New Delhi, January 13
The BSE Sensex rose by 376 points today, clocking its biggest gain in seven weeks on the expectations of a benign Reserve Bank of India (RBI) policy and optimism on the Fed taper programme.

The RBI is expected to keep interest rates unchanged in a bid to support growth after industrial growth contracted 2.1 per cent in November. The market cues were proved correct as retail inflation moderated to 9.7 per cent on the increased availability of winter crops.

There was buying across the board as 11 out of the 12 BSE sectoral indices advanced led by heavyweights like Infosys, TCS, Reliance Industries and ICICI Bank.

The 30-share S&P BSE Sensex ended the day at 21,134 points, a rise of 375.72 points. It was the biggest gain since 25 November, when the index added 387.69 points.

The Fed said it would reduce its bond-buying programme, which has been a source of liquidity for most Asian and emerging markets from this month.

US employment rose at the slowest pace in three years in December, according to a government report.

“Markets rose sharply on Monday, likely buoyed by the weak payroll data in the USA, which re-ignited optimism on the Fed taper programme. Expectations on the consumer price index (CPI) inflation data which is due post-market hours, also kept the markets up,” said Dipen Shah, Head-Private Client Group Research at Kotak Securities.

Retail inflation dipped to 9.87% in December Some moderation in vegetable and fruit prices eased December retail inflation to three-month low of 9.87%, giving the RBI more leeway to manage interest rates. Inflation as measured by the Consumer Price Index (CPI) for November has been revised marginally downwards to 11.16% from preliminary estimate of 11.24 %. Vegetable prices on annual basis rose 38.76% in December, as per the official data released on Monday. — PTI

Woodland has always been considered as a major homegrown shoes and apparel manufacturer with a difference which has a strong appeal to all age groups. Now, with the availability of technology, it has experimented with both shoes and apparels to bring in innovative products. In an interview, Harkirat Singh talks about such innovative changes and concepts.

Q: Do you see the outdoor adventure category growing in India?

A: The current generation is interested in outdoor activities and thus, they are looking forward to such sports. Being the pioneering outdoor adventure brand in the country, we have been aggressively developing the category and we are proud to see the growth and the response from the masses. On the basis of our diversity, India has various options in adventure sports and thus, there is a huge scope. In next few years, we will see a lot of development in outdoor sports in India.

Q: Do you think youth today expect more than a normal vacation?

A: A vacation is primarily meant to relax and have fun, but this perception has slowly been changing, especially among the youth. Today’s youth is not satisfied with just a normal holiday, they want to travel around and explore. They chose travel packages that offer them not only fun but also the adventure element. To fulfil their demands, we have launched an adventure club. They can enrol themselves there to enjoy the advantage of exploring the world the country’s leading outdoor adventure brand.

Q: What are the new products launched by Woodland to cater to the demand of outdoor adventure gear?

A: Woodland has always believed in developing innovative products that have been its product differentiators. Technology-led products are being the key among the lot. To develop these products, we have a strong research and development (R&D) team that is spread across the globe for our global operations.

This season’s collection is unique because of a lot of technology-led survival gear developed for the global and domestic markets. The highlights of the season include: ResQ jackets, warm grip shoes and solared bags. All of them are our patent technologies.

Q: What is the target audience for these products?

A: Our main target audience for this tech-based collection is outdoor adventure enthusiasts. We have introduced these products because we feel that people who love being outdoors should totally love the experience, at the same time they can be protected from any emergency situations. Most of the times extreme cold temperatures hinder smooth adventure activities, so to combat the chill these apparel and footwear collections are the best deal to go for.

Q: What kind of R&D efforts have been made to develop these products?

A: With its global presence, Woodland has an extensive R&D team spread across its globe. It has an access to all kinds and varieties of technologies being developed for varying situations and conditions. We have a team of experts at the corporate office with its wings in multiple facilities, including India, Canada, China, and Vietnam etc. These extensive investments in the R&D have helped Woodland stay above all and bring world-class technology for its users.

Q: Talk about the company’s presence in the e-commerce segment.

A: E-commerce has been a convenient forum as customers gets the option to choose from a wide array of products while sitting in the remotest part of the world. It also gives them a chance to compare different products and choose the best as per their needs.

New Delhi, January 13
Drug major Ranbaxy Laboratories today said the US health regulator has raised concerns over manufacturing practices at its Toansa plant in Punjab.

The US Food and Drug Administration's observations regarding the manufacturing practices in the company's plant in Punjab comes after the recent inspection of the facility by the health regulator.

"On Saturday, Ranbaxy received the Form 483 with certain observations as a result of the recent USFDA inspection at its active pharmaceutical ingredient (API) plant at Toansa, Punjab," the company said.

