Penalty imposed on the company for deviation from prescribed guidelines in filing intimation of import of a reference standard for one of the APIs
Published Date – 14 November 2024, 11:49 AM
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New Delhi:Dr Reddy’s Laboratories on Thursday said Mexico’s drug regulator imposed a fine of Rs 27 lakh on it for deviation from prescribed guidelines in filing intimation of import for a product.
The drug regulatory body of Mexico has imposed a penalty of Rs 27 lakh on the company for deviation from prescribed guidelines in filing intimation of import of a reference standard for one of the APIs, the Hyderabad-based firm said in a regulatory filing.
Additionally, the fine was imposed due to an error in the date of the invoice and also in the name of the reference standard versus import license, it added. Shares of Dr Reddy’s Laboratories were trading 0.70 per cent down at Rs 1,237 apiece on BSE.
In support of the government’s Code on Social Security (CoSS), aimed at providing a safety net for gig workers, Uber announced efforts to promote registrations on the e-Shram portal, a unified database for gig and unorganized workers.
Updated On – 14 November 2024, 04:24 PM
New Delhi: Ride-hailing app Uber on Thursday announced a host of new features such as SOS integration, helmet selfie and women rider preference for female drivers – all aimed at making experience for million-plus drivers on its platform “safer, easier and fairer”.
Further, in support of the government’s Code on Social Security (CoSS), which seeks to provide a safety net for gig workers, Uber announced the promotion of registrations on the e-Shram portal, which is a unified database for gig workers and unorganised workers.
To encourage participation and accelerate such registrations, Uber is offering cash incentives to the first 10,000 drivers who register on the portal.
Key enhancements for drivers include SOS integration, helmet selfie, women rider preference for female drivers, and audio recording, as also upfront tipping, instant payments, and mentorship program.
As part of fairer processes, Uber has lined up revamped earnings hub and Deactivation review centre, as well.
Prabhjeet Singh, President, Uber India and South Asia, said the latest updates empower drivers, enhance their safety, and offer greater convenience with more transparency in their everyday operations.
Uber has more than 1 million monthly active drivers in India who use the platform for flexible earning opportunities.
Forex traders noted that lower crude oil prices in the international market boosted the local currency’s recovery. At the interbank forex market, the rupee opened at 84.42 and gained further to 84.38 against the US dollar, up by 8 paise from its previous close.
Updated On – 18 November 2024, 10:10 AM
Mumbai: The rupee recovered from its lowest level and appreciated by 8 paise to 84.38 against the US dollar in early trade on Monday despite a stronger American currency and sustained outflow of foreign funds.
Lower level of crude oil prices in the international market supported the recovery of local unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 84.42 and strengthened further to 84.38 against the greenback, trading 8 paise higher from its previous close.
On Thursday, the rupee fell 7 paise to settle at its all-time low of 84.46 against the US dollar. Forex markets were closed on Friday on account of Guru Nanak Jayanti.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.06 per cent at 106.68.
Brent crude, the global oil benchmark, rose 0.51 per cent to USD 71.40 per barrel in futures trade.
Analysts said that India’s inflation surge is putting additional pressure on the currency. Also, they said the record surge in the US Treasury yield has added strength to the dollar index.
Wholesale price inflation in India rose to a 4-month high of 2.36 per cent in October as prices of food items, especially vegetables, and manufactured goods turned dearer, according to government data released on Thursday.
Retail inflation breached the RBI’s upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices.
On the domestic equity market front, Sensex was trading 125.08 points, or 0.16 per cent lower, at 77,455.23 points. The Nifty fell 20.15 points, or 0.09 per cent, to 23,512.55 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 1,849.87 crore, according to exchange data.
The latest government data released on Thursday showed India’s merchandise exports in October rose by an impressive 17.25 per cent year-on-year, highest in over two years, to USD 39.2 billion, while the trade deficit widened to USD 27.14 billion on a sequential basis.
Meanwhile, the country’s forex reserves dropped by USD 6.477 billion to USD 675.653 billion for the week ended November 8, the RBI said on Friday.
