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Lupin on Tuesday said it aims to address the USFDA warning letter on its Goa and Indore plants by end of FY19.“The (remediation) work is well underway, we have engaged several groups of independent consultants, as it stand right now we stand to complete all work by June,” said Nilesh Gupta, Managing Director of Lupin, said in the post earnings conference call.“And then we will go back to (US)FDA and then will follow the process thereafter. If things work well I think pretty much by the end of next financial year, we will be able to close the warning letter,” Gupta added.Close Lupin was hit by a warning letter from USFDA for its manufacturing plants in Goa and Pithampur Unit II (Indore) in November last year. related news 373 infra projects show cost overruns of Rs 3.89 lakh cr Zomato looks to become profitable by end-2020 Five of top-10 most valued firms add Rs 56,877 cr in m-cap The US drug regulator, after inspecting the two sites, … [Read more...] about Lupin hopes to resolve warning letter on Goa and Indore plants by end of FY19

In a surprise move, the Reserve Bank of India (RBI) left policy rates unchanged after the Monetary Policy Committee (MPC) raised concerns on higher inflation but continued with accommodative stance for future easing.While there is room for rate reduction going ahead, RBI Governor Shaktikanta Das said that the cuts need to be timed well for better impact.Meanwhile, the Securities Appellate Tribunal (SAT) asked market regulator SEBI to hear lenders’ concerns and deliver its decision on reversal of pledged shares to Karvy Stock Broking’s clients by December 12.Explained | How Karvy went from broking to brokeWhile lenders are facing chances of huge write-offs due to fraudulent activities of Karvy, it also likely that they skipped a few check-boxes themselves while lending against third party shares.Also, norms for brokers and banks laid down by their respective regulators do not seem to be on the same page.RBI keeps rates unchanged, FY20 growth forecast cut to 5% from 6.1%The … [Read more...] about Banking wrap: RBI maintains status quo, lenders await SEBI’s decision in Karvy case after SAT order

Fraud-hit CG Power and Industrial Solutions has sought shareholders' nod to borrow up to Rs 5,000 crore to meet working capital and other business needs as it looks to spring back from the worst crisis in its history. CG Power has called an annual general meeting of shareholders on December 14 where the resolution for borrowing will be put to vote.In a notice to shareholders, the firm said its current borrowing as of March 31, 2019, is Rs 2,455.39 crore (fund based including short term loans) and Rs 1,380.00 crore (non fund based)."Keeping in view the existing borrowing and additional fund requirements and given the current financial condition of the company, the company is in urgent need of both long-term capital and working capital and towards this, the management of the company is in the process of identifying potential sources of capital," it said.Close The company is also seeking external advice on mode and sources of fund raising. related news Modi govt resolves to … [Read more...] about CG Power seeks shareholders’ nod to borrow up to Rs 5,000 cr to revive business

The share price of Dhunseri Investments was locked in 20 percent upper circuit on December 5 after the company reported strong earnings in the September quarter.The stock was quoting at Rs 250.85, up 20 percent, and there were pending buy orders of 1,089 shares, with no sellers available on the BSE at 1457 hours.The company’s net profit during the quarter ended September jumped to Rs 11.27 crore against Rs 4.97 crore in the same period last year due to nil tax expenses (against 0.31 crore YoY) and changes in fair value of investments routed through P&L.Close Consolidated profit from continuing operations during the quarter jumped to Rs 26.4 crore from Rs 5.14 crore YoY. related news D-Street Buzz: Banks bleed led by YES Bank, RBL Bank, SBI; Omaxe tanks 20% Shakti Pumps shares fall 3% after CARE revises credit rating Andhra Bank share price falls 3% after RBI imposes Rs 25 lakh penalty Dhunseri Investments is an investment company registered with the Reserve Bank of … [Read more...] about Dhunseri Investments share price locked in 20% upper circuit after strong September quarter

Prakhar Misra and Sharmadha SrinivasanLast month, the Indonesian planning minister announced that the country is looking to move its capital from Jakarta to an undecided city with Palangkaraya being a prime contender. The main reasons cited for this move are the infrastructure woes of Jakarta—like congested streets and inadequate sewerage networks—and the threat of rising sea levels due to climate change. Indonesian policymakers will have to answer a barrage of questions on the purpose and functions of the new city in order for this move to be a success. This process and its implications will also serve as a precedent for other countries, India included.The National Development Planning Minister stated that among other reasons for this move, balancing the centre of growth in Indonesia away from Jakarta was important. After all, Java contributes to 60 percent of Indonesia’s GDP. Some say that it is the less-developed eastern part of … [Read more...] about Urban Planning | The potential of moving the national capital