Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Wellness Forever Medicare Ltd, a leading retail pharmacy and wellness network, has filed draft red herring prospectus (DRHP) with markets watchdog Sebi for an initial share sale. The size of the Initial Public Offering (IPO) of the company, backed by <keyword id="242973" type="General" weightage="20" keywordseo="Serum-Institute" source="Orion">Serum Institute</keyword>'s <keyword id="383467" type="General" weightage="20" keywordseo="adar-poonawalla" source="Orion">Adar Poonawalla</keyword>, is likely to be in the range of ₹1,500-1,600 crore, according to merchant banking sources. Apart from a fresh issue worth up to ₹400 crore, there will be an Offer for Sale (OFS) wherein shares will be offloaded by promoters — Ashraf Mohammed Biran, Gulshan Haresh Bakhtiani and Mohan Ganpat Chavan — and other shareholders. The proceeds from the fresh issue will be utilised for funding capital expenditure for setting up of new stores as well as incremental working capital requirements, repayment/ pre-payment of borrowings and for general corporate purposes, according to the Draft Red Herring Prospectus (DRHP). The OFS will include sale of up to 1.60 crore equity shares. Around 7.20 lakh shares each will be on offer by Biran and Bakhtiani. Besides, Chavan will offload up to 1.20 lakh shares and up to 144.85 lakh shares by other existing shareholders. IIFL Securities, Ambit Pvt Ltd, DAM Capital Advisors Ltd, and HDFC Bank are book running lead managers to the issue. In recent months, there has been a flurry of activities in the IPO market that also coincided with the stock market touching new peaks. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/here-is-a-list-of-ipos-likely-to-open-in-october-2021/slidelist/86693916.cms" data-type="tilCustomLink">From PolicyBazaar to Adani Wilmar -- Here is a list of IPOs likely to open in October</a> <a href="https://www.businessinsider.in/business/startups/news/top-earners-at-ritesh-agarwal-led-oyo-as-per-its-drhp/slidelist/86682750.cms" data-type="tilCustomLink">OYO’s Ritesh Agarwal took home ₹1.6 crore in FY2021 — here are the top earners in the IPO-bound company</a> <a href="https://www.businessinsider.in/politics/world/news/biden-floats-2-trillion-price-tag-social-spending-package-pushing-for-cuts-to-salvage-his-economic-plans/articleshow/86697537.cms" data-type="tilCustomLink">Biden floats $2 trillion price tag social spending package, pushing for cuts to salvage his economic plans</a>