The BSE Sensex dropped 156.72 points to 77,423.59 in early trade, while the NSE Nifty fell 64.25 points to 23,468.45. Key laggards from the 30-share Sensex included Infosys, Tech Mahindra, HCL Technologies, TCS, NTPC, Axis Bank, Tata Motors, and IndusInd Bank.
Published Date – 18 November 2024, 11:30 AM
Mumbai: Equity benchmark indices declined in early trade on Monday, owing to relentless foreign fund outflows, selling in IT stocks and weak leads from the US markets.
The BSE benchmark Sensex declined 156.72 points to 77,423.59 in early trade. The NSE Nifty dipped 64.25 points to 23,468.45.
From the 30-share Sensex pack, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, NTPC, Axis Bank, Tata Motors and IndusInd Bank were the major laggards.
HDFC Bank, Tata Steel, Bajaj Finance and Asian Paints were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,849.87 crore on Thursday, according to exchange data.
Foreign investors have pulled out Rs 22,420 crore from the Indian equity market so far this month, owing to high domestic stock valuations, increasing allocations to China, and the rising US dollar as well as Treasury yields.
With this sell-off, Foreign Portfolio Investors (FPIs) have recorded a total outflow of Rs 15,827 crore in 2024 so far.
Equity markets were closed on Friday for Guru Nanak Jayanti.
“Even though Nifty has corrected 10.4 per cent from the peak there are no signs of a sustained recovery in the market. Relentless FII selling, earnings downgrades for majority of stocks for FY25, and the consequences of the Trump trade are weighing on the market,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
In Asian markets, Seoul, Shanghai and Hong Kong traded higher while Tokyo quoted lower.
The US markets ended lower on Friday.
“Weak leads from Wall Street and rising US bond yields add to the anxiety,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Global oil benchmark Brent crude climbed 0.51 per cent to USD 71.40 a barrel.
The BSE benchmark Sensex dropped 110.64 points or 0.14 per cent to settle at 77,580.31 on Thursday. The Nifty declined by 26.35 points or 0.11 per cent to 23,532.70.
The study, titled “Work-from-Home: Benefits and Costs: an Exploratory Study in the Indian Context”, stated that Covid has given rise to many alternative systems, and work from home is a prominent outcome altering the employment ecosystem
Published Date – 18 November 2024, 02:10 PM
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New Delhi: The ability to hire employees from spatially-dispersed locations may help to promote more balanced geographical development, in addition to alleviating pressures of various kinds on major metropolitan areas in India, according to a study by apex business chamber CII and the Faculty of Management Studies (FMS), Delhi, on Monday.
The study, titled “Work-from-Home: Benefits and Costs: an Exploratory Study in the Indian Context”, stated that Covid has given rise to many alternative systems, and work from home is a prominent outcome altering the employment ecosystem.
Since then, many organisations have adopted remote and hybrid work practices. The study found that the new model has led to moderate savings in office rental costs and enabled a moderate reduction in costs involved in meeting and working with clients.
“The savings in employee commuting and accommodation costs have allowed for adjustments in employee compensation structures to a limited extent,” the findings showed.
There is significant reduction in commuting stress for employees leading to greater energy levels. However, the study also found that working from home has led to less effective communication and that remote working is detrimental to teamwork.
It suggests that remote working could hinder the development and sustenance of organisational culture. As far as the costs and benefits for employees are concerned, respondents were of the view that remote working is particularly beneficial for parents with young children and for caregivers.
A moderate increase in employee productivity has also been observed. However, some respondents have reported difficulty in separating work and personal life, leading to increased stress, the study pointed out.
Many employees also lack dedicated, undisturbed workspaces at home. Besides, flexibility in scheduling can be considerably problematic for those unable to maintain self-discipline.
The study further observed that traditional supervision methods such as attendance monitoring have become less effective. Remote working has led to a shift towards performance-based monitoring in a major way.
Furthermore, with remote working, increased reliance on trust has become necessary to ensure employee performance. On the macro environment front, the study suggested that remote working has led to significant reduction in the company’s carbon footprint and could held organizations meet ESG (environment, social and governance) goals.
“While work-from-home confers tangible benefits for both employers and employees in the short term, it may, however, lead to some losses in the long run. These losses may be intangible in nature, relating to the formation and sustenance of social, emotional, and human capital,” the study noted.
