APIS

NPCI curbs unauthorised use of UPI IDs by fintech companies

NPCI has shot off a letter to banks and fintechs asking them to refrain from using the UPI system for any form of service other than payment settlements and account validation. Fintech startups use the UPI ID to find out the name of the customer, the status of the bank account, alternate UPI IDs, and also verify the mobile number of the customer.

Ericsson's India R&D centres enhance focus on network APIs for 5G innovation

Ericsson's India R&D centers are increasing their work on network APIs to leverage 5G for developers. The plan includes utilizing AI, Gen AI, and APIs to support new use cases like device management and fraud detection. Ericsson partners with major service providers to globally offer these APIs.

Crypto All-Stars surpasses $2 million as presale frenzy takes off

Crypto All-Stars ($STARS) has gained attention in the emerging small-cap crypto market with its multichain staking protocol, MemeVault. The presale of $STARS surged past $2 million, and top influencers forecast promising trajectories. BTC's resurgence and favorable macroeconomic factors are contributing to a bullish crypto market, making investors optimistic about returns.

Atal Pension Yojana enrolments crosses 7 crore mark: 3 benefits of investing in APY

RBI grants white-label ATM licence to Mumbai-based EPS

Mumbai-based EPS is backed by investors like the UK's Apis Partners and Dutch Entrepreneurial Development Bank FMO. The licence has made it the country's fifth white-label ATM operator alongside Tata Communications Payment Solutions, India1 Payments, Hitachi Payment and Vakrangee. The RBI had last issued this licence in 2014 to India1 Payments. Earlier, three other companies had surrendered their licences.

Should you start deploying cash or wait in the sidelines? Aditya Sood answers

Aditya Sood of InCred Asset Management discusses a 'buy-on-dips' strategy for investors, emphasizing sectoral rotation and highlighting potential in consumer staples, durables, and QSR companies. He advises being bullish on largecaps due to their current valuations and points out the benefits of investments in financials and IT sectors. Sood emphasizes careful stock selection during market corrections.

Quick access to key HIV drug hinges on waiver of local clinical trials: Experts

Faster access to HIV drug lenacapavir in India hinges on the waiver of local clinical trials. Six companies, including three from India, have non-exclusive, royalty-free licenses to produce generic versions. They must apply for waivers to supply the drug locally and in 120 low- and middle-income countries. Approval from the drug regulator is crucial.

Dr Reddy's enters voluntary licensing deal with Gilead for long-acting HIV drug

Dr. Reddy’s has partnered with Gilead Sciences to manufacture and market the HIV drug Lenacapavir in India and 120 other countries. The agreement includes developing Lenacapavir for both treatment and potential prevention of HIV. This collaboration aims to make this advanced treatment accessible in regions with high HIV burdens.

CCI clears Rs 13,630-cr Mankind Pharma-Bharat Serums Vaccines deal

The Competition Commission of India has approved Mankind Pharma's Rs 13,630 crore acquisition of Bharat Serums and Vaccines. This acquisition, which includes a 100% stake, advances Mankind Pharma's position in the women's health and fertility drug market and grants access to critical care products with established R&D platforms.

Biocon shares drop 2% after USFDA issues 4 observations for Bengaluru API facility

Biocon shares fell 2% to Rs 361.5 after the USFDA issued four observations following an inspection of its Bengaluru API facility. The company will address these within the stipulated time and does not foresee any material impact on business operations. Biocon's market capitalization stands at Rs 44,266 crore.

Badlapur sexual assault case: Bombay HC questions accused's shootout, next hearing on Oct 3

The Bombay High Court questioned the police's decision to shoot the Baldapur sexual assault accused in the head. The court noted that the officer involved was trained and should have aimed at less lethal areas like the legs or hands. The judges expressed skepticism about the police narrative, stating that this incident cannot be termed as an encounter.

India takes tiny steps back from its China dependency

India is striving to reduce its dependency on China for pharmaceutical raw materials by promoting domestic production through a Production-Linked Incentive scheme. Companies like Kinvan and Aurobindo Pharma are stepping up to produce essential components locally, aiming for self-sufficiency in the pharma sector, especially highlighted during the Covid pandemic.

