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<keyword id="20555600" type="General" weightage="20" keywordseo="Dr-Reddys-Laboratories" source="keywords" meta.keywordsubtype="org" meta.entityname="Dr Reddy's Laboratories" meta.hostid="261" meta.entityid="Dr Reddy's Laboratories">Dr Reddy's Laboratories</keyword> and <keyword id="20026907" type="General" weightage="20" keywordseo="Sun-Pharma" source="keywords" meta.keywordsubtype="org" meta.entityname="Sun Pharma" meta.hostid="261" meta.entityid="Sun Pharma">Sun Pharma</keyword> are recalling products in the US due to manufacturing issues, as per the latest Enforcement Report by the US Food and Drug Administration (<keyword id="19914245" type="General" weightage="20" keywordseo="USFDA" source="keywords">USFDA</keyword>). According to the report, Dr Reddy's Laboratories is recalling drugs to treat insomnia and gout in the American market. New Jersey-based Dr Reddy's Laboratories, Inc., a unit of Hyderabad-based drug major, is recalling 13,752 bottles of Eszopiclone tablets, the USFDA stated. The affected lot has been produced at Dr Reddy's Bachupally plant in Telangana. As per the USFDA, the drug firm is recalling the affected lot due to "Failed Impurities/Degradation Specifications". The company issued the Class III nationwide recall on June 4 this year. As per the USFDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences". Dr Reddy's Laboratories, Inc. is also recalling 20,520 units of Allopurinol tablets in the US market due to the "presence of foreign substance". The company initiated the Class II nationwide (US) recall on June 7, 2024, the US health regulator said. The USFDA said a US-based unit of Sun Pharma is recalling 2,088 vials of Decitabine for Injection (50mg per vial) due to "CGMP Deviations". The affected lot of the chemotherapy medication was produced at Sun Pharma's Gujarat-based manufacturing plant. New Jersey-based Sun Pharmaceutical Industries Inc. initiated the nationwide Class II recall on July 2 this year. As per the USFDA, a Class II recall is initiated in a situation in which the use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank">Virat Kohli not included in the Rohit Sharma-led ICC Team of the Tournament</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a>

Dr Reddy's, Sun Pharma recall drugs in US market: USFDA

<ul><li>Dr Reddy’s Laboratories reported a 1.5% decline in consolidated net profit to ₹570 crore in June quarter.</li><li>The company’s business in North America grew 1% year-on-year while its sales fell 1% on a quarterly basis.</li><li>Shares of one of the biggest pharmaceutical companies in the country were down 10% on July 27.</li></ul>Shares of Dr Reddy’s Laboratories hit a 10% lower circuit after the company posted a 1.5% decline in year-on-year net profit for the June quarter. The pharmaceutical company’s profit for June quarter was almost flat at ₹570 crore compared to ₹579 crore in the same period last year. Its North American business grew by merely 1% on a yearly basis and fell 1% on a quarterly basis on account of price erosion in some products and despite a launch of 6 new products. Also, the company’s total expense rose by nearly 25% to ₹4,513 crore in June quarter 2021 on the back of rising expenses in impairment of non-current assets, cost of materials consumed, purchase of stock in trade and employee benefit expense. On the other hand, the company’s revenue grew by 11% year-on-year to ₹4,919 crore. It saw a strong 69% year-on-year growth in its India business led by increase in sale of COVID-19 drugs due to the severe second wave witnessed in India. “We believe that the weaker set of numbers reported by Dr.Reddy’s Laboratories are due to sales degrowth in the active pharmaceutical ingredients (API) business and muted sales growth in the USA business. India business and Europe business have reported sales growth of 69% and 12% respectively. Companies' margins are down significantly and were below the market expectation,” said Yash Gupta, equity research associate at Angel Broking. <div type="image" title="dr reddys chart" height="900" width="1200" msid="84788758" hostid="261"></div> Further, the company has increased its expenses under research and development to focus on a healthy pipeline of new products pertaining to COVID-19 treatment. "The financial performance of the quarter has been driven by healthy sales growth. I am confident about improving our margins in the upcoming quarters, which will be led by the scale up of recent launches, new product launches and productivity, said the company’s co-chairman and managing director, G V Prasad. At 2:48 p.m., July 27, Dr Reddy’s Laboratories shares were trading 10% lower at ₹4,880 and BSE Healthcare index was also down 3%. Dr Reddy’s is among the top five companies having the highest market share in the healthcare index, shows data by Moneycontrol. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/inox-leisure-pvr-shares-shine-on-hopes-of-theatres-reopening-soon/articleshow/84785887.cms">Inox Leisure, PVR stocks shine on hopes of theatres reopening soon </a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musks-tesla-second-quarter-earnings-show-that-its-bitcoin-holding-cost-the-company-23-million-in-impairment/articleshow/84784933.cms">Elon Musk’s Tesla second-quarter earnings show that its Bitcoin holding cost the company $23 million in impairment </a>

