New Delhi/London, May 4 (IANS) The Serum Institute of India (SII) will invest 240 million pounds in the UK to expand its vaccine business and create multiple jobs in the country. The investment is part of the 1 billion-pound India-UK Enhanced Trade Partnership that will create nearly 6,500 jobs in Britain.
The investment by the Adar Poonawalla-run SII will also see opening of a new sales office in the UK.
The SII has also begun phase 1 trials in the UK of a nasal vaccine against coronavirus, in partnership with Codagenix INC.
"The sales office is expected to generate new business worth over 1 billion pounds, 200 million pounds of which will be invested in the U.K. Serum's investment will support clinical trials, research and development and possibly manufacturing of vaccines," said the official statement from the Downing Street.
"Serum's investment will support clinical trials, research and development and possibly manufacturing of vaccines. This will help the UK and the world to defeat the coronavirus pandemic and other deadly diseases. Serum has already started phase one trials in the UK of a one-dose nasal vaccine for coronavirus, in partnership with Codagenix INC," the statement added.
The SII investment came after news reports claimed that India has not placed fresh orders for Covid vaccines with the Serum Institute of India (SII) and Bharat BioTech since March.
The Indian government and the SII refuted the reports.
Poonawalla said his company has received orders for 26 crore doses from the Indian government.
"As of today, we received total orders of over 26 crore doses of which we supplied more than 15 crore doses. We have also got 100 per cent advance of Rs 1,732.50 crore by GoI for the next tranche of 11 crore doses in the next few months. Another 11 crore doses would be supplied in the second channel for states and private hospitals in the next few months," Poonawalla said in a statement.
The Financial Times had reported Poonawalla as saying that vaccine shortage could continue in India till July.
The production is expected to increase from about 60 million-70 million doses a month to 100 million in July, Poonawalla was quoted as saying in the report.
Poonawalla said that his comments may have been "misinterpreted".
Foreign Portfolio Investors (FPI) ended their buying spree in April as they pulled out net investments worth Rs 9,659 crore from Indian equities during the month.
The reversal in trend came at a time when the surging Covid cases and the resultant lockdowns spooked investor sentiments.
The FPIs turned net sellers after a gap of five months. In September, FPIs pulled out net investments worth Rs 7,783 crore.
Along with the second wave of Covid-19, weakness in the Indian rupee also led to the outflow of foreign funds last month, analysts said.
The net FPI investment in 2020 now stands at Rs 46,083 crore, including the net investments of Rs 19,473 crore, Rs 25,787 crore and Rs 10,482 crore in January, February and March, respectively.
India's merchandise exports in April 2021 was $30.21 billion, higher by 197.03 per cent over $10.17 billion in April 2020.
Exports last month also recorded a 16.03 per cent growth over $26.04 billion in April 2019, said an official statement.
India's merchandise imports in April 2021 were $45.45 billion, with an increase of 165.99 per cent over $17.09 billion in April 2020 and an increase of 7.22 per cent over $42.39 billion in April 2019.
Trade deficit in April 2021 was $15.24 billion, which increased by 120.34 per cent over trade deficit of $6.92 billion in April 2020.
In April 2021, the value of non-petroleum exports was $26.85 billion, registering a positive growth of 200.62 per cent over $8.93 billion in April 2020 and a positive growth of 19.44 per cent over $22.48 billion in April 2019.
The value of non-petroleum and non-gems and jewellery exports in April 2021 was $23.51 billion, registering a growth of 164.28 per cent over $8.90 billion in April 2020.
Oil imports in April were at $10.8 billion, a growth of 132.26 per cent compared to $4.65 billion in April 2020.
Non-oil imports in April were estimated at $34.65 billion, showing an increase of 178.6 per cent compared to $12.44 billion in April 2020 and an increase of 12.42 per cent compared to $30.82 billion in April 2019.
Major commodity groups of export showing growth in April 2021 over April 2019 were iron ore, other cereals, oil meals, rice, cereal preparations, electronic goods, drugs and pharmaceuticals among others.
