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UPDATE: FDA seizes Caraco drugs over norms violation
In a major setback to Sun Pharmaceutical Industries - the largest Indian drug maker in terms of market capitalisation, the US Food and Drug Administration (FDA) has seized all medicines produced by Sun’s US arm Caraco Pharmaceutical Laboratories, for repeated violations of manufacturing standards.

GST will reduce tax burden by 25-30%: FinMin
While the finance ministry today admitted to Rs 20,000-22,000-crore shortfall in the indirect tax collections during the current year, it went on to assure the industry that the tax burden on people would come down by 25-30 per cent with the introduction of the proposed goods and services tax (GST).

News of the day

Bajaj to ramp up Pulsar production
Bajaj Auto is betting big on its Pulsar bike and plans to ramp up production to 90,000 units per month in the next six months with a sales target of 1 million units per annum by the end of next financial year.
Small Business

NTPC follow-on offer likely on Feb 3

The country"s largest power producer National Thermal Power Corporation"s (NTPC) much-awaited follow-on public offer (FPO), which is expected to fetch the government about Rs 11,000 crore, is likely to open on February 3. Jan cement sales in high double-digit "NTPC"s FPO would open on February 3 and close on February 5," a senior finance ministry official said. NTPC had on Tuesday filed the draft prospectus for its FPO with the market regulator the Securities and Exchange Board of India (Sebi). The government is divesting 5 per cent stake in NTPC through this FPO, which is expected to bring in about Rs 11,000 crore going by current market valuations. After the 5 per cent stake dilution, the government"s holding in the power utility will come down to 84.5 per cent from the current 89.5 per cent. The Cabinet Committee on Economic Affairs had in October 2009 approved sale of 5 per cent stake of the government in NTPC. The government has already appointed ICICI Securities, JP Morgan, Citi and Kotak as investment bankers for the issue. The proceeds from the FPO would go to the Investment Fund that finances social sector schemes. After NTPC, Rural Electrification Corporation is also expected to hit the market before the Budget. Mining giant NMDC"s offer will come around March 10 while that of Satluj Jal Vidyut Nigam towards the end of March.


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