Dr Reddy’s Laboratories shares drop more than 10% on fall in profit

<ul><li>The portfolio includes approximately 45 commercial products, four pipeline products and 40 approved non-marketed products, including a number of generic products focused on women's health.</li><li><keyword id="44587" type="General" weightage="20" keywordseo="Dr-Reddy" source="Orion">Dr Reddy</keyword>'s will acquire the portfolio for an upfront payment of approximately $90 million in cash.</li><li>For the financial period ended June 30, 2022, <keyword id="277934" type="General" weightage="20" keywordseo="Mayne-Pharma" source="Orion">Mayne Pharma</keyword> reported total revenue of $111 million for the acquired portfolio.</li></ul> <keyword id="67944" type="General" weightage="20" keywordseo="Dr-Reddys-laboratories" source="Orion">Dr Reddy's Laboratories</keyword> Ltd on Monday said its subsidiary entered into a definitive agreement to acquire the US generic prescription product portfolio of Australia-based Mayne Pharma Group Limited for USD 105 million. A press release form Dr Reddy's said the portfolio includes approximately 45 commercial products, four pipeline products and 40 approved non-marketed products, including a number of generic products focused on women's health. Under the terms of the agreement, Dr Reddy's will acquire the portfolio for an upfront payment of approximately USD 90 million in cash, contingent payments of up to USD 15 million, consideration towards inventory and credits for certain accrued channel liabilities to be determined on the closing date, it said. For the financial period ended June 30, 2022, Mayne Pharma reported total revenue of USD 111 million (USD) for the acquired portfolio. Approved high-value products include a hormonal vaginal ring, a birth control pill and a cardiovascular product. The closing of the transaction is subject to satisfactory completion of customary closing conditions including the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended. The acquisition will complement Dr Reddy's US retail prescription <keyword id="6469017" type="General" weightage="20" keywordseo="pharmaceutical" source="Orion">pharmaceutical</keyword> business with limited competition products. It also supports Dr Reddy's efforts to accelerate and expand affordable medications for patients, the release further said. Marc Kikuchi, Chief Executive Officer, North America business, Dr Reddy's, said, "This important acquisition provides our North America organisation with a significant foothold in the women's health space. The acquisition is in line with our stated strategy to enhance our portfolio in our chosen growth markets. We are well-positioned to successfully integrate the portfolio and grow the business." Erez Israeli, Chief Executive Officer, Dr Reddy's, said, "The portfolio of products acquired from Mayne Pharma is a strategic fit with our growth objectives. The portfolio includes some high entry-barrier products. It also complements our existing portfolio by introducing products focused on women's health. Our strong balance sheet enables us to acquire products of strategic importance to strengthen our base business and build for long-term growth." The value of total addressable market for the pipeline and approved non-marketed products in the US is approximately USD 3.6 billion for the calendar year ending in December 2022 according to IQVIA, the release said.