Adar Poonawalla-backed pharmacy chain Wellness Forever files for IPO

<ul class="summary-list"><li><keyword id="383467" type="PERSON" weightage="60" keywordseo="Adar-Poonawalla">Adar Poonawalla</keyword>, the leader of a major <keyword id="24209" type="PERSON" weightage="60" keywordseo="vaccine">vaccine</keyword> manufacturer, said he fled <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> due to threats.</li><li>Poonawalla leads the Serum Institute, the world's largest vaccine manufacturer.</li><li>The COVID-19 situation in India is so dire that Poonawalla said people have been hurling threats at him, accusing him of delaying vaccines on purpose.</li></ul>The CEO of the Serum Institute, a vaccine manufacturer in India, said he fled the country because of incessant threats against him. In an <a href="https://www.thetimes.co.uk/article/adar-poonawalla-aggression-over-covid-vaccines-is-overwhelming-everyone-expects-to-get-theirs-first-bfqbgcm96?utm_medium=Social&amp;utm_source=Twitter#Echobox=16198538343834">interview</a> with the Times of London, Adar Poonawalla said he went to England to escape threats from people claiming he's holding up vaccines."'Threats' is an understatement," Poonawalla said. "The level of expectation and aggression is really unprecedented.""It's overwhelming. Everyone feels they should get the vaccine. They can't understand why anyone else should get it before them," he added. "They are saying if you don't give us the vaccine it's not going to be good. It's not foul language. It's the tone. It's the implication of what they might do if I don't comply."The Serum Institute is the world's largest vaccine manufacturer, <a href="https://www.bbc.com/news/world-asia-india-55748124#:~:text=What%20about%20Covishield%3F,60%20million%20doses%20a%20month.">producing more than 60 million doses</a> of the AstraZeneca and Oxford vaccine every month. At the time of his interview, Poonawalla said he'd stay in England for "an extended time, because I don't want to go back to that situation.""Everything falls on my shoulders, but I can't do it alone," he added. Hours after the interview was published, Poonawalla backtracked and wrote on Twitter that he'd return to India "in a few days."The news of his departure from India comes as the country experiences deep surges in positive COVID-19 cases.The nation reported a record high of <a href="https://www.businessinsider.com/india-first-country-to-record-400000-single-day-coronavirus-cases-2021-5">401,993 new cases of COVID-19</a> on Saturday. No other country has breached 400,000 daily cases.Crematoriums across India are overwhelmed with bodies. Patients are <a href="https://www.cnn.com/world/live-news/coronavirus-pandemic-vaccine-updates-05-01-21/h_3485a084f1fa06acfc2aa0d1cd2046fd?tab=India">dying</a> as hospitals run out of oxygen. The country had reported more than 300,000 new cases each day for nine consecutive days before hitting the 400,000 mark.India also reported more than 3,500 deaths on Saturday - the fourth day in a row that death counts have surpassed 3,000. Those numbers are likely an undercount. A <a href="https://www.nytimes.com/2021/04/24/world/asia/india-coronavirus-deaths.html" target="_blank" rel="noopener">New York Times</a> investigation published this week found "mounting evidence" that suggested fatalities are being "overlooked or downplayed" by the government. The situation has gotten so bad that people have surrounded his company multiple times and called him a "profiteer" of the COVID-19 vaccines."I don't think even God could have forecast it was going to get this bad," Poonawalla said in the interview.Insider's Morgan McFall-Johnsen contributed to this report.

The leader of one of the world's biggest vaccine manufacturers said he fled India because of menacing threats

<ul><li>Poonawalla has rented out a mansion in Mayfair, London from Polish billionaire Dominika Kulczyk.</li><li>His new neighbours would be billionaires from around the world – a Chinese heiress, businessman John Caudwell who owns the phone retail company Phones 4u.</li><li>But there’s more to Mayfair’s history.</li></ul><keyword id="383467" type="PERSON" weightage="20" keywordseo="Adar-Poonawalla">Adar Poonawalla</keyword> is a busy man, after all he’s the man behind Serum Institute of India (SII) -- the largest vaccine manufacturer in the world that has most recently made the Oxford-Astrazeneca COVID-19 vaccine. Poonawalla, who belongs to one of India’s richest families, has a new address. Poonawalla has reportedly <a href="https://www.bloombergquint.com/business/ceo-rents-london-mansion-for-69-000-a-week-in-mayfair-record">rented out</a> a mansion in Mayfair, one of the most expensive residential areas in the world. Mayfair is in the city of Westminster, which falls within the greater London area. Poonawalla is shelling out $69,000 or just over ₹50 lakh as rent per week for his new house. Poonawalla is renting the property from Polish billionaire Dominika Kulczyk. The home is one of the biggest in the district and spreads across 25,000 square feet – which is <a href="https://www.ndtv.com/india-news/adar-poonawalla-rents-uk-mansion-for-69-000-a-week-report-2398321">reportedly </a>as much as 24 average homes, put together, in the UK. Poonawalla, who is an alumnus of the University of Westminster, has often referred to London as his second home. The billionaire’s rental in London comes at a time when the city’s real estate is recovering fast after the COVID-19 induced lull. According to real estate consulting firm Knight Frank, the total number of prospective buyers who are looking at over £10 million properties had doubled by January 2021, as compared to the year before. His new neighbours would be billionaires from around the world – a <a href="https://www.dailymail.co.uk/femail/article-9290657/Chinese-heiress-24-rents-five-bedroom-Mayfair-townhouse-record-breaking-130-000-MONTH.html">Chinese</a> heiress, businessman John Caudwell, who owns the phone retail company Phones 4u, among others. <cmsannotation type="cmsannotation" annotationid="Home to history" comment="subhead" text="Home to history">Home to history</cmsannotation> Poonawalla’s new Mayfair home also houses historic significance. The area is home to British royalty, dukes and duchesses. In fact, according to reports, of the 227 houses built in the area, hundreds of years ago, 117 belonged to those who had titles. The area also has some of the most <a href="https://www.thesun.co.uk/news/12391019/britains-most-expensive-homes-250m-mayfair-mega-mansion/">expensive homes</a> in Britain. Mayfair also houses the first bachelor pad of Britain’s former Prime Minister Winston Churchill. It was there that Churchill laid the foundation of his political career and was also the place where he wrote his first book Ian Hamilton’s March. So, of course, Mayfair properties don’t come cheap. As per Knight Frank, houses in Mayfair was sold for an average of £7.3 million in 2020. And for Poonawalla this isn’t the first historic or major real estate splurge. Poonawalla, who already owns some of the biggest and luxurious homes in India, had also <a href="https://qz.com/india/501268/record-breaking-sale-a-billionaire-has-bought-the-former-us-consulate-in-mumbai-for-113-million/">made news</a> in 2015 when he bought out the Mumbai mansion, which was once the address for the US consulate. He had paid a whopping $113 million for the home. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/khatabook-acquires-saas-business-management-app-biz-analyst-for-10-million/articleshow/81683288.cms">Khatabook acquires SaaS business management app Biz Analyst for $10 million</a>

