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<ul><li><keyword id="6358361" type="General" weightage="20" keywordseo="biocon" source="Orion">Biocon</keyword> will use the proceeds to finance Biocon Biologics' acquisition of the biosimilars business of Viatris. </li><li>Biocon Biologics completed the acquisition of Viatris’ global biosimilars business in November 2022. </li><li>With this investment, the $1 billion Kotak Special Situations Fund is fully committed. </li></ul>Kotak Special Situations Fund (KSSF) said on Wednesday it has invested ₹1,070 crore in biopharmaceutical major Biocon. Biocon will use the proceeds to finance its subsidiary Biocon Biologics' acquisition of the biosimilars business of Viatris. Biocon Biologics completed the acquisition of Viatris’ global biosimilars business in November 2022. “This investment in Biocon comes at a pivotal point when Biocon is forward-integrating its biosimilars business. Going forward, Biocon will realise full revenues and profits from this business. With this, the $1 billion Kotak Special Situations Fund is fully committed. India continues to offer unique and attractive risk-adjusted opportunities for hybrid funding strategies,” said Srini Sriniwasan, managing director, Kotak Investment Advisors that manages KSSF. Biocon said, in its latest earnings concall, that it entered into definitive agreements with KSSF for structured funding. This, the company added, would help reduce its net debt. “Viatris continues to provide commercial and other transaction services to Biocon Biologics as part of a pre-agreed Transition Services Agreement. In parallel, Biocon Biologics is designing a bespoke country-specific strategy and business model that optimises for revenues and profitability. This, we believe, will create value for all our stakeholders,” said <keyword id="6413985" type="General" weightage="20" keywordseo="kiran-mazumdar-shaw" source="Orion">Kiran Mazumdar-Shaw</keyword>, chairperson of Biocon in the latest earnings concall. Mazumdar-Shaw had also shared that they had also drawn up a comprehensive integration plan, and intended to start migrating business operations in a phased manner. “We are delighted to partner with Biocon and this acquisition financing supports Biocon’s journey of becoming a world leading, fully integrated biosimilars enterprise,” said Eshwar Karra, CEO – KSSF at Kotak Investment Advisors.

Biocon raises ₹1,070 crore from Kotak Special Situations Fund

<ul><li>At 7:45 am, the SGX Nifty was up 0.26%, indicating a green start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a stronger note on Thursday, led by positive cues from the global markets. They ended at record highs on Monday, with Nifty inching closer to the 14,000 mark. At 7:45 am, the SGX Nifty was up 0.26%, indicating a green start for Nifty50. The <a href="https://www.businessinsider.in/stock-market/news/us-stocks-close-at-record-highs-as-markets-cheer-900-billion-stimulus/articleshow/80001212.cms">US stocks closed </a>at record highs on Monday as investors cheered a $900 billion stimulus package that President Donald Trump signed on Sunday. The Dow Jones Industrial Average closed 0.68% higher, and the S&amp;P 500 was up 0.87%. These are the stocks to watch out for during the trading session today: Wipro Wipro’s ₹9,500 crore share buyback will begin today (December 