Dr Reddy's acquires Mayne Pharma's USA prescription portfolio for $105 Mn

<ul><li>The SGX Nifty was trading 0.06% lower at 7:45 am, indicating a tepid opening 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>Amidst mixed cues from the global markets, the Indian equities are likely to open flat on Friday. The SGX Nifty was trading 0.06% lower at 7:45 am, indicating a cautious opening for Nifty50. However, the US stocks closed higher on Thursday after Nancy Pelosi suggested that there has been progress and were ‘close’ to a stimulus deal. Dow Jones gained over 152 points, and the S&amp;P 500 ended 0.52% higher. These are the stocks to watch out for during the trading session on October 23: Tech Mahindra IT major Tech Mahindra’s US subsidiary will acquire 6.03% stake in US-based VitalTech Holdings, Inc for $3 million. The tentative date of closure of the transaction is October 26, it said in a regulatory filing. Tech Mahindra will also report its quarterly earnings today. The shares of Tech Mahindra ended 0.80% lower on Thursday. Cipla, Zydus Cadila, Dr Reddy Laboratories and other pharma companies The shares of Cipla, Zydus Cadila, Dr. Reddy Laboratories and other pharma companies will be in focus today. The US regulators have given full approval for the antiviral drug remdesivir to treat COVID-19 patients in hospitals. The US Food and Drug Administration (FDA) said Veklury, the drug's brand name, cut the recovery time on average by five days during clinical trials. HDFC AMC HDFC Asset Management Company has appointed KPMG as the internal auditor with immediate effect after Gautam Chandra, HDFC AMC’s former internal audit head resigned. The company also reported a 8% decline in profit after tax at ₹338.06 crore for the quarter ended September 30. The shares of HDFC AMC ended 1% higher on Thursday. Biocon Kiran Mazumdar-Shaw led biopharmaceutical company, Biocon reported a 23.8% drop in its net profit to ₹200.40 crore. This is despite 11.33% growth in its total revenue to ₹1,744.80 crore. The shares of Biocon ended 2.3% higher on Thursday. Avenue Supermarts and Cochin Shipyard The founder of Avenue Supermarts, Radhakishan Damani bought 0.5% equity stake in India’s largest shipbuilding and maintenance company, Cochin Shipyard for ₹394.14 per share. The shares of Avenue Supermarts and Cochin Shipyard ended 2% and 9% higher on Thursday, respectively. Bharti Infratel Telecom infrastructure firm Bharti Airtel on Thursday posted a 24% drop in consolidated net profit to ₹733 crore for the quarter ended September 30. The overall revenue grew by about 2% to ₹3,695 crore during the reported quarter, the company said. The shares of Bharti Infratel ended 2% higher on Thursday. JSW Steel, Yes Bank, ICICI Lombard, Persistent Systems, Sudarshan Chemicals and IDBI Bank among others JSW Steel, Yes Bank, ICICI Lombard, Persistent Systems, Sudarshan Chemicals and IDBI Bank are the companies among others that are slated to report their quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/gileads-remdesivir-just-got-the-first-fda-approval-to-be-used-as-a-treatment-for-coronavirus-patients/articleshow/78818920.cms" data-type="tilCustomLink">Gilead's remdesivir just got the first FDA approval to be used as a treatment for coronavirus patients</a> <a href="https://www.businessinsider.in/tech/news/social-media-will-change-when-users-ask-for-their-cut-from-data-revenue/articleshow/78810738.cms" data-type="tilCustomLink">‘Where’s my cut?’ the question that can revolutionise social media</a> <a href="https://www.businessinsider.in/business/startups/news/paytm-uses-jeff-bezos-secret-for-success-building-two-pizza-teams/articleshow/78810520.cms" data-type="tilCustomLink">EXCLUSIVE: Paytm uses Jeff Bezos' secret for success — building 'two pizza' teams</a>

Top stocks to watch — Cipla, Zydus Cadila, Dr Reddy Laboratories, Tech Mahindra, Avenue Supermarts, Cochin Shipyard, and others

