2:50 pm Intreview:
India is projected to overtake China sustainably over the next few years, says Vishnu Varathan, chief Asia economist at Mizuho Bank. However, volatility in the Indian markets will continue for the next 1-2 years, he says.
He believes India is in a sweet spot. “The external landscape – including oil price slump, Russia and Brazil are not doing well, that just leaves India and China among emerging markets and China is also struggling with structural issues and so that leaves only India,” he told CNBC-TV18.
2:40 pm Interview: Granules India is targeting to achieve 20 percent margins this fiscal, says C Krishna Prasad, MD of the company. By FY18, he expects company to attain capacity utilization of 70-80 percent.
Speaking to CNBC-TV18, Prasad says margins in contract research and manufacturing services (CRAMS) business are relatively high and are a factor of capacity utilisation. “This year we expect to do about between Rs 90 and Rs 100 crore; that would be about 30-35 percent of capacity utilization,” he adds.
On Abbreviated New Drug Application (ANDA), he says the company will get two to three approvals this year and eight to nine the next year. “We have been focusing on very complex molecules and quality and highly marketable products,” he adds.
2:20 pm CVC on corruption: Citing instances of corruption in the private sector, Central Vigilance Commissioner K V Chowdary today suggested evolving of a mechanism to red-flag wrong doings and prevent them.
Addressing an event here, he said there is a need to build an internal audit system which gives out an alert when a wrong doing happens in a private organisation.
“The best thing is to go for prevention,” he said, noting that the system should ensure minimum possibility of corruption and even assuming that there are leaks, the leaks should get detected at the earliest or there are alarms.
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2:00 pm Market Check
The market continued to be volatile in afternoon trade due to lack of global and domestic cues. The RBI policy due next week will be closely watched.
The Sensex rose 36.57 points to 25855.91 and the Nifty gained 8.15 points at 7857.40. The broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 0.2-0.4 percent. The market breadth was also positive as about 1487 shares advanced against 1004 declining shares on the BSE.
SpiceJet, Jet Airways, L&T, Tata Elxsi, Sun Pharma, Maruti Suzuki, HDFC, Reliance Industries and ICICI Bank were the most active shares on exchanges.