According to ANAROCK data, city saw 7% drop in number of homes sold between April and September 2024 compared to the same period last year
Published Date – 20 November 2024, 01:53 PM
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Hyderabad: Hyderabad’s real estate market has shown signs of slowing down in 2024, as unit sales in the first half of the fiscal year experienced a notable decline.
According to the latest ANAROCK data, between April and September 2024, the city saw a drop of nearly 7 per cent in the number of homes sold compared to the same period in 2023.
Despite a sharp rise in the average ticket size of homes sold — up by 37 per cent, from Rs 84 lakh to Rs 1.15 crore — the total volume of units sold fell from nearly 30,000 to just over 27,800.
This drop in sales volume suggests that the once-booming luxury real estate market in the city may be facing a cooling period.
The city’s performance stands in contrast to the ongoing boom in other major cities. Bengaluru, for instance, recorded a 44 per cent increase in the average ticket size of homes sold, while NCR saw a staggering 56 per cent rise.
Hyderabad, while witnessing a substantial growth in the value of homes sold, lagged behind in terms of the pace of growth. According to data, the total sales value in the city rose from Rs 25,059 crore to Rs 31,993 crore, yet this did not fully compensate for the decline in volume.
The slowdown in Hyderabad’s real estate sales is further highlighted when compared to other cities in the top seven real estate markets across India.
NCR and Bengaluru have maintained strong growth in the luxury segment, driven by steady demand for high-value properties.
NCR saw the highest growth in ticket size, rising from Rs 93 lakh to Rs 1.45 crore between April and September 2024. Bengaluru, with a similar rise, moved from Rs 84 lakh to Rs 1.21 crore.
Meanwhile, cities such as Pune and Chennai have also reported growth in the average ticket size of properties sold, though the increases were more modest compared to those in Bengaluru and NCR. ……………………………………………………….
Sales in India’s top realty markets: A comparison
Bengaluru H1 FY24: 31,440 units (₹26,274 cr) H1 FY25: 31,380 units (₹37,863 cr)
Hyderabad H1 FY24: 29,940 units (₹25,059 cr) H1 FY25: 27,820 units (₹31,993 cr)
Chennai H1 FY24: 10,435 units (₹7,516 cr) H1 FY25: 9,530 units (₹9,015 cr)
Pune H1 FY24: 43,565 units (₹28,590 cr) H1 FY25: 40,190 units (₹34,033 cr)
Kolkata H1 FY24: 11,095 units (₹5,851 cr) H1 FY25: 8,620 units (₹5,265 cr)
NCR H1 FY24: 32,315 units (₹30,154 cr) H1 FY25: 32,125 units (₹46,611 cr)
MMR H1 FY24: 76,410 units (₹1,12,356 cr) H1 FY25: 77,735 units (₹1,14,529 cr)
Total H1 FY24: 2,35,200 units (₹2,35,800 cr) H1 FY25: 2,27,400 units (₹2,79,309 cr)
he job which is based at Zomato’s headquarters in Gurugram requires a candidate with ‘hunger,’ ’empathy,’ ‘common sense’ and ‘not a lot of experience’
Published Date – 21 November 2024, 10:56 AM
Zomato CEO Deepinder Goyal
Hyderabad: In an unconventional way to convey a job opening, Zomato CEO Deepinder Goyal took to social media platform ‘X’ to announce that his company is looking to hire for a Chief of Staff position.
However, the job role comes with a twist as no salary will be paid in the first year and candidate selected is required to pay Rs.20 lakh as fee.
The CEO justifying his unusual offer said, “this job will provide 10x more learnings than a 2-year degree from a top management school as the candidate will be working with me and some of the smartest folks in consumer tech.”
The job which is based at Zomato’s headquarters in Gurugram requires a candidate with ‘hunger,’ ’empathy,’ ‘common sense’ and ‘not a lot of experience.’
Goyal said that the Rs.20 lakh collected as fee would be donated directly to ‘Feeding India,’ a Zomato non-profit initiative. “At our end, we want to demonstrate that we are not trying to save money here-we will contribute Rs.50 lakh (equivalent to a Chief of Staff salary) to a charity of the candidates choice.”