India’s vaccine king Adar Poonawalla will pay $69,000 a week to live on the same neighbourhood as Winston Churchill once did

Pune, Jul 7 () Vaccine maker Serum Institute of India (SII) is hoping to develop a COVID-19 vaccine by the year-end as it is focusing on a "good and safe" product and is not in a "rush", the company's CEO Adar Poonawalla said on Tuesday. He was speaking during the launch of 'Compact XL, a compact diagnostics machine by MyLab Discovery Solutions, that will automate lab processes from sample handling to preparing RT-PCR tubes. Replying to a question about the development of the COVID-19 vaccine, Poonawalla said that by the end of 2020, the SII is hoping to have a vaccine. "End of the year, we are hoping to have a vaccine. So we will discuss once of the phase three trials for the product come about. Recently, there was news about another vaccine candidate which was being rushed. We do not want to rush anything. We want to emphasis on safety and efficacy... and once we are confident of good and safe vaccine, we will announce but that is still six months away from now," said Adar. He further said that till the vaccine comes, testing is the key and that is why SII has invested in MyLabs. "If you test, isolate and segregate, we can manage the situation till the good cure or vaccine comes around," said Adar. SII has invested over Rs 100 crore in MyLabs, a Pune-based molecular diagnostics firm. Poonawalla lamented that India is not testing enough and added that Indian test manufacturers including MyLabs are picking up the production capacity. "There is a fear that what will happen if the number of positive patients increases. I would like to say that there is no harm if the number increases as it will help us detect people," he added. Poonawalla also sought permission to allow export of the test kits. "We have enough capacity in manufacturing testing kits. MyLab can produce 2 million kits per week and there is no that much demand in India so allow us to export and we have enough buffer stock for India readily available if there is more outbreak," he said adding they are waiting for the government's blessings. SPK GK MR

Serum Institute of India expects COVID vaccine by year-end

When <keyword id="46161" type="General" weightage="80" keywordseo="disney" source="Orion">Disney</keyword> launched its subscription video on demand (SVOD) mobile <keyword id="235499" type="General" weightage="100" keywordseo="app" source="Orion">app</keyword> Disney+ in November 2019, it generated nearly $100 million in gross revenue during its first two months alone. The platform's continued success has now propelled it past $1.5 billion in consumer spending on mobile. According to <keyword id="6714897" type="General" weightage="20" keywordseo="sensor-tower-store-intelligence" source="Orion">Sensor Tower Store Intelligence</keyword> data, Disney+ passed $1 billion in worldwide gross revenue in April 2021, and the SVOD platform saw its most mobile spending in a single month ever in July when the app's revenue was 204 per cent above the amount generated during its launch month. Since its launch in 2019, Disney+ has entered a number of new markets, which has helped its mobile app reach the $1.5 billion milestone. Disney+'s mobile app has now reached an estimated 246.7 million installs since its debut and adoption continues to climb year-over-year. In H1 2021, the app saw more than 64 million installs, up 28 per cent Y/Y from nearly 50 million in the year-ago period. The app saw its greatest total of first-time installs in a single month during November 2020 when it hit 24.5 million globally. The surge in adoption that month was driven by the service rolling out to South American markets such as <keyword id="6355226" type="General" weightage="20" keywordseo="brazil" source="Orion">Brazil</keyword> and Argentina. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adar-poonawalla-backed-pharmacy-chain-wellness-forever-files-for-ipo/articleshow/86699746.cms">Adar Poonawalla-backed pharmacy chain Wellness Forever files for IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/top-earners-at-ritesh-agarwal-led-oyo-as-per-its-drhp/slidelist/86682750.cms">OYO’s Ritesh Agarwal took home ₹1.6 crore in FY2021 — here are the top earners in the IPO-bound company</a>

