UBS's Credit Suisse takeover
Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss?
Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under.
At the time, investors gasped at the risks UBS was taking on with the purchase.
But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts.
That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter.
UBS seemed to prove him right when it unveiled its second quarter results on August 31.
The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value.
- 'Godsend' -
"UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate.
"If we had chosen another path, (like) a temporary or partial nationalisation," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population".
Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis.
Politicians are not the only ones taking issue with the takeover.
Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price.
She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated.
'Nickel and dime'
"UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP.
The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities.
Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture.
But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain.
The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking.
But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets.
UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up.
He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated".
Since the takeover announcement in March, UBS has seen its share price soar 31 percent.
But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP.
The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later".
The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task".
He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line.
Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong".
Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger.
Now it is up to the bank to "transform an 'obligation' to its advantage".
Swiss Parliament Votes to Ban Face Coverings
The lower house of Switzerland's parliament voted Wednesday to give final legislative passage to a ban on face coverings, such as the burqas worn by some Muslim women.
The National Council voted 151-29 for the legislation, which was already approved by the upper house. It was pushed through by the right-wing, populist Swiss People's Party, easily overcoming reticence expressed by centrists and the Greens.
The move follows a nationwide referendum two years ago in whch Swiss voters narrowly approved forbidding niqabs, which leave slits for the eyes, and burqas as well as ski masks and bandannas that are worn by some protesters.
With the lower house vote, parliament cemented the ban into federal law and set a fine of up to 1,000 francs (about $1,100) for violators.
The measure prohibits covering the nose, mouth and eyes in both public spaces and private buildings accessible to the public, though it does allow for some exceptions.
Few women in Switzerland wear full face coverings like burqas, which are perhaps best known as garb worn in Afghanistan.
Two Swiss cantons — southern Ticino and northern St. Gallen — already have similar laws. The national legislation will put Switzerland in line with countries such as Belgium and France that have enacted similar measures.
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Why is Akasa Air taking 43 pilots to court
With the aggressive expansion of IndiGo and airlines under the Air India umbrella, industry experts have pointed out that India’s aviation industry faces a scarcity of senior pilots.
According to reports, more than 40 pilots left Akasa Air without serving the mandatory six-month notice period, causing the fledgling airline to cancel a large number of flights. Its flight cancellation rate last month was 1.17%, the second-highest since its launch in August 2022. This number was 0.45% in July and 0% in March. Akasa's share of the domestic market fell to 4.2% in August from 5.2% in July.
Such situations are not unusual in an emerging aviation market like India's. Currently, there are seven major carriers in India, of which Go First has been inactive since May. Industry experts say the Tata-backed Air India and India's largest airline IndiGo have the strongest promoter support of the lot.
This is evident in the order book of the two airline groups, with over 1,300 aircraft on order for IndiGo and 470 aircraft in the pipeline for the Air India group. In addition, the two entities are constantly eyeing opportunities to add capacity by wet-leasing or dry-leasing older aircraft as the supply of new planes has been constrained by global supply-chain issues since the pandemic.
Low-cost carrier SpiceJet, among others, has been under financial stress thanks to multiple legal cases with lessors, its former promoter group, and Credit Suisse over the payment of dues.
An industry executive said, “Akasa is a strong player and has been able to steadily increase its market share in domestic aviation. It will be important for the airline to either expand slowly or ensure a competitive offer to retain pilot talent. Flight cancellations are the biggest dampeners for customer sentiment. They need to be avoided at any cost."
In a claim filed in the Bombay High Court against the 43 pilots, Akasa Air has sought ₹21.6 crore in compensation. This includes ₹14.28 crore for reputational loss caused by the cancellation, re-scheduling and grounding of flights, ₹6.96 crore for loss of operational profits, and ₹36 lakh on account of the pilots' training agreement.
“We have sought legal remedy only against a small set of pilots who abandoned their duties and left without serving their mandatory contractual notice period. This was not only in violation of their contract but also the country's civil aviation regulation. Not only is this illegal in law but also an unethical and selfish act that disrupted flights in August, forcing last-minute cancellations that stranded thousands of customers and caused significant inconvenience to the traveling public," the airline said.
Source: Live Mint
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Twitter Is Now X
It’s been a few weeks since Elon Musk changed the name of his social-media platform from Twitter to X, and the reviews so far have been cool. Many users are finding ways to keep the brand’s iconic blue bird on their devices. For legions of holdouts, Twitter will always be Twitter.