The <keyword id="95879" type="COMPANY" weightage="20" keywordseo="Serum-Institute-of-India">Serum Institute of India</keyword> (<keyword id="52604" type="COMPANY" weightage="20" keywordseo="SII">SII</keyword>) has applied to the Drug Controller General of India (<keyword id="172241" type="COMPANY" weightage="20" keywordseo="DCGI">DCGI</keyword>) seeking permission to manufacture COVID-19 vaccine <keyword id="9739267" type="PERSON" weightage="20" keywordseo="Sputnik-V">Sputnik V</keyword> in the country, sources said on Thursday. The Pune-based firm has also sought approval for test analysis and examination. Russia's Sputnik V vaccine is currently being manufactured in India by Dr Reddy's Laboratories. "The <keyword id="242973" type="COMPANY" weightage="20" keywordseo="Serum-Institute">Serum Institute</keyword> of India (SII) put up an application to the <keyword id="282629" type="COMPANY" weightage="20" keywordseo="Drugs-Controller">Drugs Controller</keyword> General of India (DCGI) on Wednesday seeking permission to manufacture the COVID-19 vaccine, Sputnik V, in India," a source said. The SII has already told the government that it will be able to manufacture and supply 10 crore Covishield doses in June, while it is also manufacturing the Novavax vaccine, the regulatory clearance for which is awaited from the United States. The vaccine was given emergency use authorisation (<keyword id="2503801" type="COMPANY" weightage="20" keywordseo="EUA">EUA</keyword>) by the DCGI in April. A consignment of 30 lakh doses of Sputnik V landed in Hyderabad on Tuesday. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/the-indian-government-is-doling-out-1500-crore-to-reserve-300-million-of-biological-es-covid-19-vaccine-doses/articleshow/83196362.cms">The Indian government is doling out ₹1500 crore to reserve 300 million of Biological-E’s COVID-19 vaccine doses</a> <a href="https://www.businessinsider.in/tech/news/huawei-announces-first-devices-with-harmonyos-set-to-take-on-apple-and-google-with-its-in-house-operating-system/articleshow/83195689.cms">Huawei announces first devices with HarmonyOS — set to take on Apple and Google with its in-house operating system</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-5g-mobile-phone-full-specifications-leaked-days-ahead-of-launch/articleshow/83195375.cms">OnePlus Nord CE 5G full specifications leaked days ahead of launch – heavily inspired by the original Nord</a> <a href="https://www.businessinsider.in/business/startups/news/top-five-fintech-ideas-that-are-drawing-the-most-amount-of-money/slidelist/83194276.cms">Five fintech ideas that are raking in the most amount of money</a>

Serum Institute of India seeks permission from DCGI to manufacture 'Sputnik V' COVID-19 vaccine in the country