The USFDA has imposed a ban on the import of medicines manufactured at Ranbaxy's India-based factories into the US, the world's biggest drug market.

"The company is assessing the observations, and will respond to the US FDA in accordance with the agency's procedure to resolve the concerns at the earliest," Ranbaxy Laboratories said.

The drugmaker continues to improve its systems and processes, and remains fully committed to upholding the highest standards that patients, prescribers, regulators and all other stakeholders expect from the company, it added.

Last year in September, the USFDA had issued an import alert on drugs produced by Ranbaxy Laboratories at its Mohali plant in Punjab, for violation of current good manufacturing practices.

In May 2013, Ranbaxy had pleaded guilty to 'felony charges' relating to manufacture and distribution of certain 'adulterated' drugs made at two units in India to the US authorities and had agreed to pay $500 million as penalty.

The company had admitted to past “shortcomings” but said it has rectified those and insisted that its drugs were safe and efficacious. It had also offered to co-operate fully with any regulator from anywhere in the world wanting to investigate its manufacturing practices. — PTI

Ban on exporting medicines to US All of Ranbaxy’s India-based factories are currently banned by the US health regulator from exporting medicines to the US, the company’s largest market, after the regulator’s inspection found violation of its so-called good manufacturing practices.

New Delhi, January 13
The Foreign Investment Promotion Board (FIPB) today cleared Rs 6,400-crore foreign direct investment proposal of GlaxoSmithKline to acquire an additional 24.3 per cent stake in the Indian arm.

The Singapore subsidiary of UK-based GlaxoSmithKline plans to buy a 24.33 per cent stake or 2.06 crore equity shares in GlaxoSmithKline Pharmaceuticals Ltd through an open offer. The acquisition will result in foreign exchange inflow of Rs 6,400 crore, as per the firm's proposal to the FIPB.

GlaxoSmithKline Pharmaceuticals is already majority owned and controlled by the GSK Group. After the purchase, holding of the promoter group firms in the Indian subsidiary will go up to 75 per cent from the current level of 50.67 per cent.

BRIEFLY

CCI rules out cartelisation among steel producers
New Delhi: The Competition Commission of India (CCI) has closed the case of alleged unfair trade practices against steel producers, including SAIL, RINL and Tata Steel, following insufficient evidence of cartelisation in hiking prices. The CCI’s latest order, dated January 9 but released on Monday, has been finalised after it asked the Director General to carry out investigations related to the case twice. The case pertains to alleged cartelisation by various steel producers, including Tata Steel and JSW Steel, SAIL and RINL.— PTI

Cairn India to invest Rs 3,000-cr to improve oilfield recovery
Greater Noida: Cairn India plans to invest Rs 3,000 crore over the next three years to improve recovery from its prolific Rajasthan oilfield. “We are launching the largest ever improved oil recovery and enhanced oil recovery schemes,” Cairn India CEO P Elango said on Monday. — PTI

SEBI tightens norms for issue of P-Notes
New Delhi: Tightening norms for the issue of participatory notes (P-Notes) by overseas investors, SEBI has barred "unregulated" foreign funds from dealing in offshore derivative instruments even if their investment managers are appropriately regulated by their concerned regulators.The guidelines, which are part of the newly notified Foreign Portfolio Investor (FPI) Regulations, have come into force with immediate effect. — PTI

Efforts to meet 4.8% fiscal deficit positive: Fitch
Mumbai: Government efforts to avoid "fiscal pump-priming" ahead of the General Elections, so as to achieve the fiscal deficit target of 4.8 per cent of the GDP in 2013-14, are supportive for the country's credit rating, Fitch Ratings said on Monday. “I think the authorities generally have resisted the temptation to engage in fiscal pump-priming ahead of elections this year, which is supportive for the credit profile,” said the Head of Asia-Pacific Sovereign Ratings for Fitch Ratings.— PTI

Spicejet seeks shareholders’ nod to hike promoters holding
Mumbai: Budget carrier Spicejet has sought shareholders’ approval to increase the promoters stake in the company by almost 5 per cent. The board of directors at a meeting on January 9, decided to issue up to 6,41,69,000 warrants of the face value of Rs 10 each on preferential basis to promoters with the option to apply for and be allotted an equivalent number of equity shares. — PTI

Tata Motors launches Nano Twist with power-steering
New Delhi: Tata Motors, facing a steep fall in sales, said it expects 50% of the Nano sales to come from Nano Twist launched on Monday that sports an electric power steering. The Nano Twist is priced at Rs 1.55 lakh to Rs 2.36 lakh, the company said. — PTI