Disney Plus mobile app exceeds $1.5 billion in worldwide consumer spending

<keyword id="95879" type="COMPANY" weightage="20" keywordseo="Serum-Institute-of-India">Serum Institute of India</keyword>, the <keyword id="6354507" type="UNKNOWN" weightage="20" keywordseo="World">world</keyword>'s biggest <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> vaccine maker, is hopeful to launch <keyword id="10678894" type="UNKNOWN" weightage="20" keywordseo="covovax">Covovax</keyword> by September this year, CEO <keyword id="383467" type="PERSON" weightage="20" keywordseo="Adar-Poonawalla">Adar Poonawalla</keyword> announced on Saturday. "Covovax trials finally begin in India; the vaccine is made through a partnership with <keyword id="323030" type="COMPANY" weightage="20" keywordseo="Novavax">Novavax</keyword> and Serum Institute of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>," said Adar Poonawalla. He further said that it has been tested against African and UK variants of Covid-19 and has an overall efficacy of 89 per cent. "Hope to launch by September 2021!" the CEO of world's biggest Covid-19 vaccine maker said. Covovax is the protein-based Covid-19 vaccine developed by Novavax, headquartered in the US. In August 2020, the two companies announced an agreement under which Novavax had given SII the licence to manufacture and supply the vaccine in low- and middle-income countries. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/asteroid-apophis-wont-be-hitting-earth-for-at-least-another-century/articleshow/81719171.cms">‘God of Chaos’ asteroid Apophis won’t be crashing into Earth for at least another century</a> <a href="https://www.businessinsider.in/science/health/news/making-vaccines-available-to-indians-may-not-be-enough-it-depends-on-how-judiciously-we-employ-them/articleshow/81720507.cms">Making vaccines available to Indians may not be enough, it depends on how judiciously we employ them</a> <a href="https://www.businessinsider.in/policy/news/government-mandates-companies-to-disclose-cryptocurrency-holdings-from-april-1/articleshow/81704174.cms">Indian companies will have to disclose cryptocurrency holdings from April 1 – industry insiders welcome decision</a>

Serum Institute's second COVID-19 vaccine 'Covavax' likely to be launched in September

