Global med-tech firms, India locked in tussle after stent price sting

NEW DELHI/MUMBAI - A group of global medical-technology companies plans to tell Indian officials next month that any further price control measures would risk future investments and make them less likely to introduce new products in the country, according to an industry source familiar with the matter.

The lobbying effort by Abbott Laboratories, Boston Scientific, Joh

GST to push India's growth but bad loans still a problem: IMF

The ambitious Goods and Services Tax to be implemented from July 1 would help raise India's medium-term growth to above eight per cent, the IMF has said, but expressed concern over the health of the country's banking system. Observing that India is the "fastest growing emerging market economy" in the region, Tao Zhang, Deputy Managing Director of the International Monetary Fun

Ambuja Cements first-quarter profit jumps four fold on higher sales volume

India's Ambuja Cements, part of global conglomerate LafargeHolcim Ltd, on Friday reported an over four-fold surge in first-quarter net profit, as higher cement sales volume and favourable pricing offset rising costs.

Net profit jumped to 2.47 billion rupees ($38.41 million) in the quarter ended March 31, from 535.1 million rupees in the year-ago period, the cement major said. (htt

Indian gold demand seen higher ahead of key festival

MUMBAI/BENGALURU  - Demand for gold in India was seen higher ahead of an auspicious day for gold purchases on Friday compared to last year, with lower prices also acting as a catalyst.

"Sentiment is very good in the market. Jewellers are reporting higher footfalls," Somasundaram PR, head of the India unit of the World Gold Council, told Reuters, adding

Amazon to keep investing in tech, infra in India: Jeff Bezos

Global e-commerce major Amazon will keep investing in the Indian market to strengthen technology and infrastructure as it looks to overtake local rival Flipkart, reported PTI. The US-based company has already committed investments to the tune of USD 5 billion in India.

"Our India team is moving fast and delivering for customers and sellers... It's still day 1 for e-commerce i

Cyprus seeks Indian investments to enhance ties: Nicos Anastasiades

President of the Republic of Cyprus urged Indian industry to invest in the country`s key areas including banking and finance, shipping and transportation, education, science and technology, pharmaceuticals, renewable energy and tourism in order to stimulate trade and investments between the two countries said at `India –Cyprus Business Session` jointly organized by ASSOCHAM, CII and FICCI

India in advanced stages of formulating defence mfg policy: Finance Minister

India is in the advanced stages of formulating a policy to encourage domestic defence manufacturing and cut import of combat planes, ships and submarines, Union Minister Arun Jaitley said. Addressing the annual meeting of CII here, Finance Minister Jaitley, who holds additional charge of the Defence Ministry, said the focus would be on technological tie-ups to help India become a "manufact

Government taking steps to reduce patent examination time: Minister

The Indian Government has said that it is taking steps, including hiring more manpower, to reduce the patent application examination time to 18 months by March next year. As per reports, at present, it takes about 48 months for the first stage of examination of a patent application.

Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, “The m

Indian markets to outperform its EM peers: Deutsche Bank

A report has said that the Government expenditure is likely to accelerate over the next two years and the Indian equity markets are expected to outperform its emerging market peers driven by pro-growth government policies.

According to Deutsche Bank's India Equity Strategy Report, the final two years of every national government since the Narasimha Rao administration in 1991, have

Good policy intervention unlocked huge investment in infra: Minister

The Indian Government has said that wisely crafted policy interventions not only unlocked huge investments but saw record awards for building 15,948 km highways in 2016-17.

Commenting on the issue, Union Minister Nitin Gadkari told the media, “2016-17 has surpassed all previous figures” with “issue of award letters, after completion of all preproject formalities for

Biocon net declines 62% in Q4

India's biotechnology major Biocon Ltd has posted Rs 127 crore consolidated net profit for the fourth quarter (January-March) of fiscal 2016-17 as against Rs 333 crore in the same period year ago, registering a whopping decline of 62 per cent year-on-year (YoY).

In a regulatory filing on the BSE on Thursday night, the city-based pharmaceutical company said consolidated revenue for

Earnings misses, rising debts: Indian Railways turnaround hits buffers

GHAZIABAD, India  - India's mammoth state railways, much of them stuck in colonial times, have missed earnings targets for the third straight year and debts have shot up, documents seen by Reuters show, raising doubts about an ambitious modernisation drive.

The previously unreported figures will make uncomfortable reading for Prime Minister Narendra Modi, the

Rice prices rise in India on stronger rupee; stable in Thailand, Vietnam

MUMBAI/BANGKOK/HANOI - Rice prices in India rose on a stronger rupee, while markets in Thailand and Vietnam remained quiet, traders said on Thursday.