The backlash isn't surprising. “X" invites thoughts of high-school algebra, a subject often more endured than enjoyed. Mark Zuckerberg's rebranding of Facebook isn't faring much better. He rechristened the platform's parent company as Meta, which sounds like the grimly experimental title of a Soho art exhibit. And while Substack, another popular social-media company, might have some good content, is anyone going to feel excited about a name that conjures images of a factory skyline?
Whatever their other gifts, the titans behind today's leading social-media companies obviously lack a lyrical ear, something that an older generation of media pioneers seemed to have in abundance. Just think of the many newspaper names that emerged in the golden age of print, and you'll see my point.
No one had to guess the meaning behind the Ponchatoula Enterprise, the Louisiana weekly where I cut my teeth as a reporter. That modest word, “enterprise," signaled small-town commerce as a governing ideal. The Baton Rouge Advocate, my hometown daily, has a nice ring, too—“advocate" as in “we're on your side."
I've always loved the name of the Seattle Post-Intelligencer, which makes me feel smarter just saying it. Any journal called “intelligencer" seems destined to keep you in the know. The moniker of the Chicago Tribune stirs me, too, and why wouldn't it? One definition of “tribune" is “an unofficial defender of the rights of the individual."
Le Monde, the venerable Paris daily, seems typically French in its audacity, the newspaper's title promising to give readers “the world." And of course there is the quietly insistent reference to Wall Street in The Wall Street Journal, which usefully grounds a paper of global reach in a specific place. Exactly where would you imagine is Meta?
I know that newspapers are considered old-fashioned, but modern media moguls could learn a thing or two about branding from the legacy media.
I'm glad that I walked through the door of the Ponchatoula Enterprise four decades ago and asked for a job. I doubt that I would have signed up for a gig with an outfit named X.
Mr. Heitman is a columnist for the Baton Rouge Advocate.
Source: Live Mint
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Spicejet Pays $1
Budget carrier SpiceJet Ltd on Friday said it has paid $1.5 million to Credit Suisse to comply with the Supreme Court's directives. It said the payment was executed on Thursday, September 14, 2023.
“SpiceJet Ltd. has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse. The payment was executed on Thursday, September 14th," the airline said in a statement.
A third of the amount is part of a monthly settlement plan SpiceJet had previously agreed with Credit Suisse, and the rest are unpaid dues to the bank that have accrued since last year after the airline failed to keep up with the payment schedule.
On Monday, September 11, the Supreme Court ordered SpiceJet to make the payment by September 15 in a case related to unpaid dues. The apex court also warned the airline of unspecified “drastic action" at the next hearing if it failed to do so.
According to Credit Suisse, SpiceJet had availed the services of SR Technics, Switzerland, for maintenance, repair, and overhaul of aircraft engines, modules, components, assemblies, and parts, which were mandatory for its operations.
An agreement for such services was entered into between SpiceJet and SR Technics on November 24, 2011 for 10 years. The terms of payments were also agreed upon.
SR Technics had given Credit Suisse the right to receive payments from SpiceJet for the services.
The apex court had on July 25 given additional time to SpiceJet to make the payment to Credit Suisse as per the consent terms agreed upon by the two parties.
The top court was hearing a plea by the Swiss firm seeking initiation of contempt proceedings against Spicejet CMD Ajay Singh and SpiceJet over “a wilful and intentional disobedience" of court orders and failure to pay dues as per a settlement between the two sides.
On Tuesday, September 12, SpiceJet also paid Rs 100 crore to Kal Airways' promoter Kalanithi Maran, as part of a Rs 380 crore arbitral award order, following a directive from the Delhi High Court on Monday, instructing the low-cost airline to fulfill the payment obligation.
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Assam CM Himanta Biswa Sarma's ₹10 crore controversy
A political storm kicked up in BJP-ruled Assam following a 'serious' accusation by the Congress party against the state's Chief Minister Himanta Biswa Sarma's wife. Congress deputy leader in Lok Sabha Gaurav Gogoi has claimed on social media that Riniki Bhuyan Sarma, wife of Assam CM received ₹10 crore of subsidy from the Centre for her media company called Pride East Entertainments Private Limited. Gogoi also added a screenshot of the website of the Ministry of Food Processing, showing that the CM wife's firm Pride East Entertainments Private Limited has received ₹10 crore as part of credit credit-linked subsidy.