29) and remain open until January 11. The last date for settlement of bids on the stock exchange will be on or before January 20. Future Retail and RIL The shares of Future Retail and RIL will be in focus during the trade today. The American e-commerce giant Amazon Inc <a href="https://www.livemint.com/companies/news/amazon-asks-sebi-to-wait-for-siac-order-11609180801940.html">has asked India’s markets regulator</a> to wait for a Singapore court’s final order before clearing future group companies’ merger. Biocon Biotechnology major Biocon has launched Tacrolimus capsules, an immunosuppressant, in the US market. Tacrolimus is used in the treatment of organ transplant patients, and it reduces the body’s ability to reject a transplanted organ. Titan Titan’s board has approved to provide corporate guarantees worth ₹906 crore to various banks on behalf of Titan Commodity Trading, a wholly-owned subsidiary of the company. AU Small Finance Bank AU Small Finance Bank announced that it has partnered with the private life insurance company ICICI Prudential Life Insurance to offer need and goal-based life insurance solutions. With this arrangement, the bank said over 18 lakh customers of the bank across over 700 banking touchpoints would have easy access to the entire suite of customer-centric protection and long-term savings products of ICICI Prudential Life. Cochin Shipyard Cochin Shipyard’s board is scheduled to meet on January 4 to consider the declaration of interim dividend to the company’s equity shareholders for the financial year 2020-21. 3i Infotech IT firm 3i Infotech has entered into definitive agreements to sell its software products business to the funds advised by Apax Partners for ₹1,000 crore. The software products business will be acquired by a newly formed Azentio Software company, wholly-owned by the Apax Funds, a statement said. Reliance Capital Anil Ambani’s Reliance Group company, Reliance Capital on Monday raised objection to the proposed 33.12% stake sale of Prime Focus (PFL) by Credit Suisse to PFL’s promoter group at ₹44.15 per share. The debt-ridden firm, Reliance Capital, termed the proposed transaction as a blatant abuse of the purported rights by Credit Suisse under certain lending agreements with the RCAP Group, the company said in a statement. SBI Life Insurance The Board of Directors of SBI Life Insurance Company on December 28 approved the appointment of Shobinder Duggal as an Additional Director in the company. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/house-passes-bill-to-increase-600-stimulus-checks-to-2000/articleshow/80001571.cms" data-type="tilCustomLink">House passes bill to increase $600 stimulus checks to $2,000. It now goes to the Senate.</a> <a href="https://www.businessinsider.in/science/news/most-vaccine-skeptics-are-persuadable-and-will-get-the-covid-19-shot-says-a-nobel-prize-winner-who-studies-vaccine-hesitancy/articleshow/79995460.cms" data-type="tilCustomLink">Most vaccine skeptics are persuadable and will get the COVID-19 shot, says a Nobel prize-winner who studies vaccine hesitancy</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-mining-stocks-surge-after-the-cryptocurrency-passes-28000-for-the-first-time/articleshow/79996286.cms" data-type="tilCustomLink">Bitcoin-mining stocks surge after the cryptocurrency passes $28,000 for the first time</a>