In India, the world's biggest rice exporter, prices for 5-percent broken parboiled rice rose by $3 to $387-$392 a tonne this week on an appreciation in the rupee and a rise in paddy prices in the local market.

India, Poland ink agriculture agreement

India and Poland on Thursday signed an agreement on the exchange of information and technology in the agriculture sector.

The agreement, signed by Minister of State of Small Industries Giriraj Singh from the Indian side, will see cooperation between the two nations and emphasise on the need to expand their trade relations.

The signing ceremony took place after the formal tal

Rs 30,000 cr to be spent to revive 4 sick fertiliser units

State-run units in the energy sector will jointly invest close to Rs 30,000 crore to revive four sick fertiliser plants by 2020-21 in order to make India self-sufficient in urea production and reduce imports, the government said on Thursday.

Petroleum Minister Dharmendra Pradhan, briefing reporters following an inter-ministerial meeting here, said while Rs 20,000 crore would be invest

CCI orders antitrust probe into Roche cancer drug

India's antitrust regulator has ordered a probe into Swiss drugmaker Roche for allegedly using anti-competitive practices to restrict cheaper copies of a blockbuster cancer drug from reaching patients.

Trastuzumab has been a mainstay of Roche's profit for years and brought in global sales of about $6.7 billion in 2016, but it has been challenged in the last three years by bios

Government expenditure likely to accelerate over next 2-years: Report

Government expenditure is likely to accelerate over the next two years and the Indian equity markets are expected to outperform its emerging market peers driven by pro-growth government policies, says a report according to the PTI. According to Deutsche Bank's India Equity Strategy Report, the final two years of every national government since the Narasimha Rao administration in 1991, have

Now Northeast set to boost India's global IT business

The northeastern region, long considered backward in growth and business terms, is poised to add heft to India's dominant position in global software exports and the IT industry, a top official said

"Aiming to further boost India's software exports and strengthen the IT industry, six IT parks and hubs have already been set up in six capitals or cities of the northeastern

Indian cos optimistic on spending, investing in 2017: Survey

Driven by positive economic sentiment, Indian companies are confident about increasing spending and investment to support topline growth while improving profitability this year, a survey says. Around 67 per cent of Indian executives are positive about moderate spending and investment and financial executives are expected to spend more than last year on labour/headcount, hardware and infrastruct

Suresh Prabhu rules out privatisation of Indian Railways

Railway Minister Suresh Prabhu has ruled out privatisation of Indian Railways, saying it cannot ignore the common man who depends hugely on the public transporter. He also said that the railways will have to bear the public service obligation - which is currently between Rs 30,000 and 35,000 crore - for the foreseeable future.

Prabhu rejected a suggestion that in the long-run the rail

Book publisher S. Chand's $114 million IPO fully subscribed

MUMBAI - Indian book publisher S. Chand & Co Ltd's initial public offering of shares to raise 7.3 billion rupees ($114 million) was fully subscribed on the second day of the sale on Thursday, stock exchange data showed.

The IPO had been subscribed 1.48 times as of 1:00 p.m. (0730 GMT), according to data from the National Stock Exchange.

S.Chand is se

Harika plays out hard fought draw vs Mustafa at Reykjavik Open chess

Indian Grand Master Harika Dronavalli eked out a hard fought draw against the higher-rated Mustafa Yilmaz of Turkey in round eight of the Rejkjavik Open chess tournament at the Herpa Concert Hall here.

Harika, who had a glorious opportunity to break into the top five in the points table could not breach the Turkish Grand Master’s defence and with time running out both the player

Railways to develop transparent digital platform to curb corruption

The Indian Railways has said that it is developing a common digital platform integrating information from all departments as a roadmap for the future for bringing transparency in the system. As per reports, this will enable the public transporter to save about Rs 60,000 crore.

Besides, the entire supply and procurement chain of Railways will be digitised to curb corruption. Commenting

India to join Eurasian Economic Union under FTA

India is set to join the Eurasian Economic Union by signing free trade agreement to boost trade ties, Kazakhstan Ambassador Bulat Sarsenbayev said as per the PTI report. "India is going to join the Eurasian Economic Union which includes Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan in the form of an FTA (Free Trade Agreement)," Sarsenbayev said at a conference organised here by

RIL partners with Resysta to bring wood alternative in India

Reliance Industries Ltd (RIL) on Wednesday said it has entered into a licence agreement with Germany based Resysta International GmbH, which gives RIL the exclusive rights of production and marketing of a natural fibre polymer composite (NFPC) in India.

"Through this strategic partnership with Resysta, RIL is looking forward to produce the RelWood compound exclusively in order to