Davos Day 3: Pressure On Generics Industry Is Temporary, Says Sun Pharma Chairman Israel Makov
Davos Day 3: Catch all the updates here, live!
Vedanta Bid For Electrosteel Steels To Utilise Jharkhand Mine, Says Chairman Anil Agarwal
Vedanta Ltd.’s bid for the bankrupt Electrosteels Steel Ltd. was an effort to utilise its own iron ore mine in Jharkhand, company chairman Anil Agarwal told BloombergQuint on the sidelines of the World Economic Forum in Davos.
India is producing far less steel than the iron ore reserves it has, he said. Vedanta itself will invest $8 billion over the next three years to expand production across all materials.
- A 50 percent rally in Anglo American’s stock price since Agarwal’s investment last year, shows soundness of the decision.
- Stake purchase in Anglo American is purely for investment purposes as of now.
- Anglo American and African firms have a legacy in mining technology that India can benefit from.
- Cairn India will produce 250,000 barrels over the year which will account for 28 percent of India's oil production.
- Advertisement campaign on India's imports was done to showcase jobs potential in resources.
FY19 Will Be Better For Sun Pharma, Says Chairman Israel Makov
The pricing pressure on the generic pharmaceuticals industry is a temporary phenomenon, said Israel Makov, chairman of India's largest drug maker Sun Pharmaceuticals Ltd.
Indian companies are upgrading operations in response to tighter regulations and scrutiny by the U.S. Food and Drug Administration. This scrutiny is a positive process that will result in production of better products, he told BloombergQuint. The industry may even see consolidation as a result of the pricing pressure, he added.
- Coming financial year will be better for Sun Pharma.
- Specialty products will be a significant part f the company's business by 2020.
- Will pursue both organic and inorganic growth options for specialty products.
- New regulations and consolidation of buyers and sellers will affect the generics market and the industry will come out of this phase in a stronger position.
- Generic industry is growing and so are Indian companies.
- Entering the generics market will be a challenge.
- Pressure in generics industry may lead to consolidation.
Read the full story here.
Fall In Renewable Energy Prices Worrying, Says Suzlon MD
The steep fall in prices of renewable energy is worrying Suzlon Energy Ltd.’s Chairman and Managing Director, Tulsi Tanti. However, upcoming business in the next two to three years will help support the sector with the price stabilising at Rs 3 per unit, Tanti told BloombergQuint on the sidelines of the World Economic Forum at Davos.
- State governments stopped existing agreements in order to to revisit tariffs.
- Have told states there’s no room to negotiate on old contracts for existing projects.
- Gujarat still honours 10-year old tariff of Rs 15 per unit, since that was the agreement.
Day 2 Recap
- Sajjan Jindal said JSW Steel is eyeing insolvency-hit Monnet Ispat and Bhushan Steel, but not majority stake.
- State Bank of India’s Rajnish Kumar expects interest rates to stay stable for at least a year.
- Former RBI Governor Raghuram Rajan gave a vote of confidence to the monetary policy committee led by his successor, Urjit Patel.
- U.S. will be the undisputed shale leader for years to come, said International Energy Agency’s Fatih Birol
- Prime Minister Narendra Modi outlined the three greatest threats to the world and the four solutions to them, in a speech.
- Uday Kotak says allowing 100% foreign holding In banks ‘not a great idea’
- Uber to be profitable within three years, CEO says