Shares of Biocon hit a record high of Rs 695 per share, up 6% on the BSE in opening deal in otherwise weak market, after the company and its partner Mylan have received nod for their first biosimilar of cancer medicine Pegfilgrastim from the US drug regulator for selling in the American market.

“The United States Food and Drug Administration (USFDA) has approved Mylan’s Fulphila (pegfilgrastim-jmbd), a biosimilar to Neulasta (pegfilgrastim), co-developed with Biocon,” the company said in a press release.

An Indian Air Force Jaguar fighter jet today crashed soon after it took off from the Jamnagar air base in Gujarat, killing the pilot, official sources said.

They said the aircraft was on a routine training mission and crashed around 10.30 am.

India on Monday received its cheapest LNG under a long-term deal as Russia began shipping natural gas at a delivered price of close to $7 per million British thermal unit.

At current oil prices, the Russian rate is $1.5 per mmBtu less than the price at which Qatar, India’s oldest supplier, delivered liquefied natural gas (LNG). Russian supplies are also cheaper by $1-1.5 per mmBtu than the LNG sourced from Australia and the US.

BENGALURU: Wipro has given a 6-7% average increment to its employees for the year beginning June, according to a person familiar with the matter. This is similar to that given by larger rivals TCS and Infosys, but significantly better than Capgemini's 0.5-1%, which earned the French company much ridicule.

A few months ago, DLF Ltd’s promoters infused funds to trim its ballooning debt through a stake sale in the rental subsidiary. That pulled it out of the debt trap.

But, weak cash flow prospects in the near-to-medium term raise fresh concerns on whether the company can achieve its guided “net zero-debt” milestone in fiscal year 2019 (FY19).

The BSE benchmark Sensex slipped below the key 35,000-mark in early trade today following losses in banking, power, realty and capital goods stocks.

Investors are cautious ahead of RBI’s policy decision due tomorrow, brokers said.

After the first attempt at selling state-owned Air India to private entities failed as the expressions of interest (EoIs) called for by the government received zero bids, aviation research and consultancy firm Capa (India) says the government should divest 100% equity in the airline and not retain a 24% share in the ailing airline.

Tata Motors on Monday became the second company after Mahindra and Mahindra (M&M) to create an electric vehicle vertical which would tap into the full potential of this emerging technology. The company also appointed Shailesh Chandra the head of this vertical. Earlier, the electric vehicle initiative of Tata Motors was being run through a project office.

The rupee was trading lower by 5 paise at 67.16 against the US dollar in early trade today amid caution ahead of RBI’s policy decision tomorrow. Forex dealers said increased demand for the US currency from importers as also the greenback’s gains against rivals overseas put pressure on the rupee.

The analyst meet made us appreciate prospects (1) of CIL outperforming in the key powergen market over the medium term and (2) outsourcing of select engines for India demand boosting bottom-line. Mandates for new export products from parent to CIL are a function of relative scale of Indian demand for such products.

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