<ul class="summary-list"><li>There will not be enough doses of a COVID-19 <keyword id="24209" type="PERSON" weightage="60" keywordseo="vaccine">vaccine</keyword> to reach everyone worldwide until at least 2024, according to the CEO of the world's largest vaccine producer. </li><li>Pharmaceutical companies are not increasing production quickly enough to vaccinate everyone before 2024, Adar Poonawalla, CEO of the Serum Institute of India’s, told the Financial Times.</li><li>Poonawalla said that if the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> vaccine requires two doses, the world will need 15 billion doses. "I have not heard of anyone coming even close to that right now," he said.</li></ul>The boss of the world's biggest vaccine producer has warned that it will take at least four years to make enough vaccines for the entire global population. Adar Poonawalla, chief executive of the Serum Institute of India, told the <a href="https://www.ft.com/content/a832d5d7-4a7f-42cc-850d-8757f19c3b6b">Financial Times</a> on Monday that pharmaceutical companies are not increasing production capacity fast enough to vaccinate everyone before 2024. "It's going to take four to five years until everyone gets the vaccine on this planet," Poonawalla said. <div type="Youtube" id="pjGNff2vjuc" title="Covid Vaccine: Here's why it takes so long to make a vaccine." thumbUrl="https://i.ytimg.com/vi/pjGNff2vjuc/mqdefault.jpg"></div>The world will need 15 billion doses if the COVID-19 vaccine requires two jabs, as measles does, he said. "I know the world wants to be optimistic on it … [but] I have not heard of anyone coming even close to that [level] right now," he said. Poonawalla is in talks with investors about raising $600 million to increase the company's production capacity and meet its target of producing 1 billion doses, he said. "We're doing a ... raise and diluting equity so that we have enough capital to manage the raw materials and equipment we need in the next one or two years to operate at this scale," he said. The Serum Institute of India is working with five other global pharmaceutical firms, including <keyword id="6409874" type="COMPANY" weightage="60" keywordseo="astrazeneca">AstraZeneca</keyword> and Novavax, to develop a coronavirus vaccine, and may partner with Russia's Gamaleya Research Institute to produce the "Sputnik" vaccine. The drug company manufactures 1.5 billion vaccine doses per year for more than 170 countries, most of which are developing nations, to protect against infectious diseases such as influenza and polio. Poonawalla's statement comes as drug companies across the world scramble for an effective vaccine that will fight against COVID-19, which has killed nearly 950,000 people worldwide. Last week, AstraZeneca said that its <a href="https://www.businessinsider.com/astrazeneca-covid-19-coronavirus-vaccine-could-be-available-this-year-2020-9">coronavirus vaccine</a>, one of the world's leading candidates, could still be available by the end of this year or early next year, even after the company was forced to pause critical trials last week following an unexpected illness of a participant.

We won't have enough COVID-19 vaccine for everybody until 2024, warns world's largest vaccine producer

<keyword id="95879" type="General" weightage="50" keywordseo="serum-institute-of-india" source="Orion">Serum Institute of India</keyword>'s Chief Executive Officer <keyword id="383467" type="General" weightage="50" keywordseo="adar-poonawalla" source="Orion">Adar Poonawalla</keyword> has said their <keyword id="10678894" type="General" weightage="100" keywordseo="covovax" source="Orion">Covovax</keyword> vaccine will get approval as a booster against COVID-19 in the next 10 to 15 days. The vaccine works very well against the <keyword id="1609796" type="General" weightage="50" keywordseo="omicron" source="Orion">Omicron</keyword> variant of coronavirus, <keyword id="25607" type="General" weightage="80" keywordseo="poonawalla" source="Orion">Poonawalla</keyword> told reporters on the sidelines of an event at the Bharti Vidyapeeth University here on Sunday. Asked about states and districts not getting Covishield vaccine, he said there is ample stock with the Union government for supply. "Covovax will be approved as a booster in the next 10-15 days. It is actually the best booster because it works very well against Omicron, more than Covishield," he said. Poonawalla said everyone was looking at India, not just in terms of healthcare but because the country managed to take care of a huge and diverse population and also helped 70 to 80 nations during the COVID-19 pandemic. "This was all possible because of the leadership of our central government, our state governments, healthcare workers, manufacturers, all of whom worked together with one common goal," he said. On the occasion, Poonawalla was conferred with the first Dr Pantangrao Kadam Memorial Award at the hands of Nationalist Congress Party (NCP) chief Sharad Pawar and Maharashtra Deputy Chief Minister Devendra Fadnavis. The event was held to mark the birth anniversary of Kadam, the late minister and education baron from western Maharashtra. Appealing to students who wished to pursue education abroad, Poonawalla said there was no place like India to fulfil dreams due to the presence of institutions like Bharti Vidyapeeth and others. "Even if you have to go abroad, come back as soon as possible," he said. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-aap-ki-adalat-interview-dhirubhai-ambani-is-my-role-model-mukesh-ambani-a-very-good-friend/articleshow/96828407.cms">Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani</a> <a href="https://www.businessinsider.in/tech/news/online-mental-health-company-uses-chatgpt-to-help-respond-to-users-in-experiment-raising-ethical-concerns-around-healthcare-and-ai-technology/articleshow/96821802.cms">Online mental health company uses ChatGPT to help respond to users in experiment — raising ethical concerns around healthcare and AI technology</a>