India starts making key API clavulanic acid

India has begun producing clavulanic acid, a key ingredient in the antibiotic Augmentin, reducing its reliance on China for APIs. Mumbai-based Kinvan is leading this initiative, with plans to scale up production to 300 metric tons by the end of the year. This move aligns with India's production-linked incentive scheme.

How ULI, OCEN will redefine credit access to small companies, rural borrowers

The Unified Lending Interface (ULI), which will be rolled out soon nationwide and the Open Credit Enablement Network (OCEN) launched in 2020, both aim to enable credit access across India. ULI can do it for all sectors, but especially focusses on MSMEs and agricultural borrowers. OCEN does it strictly only for MSMEs, and is for cash-flow based short-tenor loans. ET explains similarities and differences between the two.

Fairfax, Bain look to buy Gujarat API company Farmson

Canadian billionaire Prem Watsa's Fairfax Group and Bain Capital are in competition for a buyout of Farmson Basic Drugs, a leading API maker in India valued at ?4,000 crore. Founded in 1969, Farmson is a major paracetamol manufacturer with a revenue of ?1,750 crore in FY24. The company's concentrated focus on paracetamol production is a strength, but limited R&D poses challenges for diversification.

How MSMEs can benefit from this solution for identity verification and fraud prevention

Cashfree Payments’ Secure ID is also tailored for startups and MSMEs, helping them manage their verification processes and mitigate fraud without the need for extensive infrastructure or high operational costs.

Not an open and shut case: India’s balancing act between open and closed-source GenAI models

As India starts to emerge as the use-case capital of GenAI applications, tech leaders and startup founders believe both open and close-sourced technologies have a unique role to play in optimising costs, ensuring data sovereignty and delivering the best performance. ET’s Himanshi Lohchab takes a deep dive on how India weighs in on pros and cons of open versus closed-source GenAI models.

Revenue of domestic API firms to see 7-8 pc increase by 2029: Report

The revenue of domestic active pharmaceutical ingredients (API) producers in India is projected to grow by 7-8% annually by 2029, according to a report by ICRA. The rating agency estimates that revenues will increase from USD 13-14 billion in 2023, driven by the pharmaceutical formulations industry and factors like an aging population, rising chronic diseases, and contract manufacturing demand. The operating profit margins of API firms are expected to improve in FY2025. Despite past challenges, including volatile earnings due to rising raw material costs and supply chain issues, the industry is poised for steady growth.

High costs of orphan drugs: Patients pay the price for policy hurdles in India

India manufactures APIs for over 400 FDA-approved orphan drugs, but patients face high costs due to Indian pharmaceutical companies' reluctance to develop these drugs domestically.

Kotak Alternate Asset Managers invests Rs 1,445 cr to help Matrix Pharma execute acquisition

Kotak Alternate Asset Managers Ltd invested Rs 1,445 crore in Matrix Pharma for acquiring Vaitris' API business, making Matrix the 2nd largest Indian API player with global leadership in ARV APIs.

US FDA inspects Vishakhapatnam facility of Solara Active Pharma

The US Food and Drug Administration (FDA) completes inspection of Solara Active Pharma Sciences' API manufacturing facility in Visakhapatnam, Andhra Pradesh, with no observations. Solara confirms compliance with FDA standards. The facility, dedicated to Ibuprofen API production, marks Solara's second successful FDA inspection. The company aims for global market expansion with FDA-approved facilities.

The penicillin war: India's journey from self-sufficiency to dependence on China

After India lost its dominance in making penicillin, a drought of three decades is coming to an end. The drug – which forms the base for a raft of extremely potent antibiotics – is part of the govt’s aggressive push for self-sufficiency in critical areas. Will the plan to claw back to the glorious past work?

Relief for pharma companies as API prices see a sharp fall

India's pharmaceutical industry, which is dependent on China for APIs, intermediates and bulk drugs, had seen an exponential price increase during Covid times. The rise in API prices continued until early this year. However, things have started to change, people in the know told ET.