the week that was
India slams Fitch for sharing data
After Fitch Ratings gave lowest investment grade rating
to India with a negative outlook in June last year, the gov-
ernment has reportedly charged the global ratings agency
of sharing confidential information with the Securities
and Exchange Commission.
FIIs pull out $1.35 billion from
Indian debt market in a week
Regulator might inspect
As a proactive measure to ensure quality and compli-
ance, the Indian drug regulator government might inspect
Mumbai Eastern Freeway
Four students from the Indian School of Business, Hyderabad and a student of MIT Sloan School of Management were invited to ring the
closing bell at the Nasdaq OMX Stock Exchange in New York June 11.
‘Team Visolis’ bagged this opportunity after winning the prestigious ‘Global Venture Labs Investment Competition’ organized by the
McCombs School of Business, University of Texas, Austin.
Visolis is developing the next generation of biocatalysts that can convert renewable feed stocks into chemicals and fuels at a price point
competitive with petroleum-based processes. The team from ISB will offer a way to reduce the environmental impact with sustainable
alternatives to petroleum-based products for a wide range of industries.
The members of the winning team, Akshat Pipersenia, Amrita Dutta, Aditya Jain, Ashish Kohli of ISB, and Deepak Dugar of MIT Sloan
School of Management were accompanied by Rob Warren Director of GVLIC along with several members from McCombs and alumni
from the ISB.
The 8.4 mile-long Eastern Freeway, aimed at reduc-
ing travel time for cars, between the suburbs and
South Mumbai, was inaugurated June 13 by
Maharashtra Chief Minister Prithviraj Chavan. The
project, which has been in the making for five years,
includes a 550-meter twin tunnel (the first in urban
India) and a 5.8 miles elevated road which is the sec-
ond longest in urban settlements anywhere in the
the facilities of Wockhardt, which are under US import
alert, sources said.
Last month, the US Food and Drugs Administration had
placed Wockhardt’s facilities in Waluj near Aurangabad
on import alert, barring supply of various products from
these facilities to the US.
Strong US growth to boost
After posting a strong 20-plus percent growth in the
March quarter, top Indian pharmaceutical companies are
expected to show similar growth in 2013-14. While the
momentum is likely to come from the US market, the
revival in domestic business should also help overall rev-
Sun Pharma sues Novartis in
Indian drug major Sun Pharma has sued Novartis
Pharma in the District Court of New Jersey, demand-
ing rights to launch a generic version of the cancer
drug Gleevec before the Novartis patent expires. The
law suit filed by Sun Pharma’s US subsidiary seeks a
declaratory judgment against Novartis.
Ranbaxy to launch more drugs in
Drug major Ranbaxy Laboratories said it plans to
launch more generic products in the US market with pos-
sible marketing exclusivity, while keeping options open for
overseas acquisitions to grow its business in various global
markets. Ranbaxy would also be focusing on its branded
business in the United States.
India’s airlines under
The Competition Commission of India is examining a
complaint of cartelization against Jet Airways, SpiceJet,
Air India, GoAir and IndiGo. The alleged cartelization
was aimed at levying a uniform fuel surcharge on air
cargo. The complaint was lodged by Mumbai-based
Express Industry Council of India, which represents major
express courier and cargo companies such as DTDC,
Aramex India, Blue Dart, DHL Express, GATI and First
India rules out further duty hike
on gold imports
With dip in gold imports, the Indian government ruled
out any further hike in customs duty June 13 and said
economic indicators like current account deficit would
improve drastically if Indians do not import it for a year.
‘I don’t want to become too unpopular,’ India’s Finance
Minister P Chidambaram said when asked if the govern-
ment was mulling further duty hike.
The government hiked gold import duty to 8 percent
recently to curb demand, while the Reserve Bank put
restrictions on banks on importing gold.