nce will enable BSNL to be an authorised “in flight and maritime connectivity” (IFMC) service provider.

General insurers expect drones to boost business

Not just large e-commerce players, even the insurance industry is excited about the possibilities of drone delivery of products after the civil aviation ministry released the draft guidelines on the drone policy last week. But the Insurance Regulatory and Development Authority of India (Irdai) is still silent on regulations for insuring doorstep delivery of products and services through drones or the use of drones for surveying damages and claims.

US could offer oil at discount to compensate for Iran curbs

The US may offer higher quantities of oil and gas to India on concessional terms from its own reserves to help the country tide over Iran sanctions that propose to suck out close to 10 per cent of Indian crude imports once full scale of import curbs becomes effective early next fiscal.

Wipro net up 32%, to issue 1:3 bonus shares

IT services major Wipro on Friday posted a 31.8 per cent increase in consolidated net profit at Rs 2,544.5 crore for October-December 2018 compared to the year-ago period.

Aurobindo to acquire 7 oncology products from US firm

Aurobindo Pharma on Thursday said it will acquire a portfolio of seven branded oncology injectable products from US-based Spectrum Pharmaceuticals Inc in a $300 million deal (over Rs 2,100 crore) which includes an upfront cash payment of $160 million.

According to the definitive agreements inked between the two companies, Acrotech Biopharma, a subsidiary of Aurobindo, will pay an upfront purchase price of $160 million in cash plus up to $140 million on achieving regulatory and sales-based milestones for the seven products.

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