Top stocks to watch — Wipro, RIL, Future Retail, Reliance Capital, AU Small Finance, Biocon, Titan, and others

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> gained in morning trade on Tuesday amidst mixed global cues. </li><li>The gains were led by metal, energy and IT stocks. </li><li>All the ten Adani group companies continued to rally on Tuesday – the group’s combined market capitalisation is now up by ₹1.96 lakh crore in the last two days.</li></ul>India’s benchmark indices Sensex and Nifty50 gained in morning trade on Tuesday amidst mixed global cues. The gains were led by metal, energy and IT stocks. All the ten Adani group companies <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-in-striking-distance-of-entering-the-top-20-richest-club-once-again/articleshow/100437220.cms">continued to rally on Tuesday</a> – the group’s combined market capitalisation is now up by ₹1.96 lakh crore in the last two days. While the 30-stock Sensex was up by 0.4% or 247 points to 62,211, the 50-stock Nifty50 was up by 0.5% or 88 points to 18,403. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.42% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim Industries </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.42% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi's Laboratories </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.83% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.96% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports &amp; SEZ </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.22% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.76% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Petroleum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.16% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.56% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.09% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.45% </td></tr></tbody></table> Source: NSE, as on May 23, 2023 Earlier on Monday, markets closed in the green, with Sensex gaining 0.4% and Nifty50 gaining 0.6% led by a rally in metal and IT stocks. Gold prices edged lower to ₹60,300 per 10 grams while silver was hovering at ₹72,700 per kilogram. Crude oil prices edged up, with Brent crude hovering at $76 per barrel. <cmsannotation type="cmsannotation" annotationid="Global markets remain uncertain" comment="subhead" text="Global markets remain uncertain">Global markets remain uncertain</cmsannotation> Global markets remained uncertain amidst slow progress on the US debt ceiling talks. While Dow Jones fell 0.42%, S&amp;P 500 closed flat on Monday. The tech-heavy Nasdaq rose 0.5%. Asian markets were also similarly mixed, with KOSPI rising 0.76%, followed by Nikkei 225 which was up 0.64% on Tuesday morning. Taiwan Weighted gained 0.31%. However, Hang Seng was down 0.13% while Shanghai Composite fell 0.61%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> <keyword id="94949" type="General" weightage="80" keywordseo="shree-cement" source="Orion">Shree Cement</keyword>: The cement maker reported a 20% YoY decline in its consolidated net profit to ₹526 crore, while revenue was up 17% to ₹5,100 crore. The company’s board declared an interim dividend of ₹55 per share. Bharat Petroleum: The state-run company reported a 168% YoY rise in net profit to ₹6,870 crore, while its revenue increased 8% to ₹1.33 lakh crore. It announced a dividend of ₹4 per share. <keyword id="11111226" type="General" weightage="20" keywordseo="pb-fintech" source="Orion">PB Fintech</keyword>: Policybazaar operator PB Fintech reported a net loss of ₹9 crore in Q4, as compared to ₹220 crore a year ago. Insurance premium rose 65% YoY to ₹3,586 crore while credit disbursal increased 53% to ₹3,357 crore. Bharti <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword>, <keyword id="1553175" type="General" weightage="20" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword>: Bharti Airtel added 1 million subscribers in March while Vodafone Idea reported a decline of 1.2 million subscribers. Vedanta: The company declared the first interim dividend of FY24 at ₹18.5 per share. Earnings today: NMDC, Dixon Technologies, Biocon, Amara Raja Batteries, Bajaj Electricals, JSW Energy, Bikaji Foods, CMS Info Systems, Metro Brands, among others. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbi-vs-bank-of-baroda-vs-canara-bank-performance-comparison-based-on-q4-2022-23-earning-reports/articleshow/100357639.cms">SBI vs Bank of Baroda vs Canara Bank: How India’s top PSU banks performed in Q4</a> <a href="https://www.businessinsider.in/stock-market/news/fpi-flows-into-indian-equities-hit-a-5-month-high-in-may/articleshow/100357453.cms">FPI flows into Indian equities hit a 5-month high in May, outlook ‘improved significantly’ say analysts</a> <a href="https://www.businessinsider.in/business/corporates/news/zomato-net-loss-narrows-to-188-crore-in-q4-revenue-rises-70-yoy/articleshow/100358894.cms">Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY</a>

