BRANDs

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir?

Trouble viewing this email? View in web browser

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 1
Thursday, 23 Dec 2021
Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 2

Good morning!

So, what’s going on at Paytm? We have mixed news. First, the encouraging one. Multinational brokerages either have underperform or neutral ratings on the stock but it just received its first bullish one. Morgan Stanley sees attractive risk-to-reward—Paytm closed at ₹1,343.05 on Wednesday (BSE); the US bank has a price target of ₹1,875. Also, it expects Paytm’s profitability to improve with its financial services business ramping up.

The not so good news: three senior executives have resigned from the fintech company in quick succession, adding to a series of departures of top managerial personnel.

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 3

The sharp fall in the share price of Paytm post its listing created a storm with many questioning the valuations of loss-making firms. What does the Indian market regulator think? Scroll down. Also, don’t miss our reportage on how drug regulators ignored contaminated batches of remdesivir, the ZEE-Sony deal, and Foxconn India unit’s IPO.

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 4   Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 5   Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 6   Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 7
Market Watch
What’s up?

BSE Sensex

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 8 56,930.56 (+1.09%)

NIFTY

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 8 16,955.45 (+1.10%)

Dollar/Rupee

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 10 ₹75.55 (-0.07%)

Gold

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 8 ₹48,130 (+0.13%)

Crude oil

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 10 ₹5,401 (-0.37%)

Bitcoin

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 10 ₹38,50,000 (-0.17%)

*As of 8 PM 22 December; MCX, CoinDCX

The main stuff

ZEE, Sony Group sign deal to create mega media network

Sony Group Corp. has agreed to merge its India unit with Zee Entertainment Enterprises, in a move that will combine their television networks, digital assets, libraries and streaming platforms to create the country’s largest broadcaster. The Japanese company will own a 50.86% stake in the merged entity, while Zee Entertainment’s promoters will own 3.99%. Zee Entertainment’s public shareholders will own the remaining 45.15%. The transaction will now need to be cleared by shareholders and regulators, reports Lata Jha. Read more.

iPhone maker Foxconn’s India unit files for ₹5,000 cr IPO

Taiwanese mobile phone maker Foxconn’s Indian unit Bharat FIH filed draft papers for a proposed public listing in India to raise as much as ₹5,003.8 crore on Wednesday. The proceeds will be used to upgrade and expand facilities, invest in a subsidiary to finance capital expenditure needs, and fund working capital requirements. Foxconn is the largest electronics manufacturing services provider in India, with about 15% revenue market share, reports Swaraj Singh Dhanjal. Read more.

The dangerous failure to stop tainted remdesivir (premium)

In May 2021, over a dozen hospitals across UP, Rajasthan, Maharashtra, Gujarat and Bihar reported patients falling sick after getting remdesivir. The batches overlapped, and the manufacturer was always Cadila. Most state drug regulators acted in a haphazard manner, declaring the batches to be of standard quality without testing them fully. Only Bihar’s regulator identified the cause. Their testing found Cadila’s batch V100167 to contain bacterial endotoxins—compounds present in the protective envelopes of bacteria, which cause fever, chills and life-threatening septic shock. Priyanka Pulla reports. Read more.

‘More explanation on startups’ IPO pricing a good idea’

India’s market regulator believes that it may be a “good idea” to ask companies, especially new-age technology firms, to provide more explanations in draft papers for public listings, especially around pricing. Ajay Tyagi, chairman of Securities and Exchange Board of India (Sebi), said ensuring that investor faith in the capital market remains robust is important for the current vibrant activity to continue. However, Sebi will refrain from making comments or giving directions on valuations, writes Swaraj Singh Dhanjal. Read more.

Omicron cases up, night curfews in; lockdowns next?

Omicron has already infected over 213 people in India. The variant is at least three times more transmissible than Delta and has raised alarm bells. What happens if there is a fast spread? There are chances India may again impose restrictions. The union health ministry has already asked states to impose night curfew coupled with strict regulation of large gatherings—Christmas and new year are around the corner and large social gatherings could well become a super spreader, explains Neetu Chandra Sharma. Read more.

Tour operators feel the pinch as nations shut borders

India’s battered outbound tourism sector is likely to witness further travel cancellations, as more foreign governments clamp down to keep the Omicron variant of the coronavirus at bay. Thailand has temporarily suspended the Thailand Pass, while Singapore will freeze all new flight ticket sales under its programme for quarantine-free travel from 23 December to 20 January. The developments are set to impact the outbound international travel season, with many companies reporting cancellations. Varuni Khosla reports. Read more.

e-paper
Elsewhere…

Global business news

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 22
Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 23

A recent rise in covid-19 cases driven by the Omicron variant is prompting more vaccinated Americans to consider getting booster shots, but it doesn’t appear to be persuading large numbers of the unvaccinated. Among vaccinated adults who haven’t had a booster shot, 54% are more likely to do so because of Omicron, according to a survey released by the Kaiser Family Foundation.