The key Indian equity indices declined on Friday morning with the BSE Sensex losing over 400 points.
Heavy selling pressure was witnessed in banking and finance stocks. However, buying in metal and oil and gas stocks restricted the losses.
Around 10.15 a.m., Sensex was trading at 49,335.39, lower by 430.55 points or 0.87 per cent from its previous close of 49,765.94.
It opened at 49,360.89 and has so far touched an intra-day high of 49,569.42 and a low of 49,229.51 points.
The Nifty50 on the National Stock Exchange was trading at 14,826.60, lower by 68.30 points or 0.46 per cent from its previous close.
The major losers on the Sensex so far were HDFC Bank, HDFC and Hindustan Unilever, while the top gainers were ONGC, NTPC and Dr Reddy's Laboratories.
Global cues along with bottom fishing lifted the key domestic equity indices during Thursday's late afternoon trade session.
Accordingly, indices opened gap up to make initial highs but could not hold at these elevated zones.
Globally, Asian markets traded in the green after the Asian Development Bank had forecasted a positive recovery in the Asian markets although the current outbreak of Coronavirus remains a threat to the market.
On the domestic front, market witnessed some resistance but overall trend remained intact.
Sector wise, profit booking decline was seen in PSU Banks, Auto, FMCG whereas outperformance was witnessed in Metal and Pharma space.
Around 2.50 p.m., the S&P BSE Sensex traded at 49,877.56, higher by 143.72 points or 0.29 per cent from its previous close.
The Nifty50 on the National Stock Exchange traded at 14,920.10, up 55.55 points or 0.37 per cent from its previous close.
"At current juncture, support for Nifty is placed at 14700 and then 14550 zone; while on the upside hurdle is seen at 15050, then 15300 zones," said Jay Purohit, Technical & Derivatives Analyst, MOFSL.
"We are expecting continuation of outperformance in the Banking and Metal space and thus, one can look for buying opportunity in the same."
According to Likhita Chepa, Senior Research Analyst, CapitalVia Global Research: "The market opened with a gap up but very soon profit booking from the higher levels was observed following the global trends."
"On the sector front, there is no clear indication of the trend and a lot of sectors have also seen the correction in the market. JSW Steel and BajajFinserv are the top gainers while Heromotoco and Tata consumers are the top losers."
The BSE Sensex pared major gains after crossing the 50,000-mark during the initial trade.
Around 10.18 a.m., it was trading at 49,868.74, higher by 134.9 points or 0.27 per cent from its previous close of 49,733.84.
It opened at 50,093.86 and has so far touched an intra-day high of 50,375.77 and a low of 49,813.16 points.
The Nifty50 on the National Stock Exchange was trading at 14,913.20, higher by 48.65 points or 0.33 per cent from its previous close.
Healthy buying was witnessed in metal stocks.
The top Sensex gainers were Tata Steel, Bajaj Finserv and Bajaj Finance, while the major losers were ICICI Bank, HCL Technologies and State Bank of India.
The Indian economy is likely to grow at 11 per cent in the current financial year, said the Asian Development Bank (ADB).
In its report, 'Asian Development Outlook (ADO) 2021', the ADB also noted that the recent surge in Covid-19 cases may put this recovery at risk.
"India's economy, meanwhile, is expected to grow 11.0 per cent in fiscal year (FY) 2021, which ends on 31 March 2022, amid a strong vaccine drive. However, the recent surge in COVID-19 cases may put this recovery at risk," it said.
India's GDP is expected to expand 7.0 per cent in the next financial year. This year, South Asia's GDP growth is expected to rebound to 9.5 per cent, following a 6.0 per cent contraction in 2020, before moderating to 6.6 per cent in the next year.
It added that the economic growth in developing Asia is set to rebound to 7.3 per cent this year, supported by a healthy global recovery and early progress on coronavirus disease (COVID-19) vaccines.