Sensex, Nifty50 rise in morning trade led by metal, energy and IT stocks: Adani Enterprises top gainer

<ul><li>Shares of the majority of pharma companies have delivered negative returns to investors in 2022.</li><li>Analysts say this is because the industry is struggling after Covid-19 as margins reported during FY21 (peak of Covid-19) will not be repeated anytime soon.</li><li>Along with it, softer generic prices in the US are also impacting the company revenues.</li></ul>Fortunes of pharmaceutical companies have taken a turn for the worse as the peak demand witnessed during the Covid-19 pandemic is tapering off. High freight costs and pricing pressures in the key US generics market have taken a heavy toll on the margins of Indian drug firms. However, analysts are confident that the firms will begin to recover some of the lustre in the second half of the current financial year. After a successful run in the Covid-19 period that created fortunes for pharma companies, dynamics have changed. There is no longer a constant need for medication and vaccines, and this has led to a slowdown in the industry. Shares of the majority of the pharma companies have received a battering at the bourses as well – the fall has been steep so far this year, many in the double digits. In the same period, the Nifty Pharma index slipped 10.98%, while the broader Sensex remained flat. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pharma companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharmaceutical Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.45% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi's Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-22.70% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Reddy’s Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-12.77% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pfizer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-15.54% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Biocon </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-19.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aurobindo Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-26.69% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Laurus Lab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.04% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Abbott India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.92% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lupin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-31.16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gland Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-35.85% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Cost pressures build up post Covid-19 Analysts say the performance of pharma companies have been on a declining trend due to cost pressures, freight costs and pricing pressure in the US generics market. Note that the US is the most profitable market for pharmaceutical companies. It’s the prime export destination for the industry, constituting nearly 34% of total Indian exports during FY22, which registered a growth of 2% in dollar terms. Meanwhile, exports to the rest of the world (ROW) witnessed a decline of 7%, said a report by CareEdge, a rating agency. With the normalisation of Covid-19 related medication expenses, the industry suffered a decline in its profit margin during FY22 over FY21. “This apart, the US generic market saw a steep rise in competition and consequent price erosion, which also impacted the profitability of the <keyword id="1134323" type="General" weightage="20" keywordseo="indian-pharma-industry" source="Orion">Indian pharma industry</keyword> during FY22. However, the negative impact of price erosion on profitability was partly offset by the depreciation of INR against USD,” said the CareEdge report. The recent June-quarter performance also reflected the weakness in the sector. “The quarter performance was largely weak for our coverage universe, which resulted in a sharp margin contraction and earnings de-growth. The performance was tainted by increased cost pressure on account of inflated raw material costs, freight costs, and increased operating expenses led to margin contraction,” said a report by Centrum Institutional Research. Another reason for the poor performance is a high base on account of strong demand for Covid-led products in Q1FY22. “With the continued cost pressure, the Indian pharma space has been struggling,” said the report. Industry outlook going ahead Going ahead, analysts believe the sector is set to recover. They expect the sales in the US to normalise in the second half of the current financial year (FY23). “We expect the pharma sector to continue its strong growth trajectory ahead on a disrupted base. The Indian pharmaceutical market (IPM) is expected to report around 10-12% growth in FY23, and we expect US sales to normalise in H2FY23, with recovery in wave three followed by improvement in inventories,” said the Centrum Institutional Research report. However, the on-going pricing pressure in the US market has “tapered down sequentially, growing in mid-single digits as compared to the double-digit price erosion in Q4FY22,” said the report. Meanwhile, near-term headwinds like plant inspections by the US drug regulator – FDA – could drag down the short-term performance but long-term growth prospects remain intact, said analysts at Centrum. “On a full-year basis, CareEdge expects the PBILDT (profit before interest, lease rentals, depreciation and taxation) margin to shrink by 200-250 bps during FY23 over FY22 after considering the positive impact of rupee depreciation. Despite expected moderation in operating profitability in the near to medium term, the credit profile of pharmaceutical companies is expected to remain strong due to their low reliance on external debt,” said a report by CareEdge. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/brahmstra-hits-the-advance-booking-bulls-eye-but-needs-word-of-mouth-publicity/articleshow/94055321.cms">Brahmāstra hits the advance booking bulls eye but needs word of mouth publicity</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-sbi-to-icici-indian-banks-are-entering-an-earnings-upgrade-cycle-says-morgan-stanley/articleshow/94049013.cms">Time to buy banks? Morgan Stanley says yes as banks are entering 2nd leg of earnings upgrades</a>