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 23

Israel said it would offer a fourth dose of a covid-19 vaccine to the elderly and healthcare workers, as the government urged people to get inoculated amid concerns over the Omicron variant. The fourth shot would be administered to those over 60 and medical workers after at least four months have passed since the third dose.

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 23

SoftBank Group Corp. is finalizing a $4 billion loan from Apollo Global Management Inc., as the Japanese conglomerate seeks to weather turbulence in its portfolio. The loan would be secured by SoftBank’s second Vision Fund. The deal between the investing giants shows SoftBank’s ravenous need for cash.

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 26
Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 23

Debt-laden China Evergrande Group said the committee helping steer its massive restructuring is deploying extensive resources to help contain risks and will engage with creditors. The reassurance echoes a pledge earlier this month to work with holders of offshore debt and follows a sustained selloff in the company’s stock and bonds.

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 23

Amazon.com Inc.’s cloud-computing unit suffered a new outage Wednesday, at least its third this month, which appeared to cause internet issues for some companies. Amazon Web Services said it began investigating connectivity issues at about 7:35 a.m. ET for some servers in its US-East-1 region—which is hosted in Northern Virginia and covers cities including Boston, Houston and Chicago.

Sponsored
Discover a World of Global & Local Opportunities
Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 29

Gujarat’s flagship business and investment platform, the 10th Vibrant Gujarat Global Summit (VGGS) 2022, will welcome leading investors and businesses from all over the world. Held for the first time in 2003, the VGGS has become the quintessential investment platform. Over the years, it has enthused global thought-leaders and policy makers, propelling India’s growth story. Read more.

News in numbers
1,382

The number of offers made at IIT Bombay during the first phase of its placements that took place between 1 and 18 December. The highest domestic offer: ₹1.68 crore per annum.

4,50,000

The number of beds India’s co-living segment is expected to have by 2024, up from an estimated 2,10,000 beds in 2021, according to property advisory Colliers.

13.5 million
Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 30

The number of Tesla Inc shares sold by Elon Musk for $14.1 billion as a part of his pledge to sell 10% stake in the company.

1.85 lakh

The number of electric vehicles that have been incentivized under the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (Fame) scheme till now.

143

The number of coronavirus cases reported in Xi’an city in China since 9 December. The government has imposed a strict lockdown on all its 13 million residents.

howindialives.com
Chart of the day
Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 31

The Indian Railways is the lifeline of the country but had to shut down passenger operations entirely during the first lockdown last year. The financial hit was immense, but goods operations was the saviour. Goods revenue rose marginally, even as passenger revenue dropped 70% in 2020-21, data shared in the Parliament showed.

LOUNGE RECOMMENDS

Archer

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 32

The new 12th season of the goofy, animated spy romp, Archer pays tribute to actress Jessica Walter. Created by Adam Reed, Archer is an ambitiously crafted show that has changed gears and genres more than one would have imagined given its sincerely spoofy origins. The earliest Archer episodes follow a straightforward premise: what if James Bond worked for his mother? Streaming in India on Netflix. Keep reading.

What the fact

₹’s philosophy

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 34

A file photo of Udaya Kumar Dharmalingam.

The symbol of the Indian rupee (₹) was introduced on 15 July 2010. Who designed it? Udaya Kumar Dharmalingam, who is now an associate professor and head in the Department of Design, IIT Guwahati. The symbol is an amalgamation of the Devanagri ‘Ra’ and the Roman ‘R’. The horizontal top line is called shiro rekha in Devanagari script and gives the symbol a uniquely Indian twist. The two horizontal lines and the space in between is meant to represent the Indian tricolour. They also resemble the arithmetic sign ‘equal to’. The design philosophy here: the equal sign would signify a balanced economy.

Contributed by katanaThebizdom

Were you forwarded this email? Did you stumble upon it online? Sign up here.

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 4   Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 5   Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 6   Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 7

Written and edited by Goutam Das. Produced by Nirmalya Dutta. Send in your feedback to newsletterskatanalivemint.com.

Download the Mint app and read premium stories
Google Play Store App Store
View in Browser | Privacy Policy | Contact us You received this email because you signed up for Mint Top of the Morning or because it is included in your subscription. Copyright © HT Digital Streams. All Rights Reserved

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 41


Click Here to u from this newsletter.

Top of the Morning ☕: Why did drug regulators ignore tainted remdesivir? 42

Related Articles

Back to top button