"Growth is gaining momentum across developing Asia, but renewed COVID-19 outbreaks pose a threat to recovery," said ADB Chief Economist Yasuyuki Sawada.
"Economies in the region are on diverging paths. Their trajectories are shaped by the extent of domestic outbreaks, the pace of their vaccine rollouts, and how much they are benefiting from the global recovery," the Chief Economist said.
As per the report, inflation in developing Asia is projected to fall to 2.3 per cent from 2.8 per cent last year, as food-price pressures ease in India and the People's Republic of China. The region's inflation rate is forecast to rise to 2.7 per cent in 2022.
The key Indian equity indices traded on a positive noted on Wednesday morning with the BSE Sensex gaining over 350 points.
Healthy buying was seen in auto and banking stocks.
Around 10.25 a.m., Sensex was trading at 49,300.42, higher by 356.28 points or 0.73 per cent from its previous close of 48,944.14.
It opened at 49,066.64 and has so far touched an intra-day high of 49,354.82 points.
The Nifty50 on the National Stock Exchange was trading at 14,742.70, higher by 89.65 points or 0.61 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The Index has crossed its resistance patch of 14,500-14,700 and is trading above 14,700 since the opening. If we can keep above this level on a closing basis as well, we should be headed to 15,000-15,100 levels."
"A closing past 14,700 will signal a shift in the trend from sideways to bullish and thereafter dips or intra-day corrections can be utilised to buy into this market," he said.
The key Indian equity indices traded on a positive note on Tuesday morning with the BSE Sensex rising over 300 points.
Healthy buying was witnessed in metal and telecom stocks.
Around 10.05 a.m., Sensex was trading at 48,703.10, higher by 316.59 points or 0.65 per cent from its previous close of 48,386.51.
It opened at 48,424.08 and has so far touched an intra-day high of 48,710.89 and a low of 48,399.53 points.
The Nifty50 on the National Stock Exchange was trading at 14,580.00, higher by 238.65 points or 0.66 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The markets are within their resistance patch of 14,500-14,700. If we are successful in crossing this on a closing basis, we should be headed to 15,000. If we are unable, we will be sideways and then head back to the previous lows of 14,200."
The top Sensex gainers were Power Grid, Reliance Industries and Tata Steel, while the major losers were Axis Bank, Tech Mahindra and Kotak Mahindra Bank.
The key Indian equity indices surged on Monday morning with the BSE Sensex gaining over 750 points.
Healthy buying was witnessed in banking, finance and metal stocks.
Around 10.05 a.m., Sensex was trading at 48,631.00, higher by 752.55 points or 1.57 per cent from its previous close of 47,878.45.
It opened at 48,197.37 and has so far touched an intra-day high of 48,667.98 and a low of 48,152.24 points.
The Nifty50 on the National Stock Exchange was trading at 14,552.25, higher by 210.90 points or 1.47 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The Index is venturing closer to its resistance zone which is between 14,500-14,700. If we are successful in getting past that, we will head closer to 15,000. If we turn from these levels, we might drift down to re-test the recent lows of 14,150-14,200."
The top gainers on the Sensex were ICICI Bank, Axis Bank and UltraTech Cement, while the major losers were HCL Technologies, Tech Mahindra and Sun Pharmaceutical Industries.
As the Covid crisis impacts investor sentiments, foreign portfolio investors (FPI) have pulled out net investments worth Rs 8,674 crore from Indian equities so far in April.
This reversal in trend comes around a year after a bull run on the Indian stock market and continuous inflow of foreign investments into the equities.
So far in 2021, the net FPI investments into equities stand at Rs 47,068 crore, with net inflows of Rs 19,473 crore, Rs 25,787 crore and Rs 10,482 crore in January, February and March, respectively.
Further, according to analysts, weakness in the Indian rupee also led to the fund outflow. Currently, the rupee is around 75 per dollar.
The recent surge in Covid cases and loss of lives have raised concerns and also have given rise to possibilities of further restrictions and lockdowns, which may eventually impact the economy, analysts said.