Indian pharma to recover from pricing pressures in the second half of FY23

<ul><li>In April, <keyword id="606164" type="COMPANY" weightage="20" keywordseo="Franklin-Templeton-India">Franklin Templeton India</keyword> shut down six debt funds, locking in ₹30,800 crore of investor wealth after a surge in redemptions.</li><li>Explaining the reason behind this, Franklin Templeton CEO Jennifer M Johnson said that this is a liquidity issue and not a solvency issue.</li><li>Franklin Templeton India’s assets under management (AUM) declined by almost 43% – from $7 billion to $4 billion.</li></ul>Franklin Templeton India, one of the oldest <keyword id="35469" type="ORGANIZATION" weightage="20" keywordseo="asset-management-companies">asset management companies</keyword> (AMC) in the country, decided to wind down six debt funds amounting to ₹30,800 crore in investor wealth. Now, in an earnings call, Franklin Templeton President and CEO Jennifer M Johnson has explained what exactly went wrong with its India business. “We're doing everything we can for those shareholders, to make sure they get all their money back. That's what the strategy is,” said Franklin’s Chief Financial Officer Matthew Nicholls. ‘This is not a solvency issue’ Franklin global chief Johnson also noted that this is not a solvency issue, and that the winding down was done to protect the capital of clients. The surge in redemptions created a liquidity issue, and to meet it, Franklin Templeton India would have had to ‘sell those assets at a fire sale’, but regulations prevented it from doing so. <div type="Article" hostid="261" msid="75348506" title="A personal finance expert answers the most troubling questions about Franklin Templeton mutual funds" mstype="2" mssubtype="0"></div> 2019 regulation hit Franklin’s debt funds “In October of 2019, unfortunately, SEBI came out with new guidelines saying that any investments in unlisted instruments can't be more than 10% of the fund, and you can't trade them. So that orphaned about 1/3 of our fund there,” Johnson <a href="https://www.fool.com/earnings/call-transcripts/2020/05/01/franklin-resources-inc-ben-q2-2020-earnings-call-t.aspx">said</a> in response to a question by a Goldman Sachs analyst. The AMC had announced the shutdown of the following six funds: <ul><li>Franklin India Low Duration Fund </li><li>Franklin India Dynamic Accrual Fund </li><li>Franklin India Credit Risk Fund </li><li>Franklin India Short Term Income Plan </li><li>Franklin India Ultra Short Bond Fund </li><li>Franklin India Income Opportunities Fund </li></ul>Due to these six funds being shut down, ₹30,800 crore of investor wealth has been locked in. Franklin Templeton India’s AUM declined from $7 billion to $4 billion The Coronavirus crisis coupled with the economic slowdown has led to a decline of almost 43% in Franklin Templeton India’s assets under management (AUM) when it comes to debt funds. “Now, in the meantime, we worked hard to manage laddering maturities, diversifying sectors, diversifying ownership and had been able to manage a decline from about $7 billion to just under $4 billion,” Johnson added. Vodafone Idea AGR ruling ‘created a run on the funds’ Explaining the reason for the decline in its AUM, Johnson said that the adverse ruling against Vodafone Idea in the AGR case ‘created a bit of a run on the funds’. “We looked at it and just decided the only way to really preserve the value for our investors was to halt any kind of subscriptions and redemptions and really go into wind-down mode,” Johnson explained the reasoning behind winding down the six debt funds. SEBI launches probe in Franklin Templeton’s India unit Market regulator SEBI launched a probe into Franklin Templeton’s India unit, according to a report by Livemint. The probe seeks to understand if the AMC misrepresented the risk involved in these funds. “The queries from SEBI are on the portfolio of these six schemes, rationale for choosing these papers, extent of bank borrowing, and how liquid the underlying bonds are,” the <a href="https://www.livemint.com/news/india/franklin-templeton-s-decision-to-wind-up-6-debt-schemes-attracts-multiple-probes-11588503867942.html">report</a> added, quoting an unnamed source. See also: <a href="https://www.businessinsider.in/personal-finance/news/a-personal-finance-expert-answers-the-most-troubling-questions-about-franklin-templeton-mutual-funds/articleshow/75348506.cms">A personal finance expert answers the most troubling questions about Franklin Templeton mutual funds</a> <a href="https://www.businessinsider.in/science/health/news/biocon-chairperson-kiran-mazumdar-shaw-says-indias-covid-19-vaccines-will-enter-clinical-trial-in-9-months/articleshow/75591805.cms">Don’t hold your breath ⁠— Biocon founder Kiran Mazumdar Shaw says India's Covid-19 vaccine will enter clinical trials in 9 months</a> <a href="https://www.businessinsider.in/business/news/without-rbis-help-rupee-value-might-slump-to-80-per-dollar-says-report/articleshow/75273796.cms">Without RBI’s help, Rupee value might slump to 80 per dollar says report</a>

Franklin Templeton reassures Indian investors that their money is safe — and the delay in repayments is due to cash crunch

