Sensex log new highs on eco reforms, Fed rate stance
Indian markets on Thursday cheered Modi Government’s move to ease FDI rules in construction sector and the Federal Reserve sticking to its stance of low US interest rates with benchmark Sensex surging about 248 points to end at new peak of27,346.33, extending gains for the third day. The NSE 50-share Nifty index also ended higher by 78.75 points, or 0.97 per cent, at 8,169.20 after hitting an all-time intra-day high of 8,181.55 during the day.
ICICI Bank’s consolidated profit up 14%; provisions soar
Private sector lender ICICI Bank on Thursday posted a 14 per cent increase in consolidated profit for the September quarter at Rs3,065 crore, driven by a surge in non-interest income. On stand-alone basis, the profit is up 15 per cent to Rs2,709 crore. Non-interest income jumped 26 per cent to Rs2,738 crore, Managing Director and Chief Executive Chanda Kochhar told reporters. She attributed the uptick to a 20 per cent jump in retail fees and a Rs137-crore treasury profit. The bank restructured Rs900 crore of bad assets during the quarter, but overall restructured book was down by almost Rs200 crore as some assets slipped into NPAs, while there were some upgrades as well, Kochhar said, adding this resulted in a big jump in provisions to Rs849.50 crore, as against Rs624.80 crore.
Cipla asks govt to revoke Novartis’ patent; launches its drug
Taking the patent battle to Novartis, India’s Cipla has launched low-cost generic version of the Swiss drug maker’s respiratory drug Indacaterol sold under the Onbrez brand, while asking the Government to revoke patents over the medicine. Cipla, which has launched its own version under the Unibrez brand, has asked DIPP to revoke five patents of Novartis relating to the product citing need for public health access and stated the patent holder Novartis does not manufacture the drug in India. “We believe that Cipla has potential to manufacture adequate quantities of the drug and make the same available in the country,” Cipla said in a statement.