Covovax vaccine to get approval as a booster in 10-15 days: Adar Poonawalla

<ul><li>The <keyword id="95879" type="ORGANIZATION" weightage="20" keywordseo="Serum-Institute-of-India">Serum Institute of India</keyword> (SII) hopes the Oxford COVID-19 vaccine will be available in Indian markets by the end of the year. </li><li>Last month, SII signed a deal with AstraZeneca to exclusively manufacture the Oxford vaccine for India.</li><li>SII CEO Adar Poonawalla told The Tribune that the vaccine is currently in Phase II of clinical trials. </li></ul>The Oxford COVID-19 vaccine, which is reportedly safe for people with weak immunity, may be available in the market by the end of the year, according to the Serum Institute of India (SII) — the world’s largest vaccine manufacturer. SII CEO Adar Poonawalla told <a href="https://www.tribuneindia.com/news/nation/oxford-vaccine-by-yr-end-partner-firm-107843">The Tribune</a> that clinical trials of the vaccine being developed by the University of Oxford — called AstraZeneca — have progressed to Phase III. “I hope that AstraZeneca Oxford vaccine will be available towards the end of the year,” he said based on the results highlighting that more than a 100 vaccine candidates are currently at different stages of clinical trials. Last month, on June 13, SII signed the deal with AstraZeneca to exclusively manufacture for India and countries in the Gavi Vaccine Alliance. SII will supply one billion doses for low and middle-income countries, with a commitment to provide <a href="https://www.astrazeneca.com/media-centre/press-releases/2020/astrazeneca-takes-next-steps-towards-broad-and-equitable-access-to-oxford-universitys-covid-19-vaccine.html">400 million doses</a> before the end of 2020. Safe for people with weak immunity Professor Saraf Gilbert from Oxford University’s Nuffield Department of Medicine recently <a href="https://www.businessinsider.in/india/news/oxford-covid-19-vaccine-safe-for-people-with-weak-immunity/articleshow/76728237.cms">told ambassadors of UN member states</a> that the vaccine is safe even for people with a weak immune system. “Because it is still a live virus, it is good at inducing a strong immune response after vaccination,” she said. According to AstraZeneca, the vaccine may not work but the company is progressing the clinical programme with speed and scaling up manufacturing despite the risk. 5,000 volunteers have begun participating in Brazil’s first clinical trials of the Oxford vaccine. “We plan to start production in nearly two months and have invested more than $100 on this facility,” Poonawalla told the Tribune. If the risk pays off, Poonawalla promises the vaccine will be affordable. SEE ALSO: <a href="https://www.businessinsider.in/india/news/an-indian-covid-19-vaccine-made-by-bharat-biotech-is-set-to-enter-human-trials/articleshow/76702286.cms">An Indian COVID-19 vaccine made by Bharat Biotech is set to enter human trials</a> <a href="https://www.businessinsider.in/india/news/oxford-covid-19-vaccine-safe-for-people-with-weak-immunity/articleshow/76728237.cms">Oxford COVID-19 vaccine safe for people with weak immunity says Oxford Professor Sarah Gilbert</a> <a href="https://www.businessinsider.in/india/news/potential-covid-19-vaccine-by-zydus-cadila-gets-dcgi-nod-for-human-clinical-trials/articleshow/76762771.cms">Potential COVID-19 vaccine by Zydus Cadila gets DCGI nod for human clinical trials</a>

Oxford COVID-19 vaccine may hit the Indian market by the end of the year if successful, says CEO of world’s largest vaccine manufacturer