Welcome to <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Dispensed Daily</a>, your daily dose of <keyword id="6354525" type="UNKNOWN" weightage="100" keywordseo="healthcare">healthcare</keyword> news from Business Insider's healthcare editor Lydia Ramsey Pflanzer. <a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">Subscribe here to get this newsletter in your inbox every weekday.</a>Hello,Happy Tuesday! Today, a look at what's inside Congress's next <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> <keyword id="41832" type="PERSON" weightage="60" keywordseo="Stimulus-bill">stimulus bill</keyword>, a plant-based coronavirus <keyword id="24209" type="PERSON" weightage="60" keywordseo="vaccine">vaccine</keyword> makes it into human testing, and a look at the downfall of Civilized, a cannabis media startup.<a href="https://www.businessinsider.com/congress-prepares-fifth-coronavirus-stimulus-package-checks-liability-2020-7"><div type="image" title="Senate Majority Leader Mitch McConnell" height="1000" width="1333" msid="76962295" hostid="261"></div></a><h3><a href="https://www.businessinsider.com/congress-prepares-fifth-coronavirus-stimulus-package-checks-liability-2020-7">From stimulus checks to unemployment benefits, top analysts shared their predictions for the next coronavirus bailout package. They're pegging it at $1.5 trillion.</a></h3><ul><li>Congress and the Trump administration are negotiating another coronavirus stimulus bill.</li><li>Top analysts told us the legislation will spend $1.5 trillion in all.</li><li>As part of it, <a href="https://www.businessinsider.com/analyst-predictions-for-unemployment-benefits-in-stimulus-package-2020-7">analysts say they expect the next coronavirus bailout to blend unemployment payments and back-to-work bonuses.</a></li><li><a href="https://www.businessinsider.com/congress-prepares-fifth-coronavirus-stimulus-package-checks-liability-2020-7">Here's what's expected in the next bill.</a></li></ul><a href="https://www.businessinsider.com/congress-prepares-fifth-coronavirus-stimulus-package-checks-liability-2020-7">Read the full story from Kimberly Leonard here&gt;&gt;</a><a href="https://www.businessinsider.com/medicago-ceo-interview-on-coronavirus-vaccine-trial-timeline-2020-7"><div type="image" title="Medicago Durham North Carolina greenhouse, coronavirus vaccine" height="1333" width="1778" msid="76962296" hostid="261"></div></a><h3><a href="https://www.businessinsider.com/medicago-ceo-interview-on-coronavirus-vaccine-trial-timeline-2020-7">The Canadian biotech Medicago is betting it can make a coronavirus vaccine out of plants, and it just started testing it in humans</a></h3><ul><li>Among the more than 150 research programs working to develop a coronavirus vaccine, <keyword id="2478340" type="COMPANY" weightage="60" keywordseo="Medicago">Medicago</keyword> stands out with its plant-focused approach.</li><li> Medicago developed its vaccine using a unique approach that turns the cells of a tobacco-like crop into protein-producing minifactories, CEO Bruce Clark told Business Insider. </li><li><a href="https://www.businessinsider.com/medicago-ceo-interview-on-coronavirus-vaccine-trial-timeline-2020-7">On Tuesday, the privately held Canadian drugmaker started testing its vaccine candidate in humans.</a></li></ul><a href="https://www.businessinsider.com/medicago-ceo-interview-on-coronavirus-vaccine-trial-timeline-2020-7">Read the full story from Andrew Dunn here&gt;&gt;</a><h3><a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6"><div type="image" title="civilized cannabis media company downfall 4x3" height="1801" width="2400" msid="76962300" hostid="261"></div></a></h3><h3><a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">The inside story of the downfall of Civilized, a cannabis media startup that raised $7 million, then had to shut down after a takeover offer fell through</a></h3><ul><li>Civilized and its husband-and-wife founders were soaring as cannabis legalization looked poised to sweep the US a few years ago.</li><li>But after a series of layoffs and business pivots, as well as a failed takeover attempt, Civilized has let go of all of its staff and suspended operations.</li><li><a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">Civilized's management team told Business Insider they were in negotiations to restructure their debt and bring on new investors for a relaunch.</a></li></ul><a href="https://www.businessinsider.com/inside-civilized-cannabis-media-startup-2020-6">Read the full story from cannabis senior reporter Jeremy Berke here&gt;&gt;</a>More stories we're reading:<ul><li><a href="https://www.statnews.com/2020/07/13/cdc-apolitical-island-defenseless/">The CDC's apolitical stance made it vulnerable to President Trump</a> (Stat News) </li><li><a href="https://www.businessinsider.com/who-perfect-coronavirus-vaccine-not-likely-immediately-2020-7">WHO: We won't immediately have a 'perfect vaccine,' and it is 'not realistic' to expect the virus will soon be eliminated</a> (Business Insider)</li><li><a href="https://www.reuters.com/article/us-india-biocon/indias-biocon-secures-approval-use-drug-on-coronavirus-patients-idUSKCN24C0K8">Drugmaker Biocon got approved to use its drug itolizumab to treat coronavirus patients in India</a> (Reuters)</li><li><a href="https://markets.businessinsider.com/news/stocks/moderna-stock-price-forecast-coronavirus-vaccine-jefferies-wall-street-bull-2020-7-1029388494">Moderna surges 18% on report the stock will join the Nasdaq 100 and as analyst predicts 45% upside</a> (Markets Insider) </li></ul>What trends in healthcare are you keeping an eye on? Let me know at lramsey@businessinsider.com.<a href="http://newsletter.businessinsider.com/join/4np/dispensed-daily">And remember to subscribe to this daily email here.</a>- Lydia

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