The CEO further said that, “This role is not for resume building or financial perks but for those who want to learn and contribute to building the future of Zomato, Blinkit, Hyperpure, and Feeding India.
Interested candidates can apply for the role by emailing a cover letter of up to 200 words to d@zomato.com. However, remember not to attach your resume, says Goyal.
Stock of the group’s flagship firm Adani Enterprises plunged 22.99 per cent, Adani Ports dived 20 per cent, Adani Energy Solutions tanked 20 per cent
Published Date – 21 November 2024, 12:20 PM
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New Delhi: After US prosecutors charged billionaire Gautam Adani over his role in an alleged years-long scheme to pay $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts, the Adani group stocks faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by Rs 2.45 lakh crore.
The stock of the group’s flagship firm Adani Enterprises plunged 22.99 per cent, Adani Ports dived 20 per cent, Adani Energy Solutions tanked 20 per cent, Adani Green Energy plummeted 19.53 per cent and Adani Total Gas tumbled 18.14 per cent on the BSE.
Shares of Adani Power slumped 17.79 per cent, Ambuja Cements cracked 17.59 per cent, ACC fell 14.54 per cent, NDTV dropped 14.37 per cent and Adani Wilmar declined 10 per cent. Some of the group firms also hit their lowest trading permissible limit for the day.
The combined market capitalisation (mcap) of all the ten listed group firms eroded by Rs 2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75.
US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit.
This, they alleged, was concealed from the US banks and investors from whom the Adani Group raised billions of dollars for the project. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets.
The Adani group did not immediately respond to requests for comments. “The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars,” Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement.
Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate’s renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Adanis were also charged in a US Securities and Exchange Commission (SEC) civil case.
Moody’s Ratings stated that the indictment of Adani Group’s chairman and other senior officials on bribery charges is “credit negative” for the group’s companies. Billionaire Gautam Adani has been accused by U.S. prosecutors of participating in a scheme to pay over $250 million (approximately ₹2,100 crore) in bribes to Indian officials to secure favorable terms for solar power contracts.
Updated On – 21 November 2024, 02:17 PM
New Delhi: Moody’s Ratings on Thursday said it will look at Adani group’s governance practices when assessing the ports-to-energy conglomerate’s ability to access capital in the aftermath of indictment of the group head Gautam Adani on bribery charges.
“The indictment of Adani Group’s chairman and other senior officials on bribery charges is credit negative for the group’s companies,” Moody’s Ratings said in a statement.
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.
“Our main focus when assessing Adani Group is on the ability of the group’s companies to access capital to meet their liquidity requirements and on its governance practices,” Moody’s said.
Transcripts are rolling out globally over the coming weeks with a few select languages to start, and the company plans to add more languages over the coming months
Published Date – 22 November 2024, 09:54 AM
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New Delhi: Meta-owned WhatsApp has introduced a new feature called voice message transcripts and voice messages can now be transcribed into text, ‘to help you keep up with conversations no matter what you’re doing.”
Transcripts are rolling out globally over the coming weeks with a few select languages to start, and the company plans to add more languages over the coming months.
In a blog post, WhatsApp said that sending a voice message makes connecting with friends and family even more personal. “There’s something special about hearing your loved one’s voice even when you’re far away.
Though sometimes, you’re on the move, in a loud place, or you receive a long voice message that you just can’t stop and listen,” the social media company added. For those moments,”we’re excited to introduce voice message transcripts.”
Transcripts are generated on your device so that no one else, not even WhatsApp, can hear or read your personal messages.
To start using this feature, go to Settings, Chats and then Voice message transcripts to easily turn transcriptions on or off and select your transcript language.
“You can transcribe a voice message by long pressing on the message and tapping on ‘transcribe.’
“We’re excited to build on this experience and make it even better and more seamless,” said WhatsApp.
The Meta-owned company recently introduced the Message Drafts feature which addresses a common issue forgetting to send an unfinished message.
When you start typing but don’t hit send, WhatsApp now marks the chat with a clear Draft label and moves it to the top of your chat list.
This ensures you can quickly locate and complete your messages without scrolling through multiple conversations, said the company.”