South Korean battery makers are estimated to have logged weaker-than-expected earnings in the third quarter amid a global shortage of automotive chips and recall of electric cars for battery fire risks, analysts said on Sunday. <keyword id="353149" type="General" weightage="20" keywordseo="samsung-sdi-co-" source="Orion">Samsung SDI Co.</keyword>, the battery-making unit of <keyword id="145888" type="General" weightage="20" keywordseo="samsung-electronics-co-" source="Orion">Samsung Electronics Co.</keyword>, is believed to have posted solid operating profit in the July-September period, but LG Energy Solution Ltd. and <keyword id="787160" type="General" weightage="20" keywordseo="sk-innovation" source="Orion">SK Innovation</keyword> Co. are expected to report tepid bottom line, according to the analysts. <keyword id="10591" type="General" weightage="100" keywordseo="samsung" source="Orion">Samsung</keyword> SDI is expected to log an operating profit of 345.2 billion won ($290 million) in the third quarter, up 29 per cent from a year earlier, according to a poll by <keyword id="378665" type="General" weightage="20" keywordseo="yonhap-infomax" source="Orion">Yonhap Infomax</keyword>, reports Yonhap news agency. Its brisk earnings are expected to be led by solid demand for electric vehicle (EV) battery products, with analysts forecasting Samsung SDI to log record revenue in the third quarter. LG Energy Solution, the world's no. 2 battery maker, is estimated to have logged an operating profit of 180-250 billion won last quarter. If its earnings reach some 180 billion won, it would mark a 75 per cent on-quarter fall. The weaker earnings outlook comes as US automaker General Motors announced in August that it will additionally recall Bolt EVs equipped with its subsidiary's batteries over fire risks. GM said it will recall some 73,000 EVs on top of similar recall of 69,000 Bolt EVs in July. LG Electronics has supplied GM with battery modules that are made with battery cells from LG Energy Solution. SK Innovation, the world's no. 5 battery maker, is expected to extend its operating loss into the third quarter, but its loss may narrow to 60 billion won from 97.9 billion in the second quarter, according to analysts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adar-poonawalla-backed-pharmacy-chain-wellness-forever-files-for-ipo/articleshow/86699746.cms">Adar Poonawalla-backed pharmacy chain Wellness Forever files for IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/top-earners-at-ritesh-agarwal-led-oyo-as-per-its-drhp/slidelist/86682750.cms">OYO’s Ritesh Agarwal took home ₹1.6 crore in FY2021 — here are the top earners in the IPO-bound company</a>

Samsung and LG battery units estimated to post tepid earnings in third quarter

New Delhi, May 7 () Pune-based Mylab Discovery Solutions on Thursday said it has expanded production capacity to manufacture COVID-19 RT-PCR test kits that would enable 2 lakh tests per day to meet the growing demand in the country.Until now, Mylab has already manufactured testing kits for conducting 6.5 lakh tests and has supplied them to 140 sites, including labs and hospitals in over 20 states, Mylab said in a statement.As per the production plan, the company is scaling-up its manufacturing to enable 2 lakh tests per day, it added."It overwhelms me to see our efforts with Mylab in making India self-reliant in combating COVID-19 fructified," Serum Institute of India CEO Adar Poonawalla said.As the production capacity increases from 20,000 tests per day to 2 lakh COVID-19 tests a day, "we will now be able to meet India's growing demand for testing completely," he added.The company has also received approval from Indian Council of Medical Research (ICMR) for its RNA extraction kit Maverick to further streamline the RT-PCR testing process, Mylab said."We aim to make India self-reliant with high-quality testing. As we ramp-up our production, our focus on quality is more than ever," Mylab Discovery Solutions MD Hasmukh Rawal said.In early April, Mylab had said that it has partnered with Adar Poonawalla and Abhijit Pawar to scale up the operations and escalate faster delivery of the COVID-19 testing kits. AKT BAL

You Searched For "adar poonawalla wellness forever" and got 11 results

Adar Poonawalla-backed pharmacy chain Wellness Forever files for IPO

PTI

The leader of one of the world's biggest vaccine manufacturers said he fled India because of menacing threats

Yelena Dzhanova

India’s vaccine king Adar Poonawalla will pay $69,000 a week to live on the same neighbourhood as Winston Churchill once did

BI India Bureau

Serum Institute of India expects COVID vaccine by year-end

PTI

Disney Plus mobile app exceeds $1.5 billion in worldwide consumer spending

IANS

Serum Institute's second COVID-19 vaccine 'Covavax' likely to be launched in September

IANS

We won't have enough COVID-19 vaccine for everybody until 2024, warns world's largest vaccine producer

Kate Duffy

Covovax vaccine to get approval as a booster in 10-15 days: Adar Poonawalla

PTI

Oxford COVID-19 vaccine may hit the Indian market by the end of the year if successful, says CEO of world’s largest vaccine manufacturer

BI India Bureau

Samsung and LG battery units estimated to post tepid earnings in third quarter

IANS

Mylab expands production capacity of COVID-19 testing kits to enable 2 lakh tests per day

PTI

Popular Keywords

Buying Guides