The first batch of DRDO-developed anti-Covid drug 2-DG (2-deoxy-D-glucose) was launched on Monday to treat patients suffering from the deadly disease. The medicine comes in powder form and can be taken with water. Defence Minister Rajnath Singh and Health Minister Harsh Vardhan released the first batch of the 2-DG, an anti-Covid-19 therapeutic application of the drug developed by the Institute of Nuclear Medicine and Allied Sciences (INMAS), a lab of <keyword id="152819" type="COMPANY" weightage="20" keywordseo="Defence-Research-and-Development-Organisation">Defence Research and Development Organisation</keyword> (DRDO) in collaboration with Dr Reddy's Laboratories (DRL). Rajnath Singh handed over the anti-Covid drug to his cabinet colleague Harsh Vardhan who handed over it to Delhi All India Institute of Medical Sciences (AIIMS) director Randeep Guleria at an event here. The Defence Minister would be later distributing around 10,000 doses of the drug to a few hospitals in the national capital. The Drugs Controller General of India (<keyword id="172241" type="COMPANY" weightage="20" keywordseo="DCGI">DCGI</keyword>) granted emergency use nod for the drug last week. The drug could be a game-changer in the battle against pandemic as it helps in faster recovery of hospitalised patients and reduces <keyword id="11257268" type="UNKNOWN" weightage="20" keywordseo="oxygen-dependence">oxygen dependence</keyword>. Clinical trial results have shown that the drug helps in faster recovery of hospitalised patients and reduces supplemental oxygen dependence. Higher proportion of patients treated with 2-DG showed <keyword id="9043621" type="COMPANY" weightage="20" keywordseo="RT-PCR">RT-PCR</keyword> negative conversion in Covid patients. The medicine was found to be safe for Covid-19 patients in phase 2 trials, conducted between May and October last year. It was found to be effective in cutting short the hospital stays of Covid patients and reducing their supplemental oxygen dependence. During the first wave of the pandemic in April last year, INMAS-DRDO scientists conducted laboratory experiments with the help of <keyword id="395778" type="COMPANY" weightage="20" keywordseo="Centre-for-Cellular-and-Molecular-Biology">Centre for Cellular and Molecular Biology</keyword> (CCMB), Hyderabad, and found that this molecule works effectively against SARS-CoV-2 virus and inhibits the viral growth. Based on these results, the Drugs Controller General of India (DCGI) <keyword id="170943" type="COMPANY" weightage="20" keywordseo="Central-Drugs-Standard-Control-Organisation">Central Drugs Standard Control Organisation</keyword> (CDSCO) permitted Phase-II clinical trial of 2- DG in Covid-19 patients in May 2020. The DRDO, along with its industry partner DRL, Hyderabad, started the clinical trials to test the safety and efficacy of the drug in Covid-19 patients. In Phase-II trials (including dose ranging) conducted during May-October 2020, the drug was found to be safe in Covid-19 patients and showed significant improvement in their recovery. Phase-II was conducted in six hospitals and Phase IIb (dose ranging) clinical trial was conducted at 11 hospitals all over the country. Phase-II trial was conducted on 110 patients. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/after-ditching-bitcoin-elon-musk-is-now-working-on-making-dogecoin-efficient/articleshow/82628521.cms">After ditching Bitcoin, Elon Musk is now working on making Dogecoin efficient</a> <a href="https://www.businessinsider.in/cryptocurrency/news/four-reasons-why-cryptocurrency-ethereum-has-been-on-a-bull-run/articleshow/82606761.cms">Four reasons why cryptocurrency Ethereum has been on a bull run</a>

DRDO launches a new anti-COVID drug called 2-DG that has helped patients recover faster during trials

<ul><li>Indian pharmaceutical company <keyword id="46698" type="CITY" weightage="20" keywordseo="Lupin">Lupin</keyword> has confirmed an ‘information security incident’ that has affected multiple internal systems.</li><li>The incident comes within weeks of a ransomware attack on Dr Reddy’s Laboratories. </li><li>The average cost of a data breach in the healthcare industry is $7.3 million — 84% higher than the global average across all sectors.</li></ul>Another leading Indian pharmaceutical, Lupin, has reported a cybersecurity attack on its IT systems within two weeks of a ransomware attack on Dr Reddy’s Laboratories. “We have recently experienced an information security incident that has affected several of our internal IT systems. This has not impacted our core systems and operations,” Lupin told <a href="https://www.thehindubusinessline.com/companies/lupin-confirms-security-incident-days-after-dr-reddys-cyber-attack/article33029527.ece">Hindu Business Line</a> in a statement. In October, Dr Reddy’s Laboratories had to ‘isolate’ its servers and took ‘preventive actions’ in the wake of a ransomware attack. The attack also <a href="https://www.businessinsider.in/india/news/dr-reddys-shares-fell-over-3-the-drug-maker-isolated-all-data-service-centers-after-a-cyber-attack/articleshow/78806238.cms">reportedly</a> forced the company to shut down its manufacturing facilities across the world to minimise the attack’s impact. The incidence of hackers trying to breach the firewalls of the healthcare industry have only increased during the coronavirus pandemic.To be fair, the Indian healthcare industry isn’t particularly careful about connecting to the internet. For instance, in June, the CEO of Hackrew and IIT Guwahati graduate <a href="https://medium.com/bugbountywriteup/how-screwed-is-indian-healthcare-data-fa4584be8a04">Sai Krishna Kothapalli</a> was able to view, edit and delete classified personal information of lakhs of patients all over India. Healthcare industry faces the most expensive data breaches “Financially motivated criminal groups continue to target this industry via ransomware attacks,” said Verizon’s annual Data Breach Investigations Report 2020. To make matters worse, the average cost of a <keyword id="10183471" type="UNKNOWN" weightage="20" keywordseo="cybersecurity-breach">cybersecurity breach</keyword> in the healthcare industry is higher than any other sector at a whopping $7.3 million. <div type="image" title="Average total cost of a data breach by industry (1)" msid="79061658" hostid="261" caption="&amp;lt;p&amp;gt;Average total cost of a data breach by industry&amp;lt;/p&amp;gt;"></div> Even though this figure varies across geographies, the average cost of a <keyword id="10226939" type="UNKNOWN" weightage="20" keywordseo="data-breach-in-healthcare">data breach in healthcare</keyword> has been the most expensive for over a decade, according to <a href="https://www.ibm.com/in-en/security/data-breach">IBM’s Cost of a Data Breach 2020</a> report. This year was a 10% increase over 2019 and 84% higher than the global average. Healthcare industry takes nearly a year to track down cybersecurity issues While some data breaches can be attributed to human error or a system glitch, already 50% of them in the healthcare sector are due to malicious attacks. The healthcare industry also takes the longest amount of time to detect a breach and then contain the attack. IBM pegs the average time to around 329 days — that’s nearly a full year of data being exposed. <div type="image" title="Average time to identify and contain a data breach by industry" msid="79061682" hostid="261" caption="&amp;lt;p&amp;gt;Average time to identify and contain a data breach by industry&amp;lt;/p&amp;gt;"></div> However, India is not alone in its struggle. Other countries around the world are also grappling with the new onslaught of cyberattacks in the healthcare sector. Germany, for example, is trying to get ahead of the curve by enacting a new law for patient data protection and increased digitisation in health. In July, it already <a href="https://www.insideprivacy.com/health-privacy/germany-prepares-new-law-for-patient-data-protection-and-increased-digitalisation-in-healthcare-and-for-data-donations-for-research-purposes/">passed the draft bill</a> and is expected to come into force before the end of the year. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/india-is-willing-to-challenge-the-status-quo-says-defence-minister-while-outlining-the-four-core-principles-behind-the-countrys-security-policy/articleshow/79059040.cms">India is willing to challenge the status quo and protect against ‘unilateralism and aggression,’ says Defence Minister Rajnath Singh</a> <a href="https://www.businessinsider.in/science/environment/news/india-demands-environment-friendly-technology-to-be-made-available-at-affordable-prices-to-battle-climate-change/articleshow/79056886.cms">India demands environment-friendly technology to be made available at affordable prices to battle climate change</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-and-indian-banks-wait-as-supreme-court-adjourns-loan-moratorium-hearing-to-november-18/articleshow/79057919.cms">RBI and banks caught in the crosshairs as the Supreme Court adjourns loan moratorium hearing for a second time to November 18</a>

Another Indian pharmaceutical giant reports cybersecurity breach within two weeks of ransomware hack on Dr Reddy’s

<ul><li>Indian staffing <keyword id="9374166" type="UNKNOWN" weightage="20" keywordseo="company-teamlease-services">company TeamLease Services</keyword> clocked a loss of ₹29.4 crore between January and March 2020, compared to a profit of ₹26 crore the same time last year. </li><li>This was largely due to a ₹49.6 crore one-time charge taken by the company to move to the new tax regime. </li><li>While the revenue has dipped 1% to ₹1,345 crore. </li><li>The announcement was made after market hours. Teamlease’ share price was up by 3.7% before the earnings were out. </li></ul>India's leading staffing company <keyword id="6381892" type="UNKNOWN" weightage="20" keywordseo="TeamLease-Services">TeamLease Services</keyword> clocked a loss of ₹29.4 crore between January and March 2020, compared to a profit of ₹26 crore the same time last year. This was largely due to a ₹49.6 crore one-time charge taken by the company to move to the new tax regime. Without that, the profit for the quarter would have been ₹20.2 crore. While the revenue has dipped 1% to ₹1,345 crore. <div type="image" title="Teamlease" msid="76287958" hostid="261"></div> “We are currently going through unprecedented times and have thus far managed the situation reasonably well, whether it be in terms of connecting with our clients, employees and other stakeholders. We are optimistic at the prospects of growth reviving and do believe that the formal staffing industry would stand to gain from the economy opening up and simplification of labour laws,” said Ashok Reddy, MD at TeamLease Services. The announcement was made after market hours. Teamlease’ share price was up by 3.7% before the earnings were out. The lockdown impact On March 22, the Indian government announced a nationwide lockdown in the wake of coronavirus and the businesses were required to shift to remote working setup overnight. Its business operations were impacted significantly, as India went into a complete lockdown mode. “The lockdowns and restrictions imposed on various activities due to COVID — 19 pandemic have posed significant challenges to all the businesses of TeamLeese and its Subsidiaries. The Company's operations were impacted substantially from 17" March 2020 till the third week of May 2020, when lockdown was gradually lifted. All offices were shut down during the period,” the company said in a statement earlier. <div type="image" title="Teamlease shares" msid="76287983" hostid="261"></div> The company acquired elearning platform SchoolGuru and regulatory technology solutions company Avantis to capitalise on the possibilities of growth spurred by the global pandemic. “We have utilized the lockdown period to be more efficient, the results of which should flow into the future,” Reddy added. Going forward, the company is connecting with its stakeholders to gauge the impact of the COVID situation. On June 4, TeamLease said that it is in talks with the policy makers so as to recommend mitigation policies. However, “these are very early days but the company expects normalcy to be achieved only after a quarter” or in fact, a couple of quarters. TeamLease added nearly 4,000 employees this financial year, taking the total employee count to 220,000 as on March 31, 2020. Its digital arm for hiring the staffing business contributed to 20% of the total hiring for the quarter, the company announced, adding that the hirings are expected to grow by 40% in the next three quarters. See also: <a href="https://www.businessinsider.in/careers/news/hiring-activity-dips-61-in-may-in-india-naukri-com/articleshow/76275012.cms">Hiring activity dips 61% in May in India: Naukri job survey</a> <a href="https://www.businessinsider.in/business/news/parle-g-clocked-record-sales-in-may-it-may-be-because-broke-and-starving-migrant-labourers-could-barely-afford-anything-else/articleshow/76280162.cms">Parle G clocked record sales in May⁠— it may be because broke and starving migrant labourers could barely afford anything else</a> <a href="https://www.businessinsider.in/stock-market/news/the-top-equity-growth-mutual-funds-with-the-best-returns-in-the-last-3-years/slidelist/76278800.cms">The top equity growth mutual funds with the best returns in the last 3 years</a>

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Dr Reddy's, Sun Pharma recall drugs in US market: USFDA

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Dr Reddy’s Laboratories shares drop more than 10% on fall in profit

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Dr Reddy's acquires Mayne Pharma's USA prescription portfolio for $105 Mn

PTI

Top stocks to watch — Cipla, Zydus Cadila, Dr Reddy Laboratories, Tech Mahindra, Avenue Supermarts, Cochin Shipyard, and others

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DRDO launches a new anti-COVID drug called 2-DG that has helped patients recover faster during trials

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Another Indian pharmaceutical giant reports cybersecurity breach within two weeks of ransomware hack on Dr Reddy’s

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TeamLease, one of India’s top recruiting firms, swings to a loss as it moves to a new tax regime

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