However, the Assam chief minister, in multiple posts, refuted the allegations.
Also read: 'Will you still deny?' Congress asks Assam CM Himanta Sarma as wife's firm comes in spotlight
What is Pride East Entertainments?
Pride East Entertainments Pvt Ltd is a regional media house connecting the entire northeast region. According to the website, Chief Minister Sarma's wife Riniki Bhuyan Sharma is the CMD of the company. Pride East Entertainments Pvt. Ltd. is incorporated under the Companies Act 1956. Its reach is 100 million viewers from all over India and abroad.
Riniki also manages The Golden Threads of Assam, protecting Assam's royal silk Muga and the weavers.
What is the case against Pride East Entertainments?
Several senior Congress leaders have accused Assam CM of passing the government's subsidy to his wife's company Pride East Entertainments.
Congress Gaurav Gogoi alleged in a social media post that the website of the Ministry of Food Processing shows that the CM's wife Riniki Bhuyan Sarma's firm Pride East Entertainments Private Limited has received ₹10 crore as part of credit credit-linked subsidy.
Source: Live Mint
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Top USB hubs for seamless device management
A USB hub serves as a hub of connectivity, allowing you to charge multiple devices, sync data, and connect various peripherals seamlessly. It's a digital workhorse that simplifies your tech routine and optimizes device management.
These USB hubs come in various forms, tailored to specific needs. Some are compact and portable, perfect for those always on the move, while others are high-speed powerhouses built for demanding tasks. They vary in size, speed, and features, offering a wide range of options to cater to your unique requirements.
In this comprehensive guide, we'll take you on a journey through the world of USB hubs. We've carefully curated a selection of top options available online, each with its own set of unique features and advantages. These hubs are more than mere accessories; they're digital companions, designed to simplify your life and enhance your device management.
We'll look at their features, benefits, and real-world applications, helping you discover the perfect USB hub to seamlessly integrate with your digital lifestyle.
1. Portronics Mport 31 USB Hub
The Portronics Mport 31 USB Hub is like having four extra USB ports in one. With a super-speedy USB 3.0 for quick data transfers and three USB 2.0 ports, it makes multitasking a breeze. You can connect a variety of devices, from keyboards to mouse, and it even comes with a 1-year warranty for peace of mind. If you need more USB ports for your laptop or PC, this hub has you covered!
Hardware Interface: USB
Compatible Devices: Tablets, Laptops, Desktops
Total USB Ports: 4
2. Zebronics ZEB-90HB USB Hub
The Zebronics ZEB-90HB USB Hub is a handy device for expanding your connectivity options. With four USB 2.0 ports and a 50 cm cable, it's compatible with laptops, PCs, and MacBooks. Its pocket-sized design makes it perfect for on-the-go use. While it offers convenience and plug-and-play functionality, it's worth noting that it operates at USB 2.0 speeds, limiting its data transfer capabilities. Nonetheless, it's a practical accessory for those needing extra USB ports while travelling.
Hardware Interface: USB
Special Feature: Plug and Play
Compatible Devices: Laptops, Desktops
3. Quantum 4 Port USB Hub
The Quantum 4 Port USB Hub (QHM7532) is your productivity companion, offering seamless connectivity for multiple devices. This 4-in-1 USB hub includes one USB 3.0 port and three USB 2.0 ports, allowing you to connect up to four USB devices simultaneously. The USB 3.0 slot offers lightning-fast data transfers at 5Gbps, ideal for quick file sharing. It's compatible with a range of devices like keyboards, mouse, pen drives, and more. Plus, it comes with a 1-year manufacturer's warranty for added peace of mind.
Hardware Interface: USB, USB 3.0, USB 2.0
Special Feature: Plug and Play
Compatible Devices: Mouse, Gaming Consoles, Keyboards, Laptops, Desktops
4. Lemorele USB-C Docking Station
The Lemorele USB-C Docking Station is a versatile 10-in-1 hub designed to elevate your connectivity experience. With features like Gigabit Ethernet, 4K HDMI output, 100W PD fast charging, and multiple USB ports, it's a powerhouse for productivity. This plug-and-play hub is compact and offers strong heat dissipation, making it portable and safe for file transfer and storage. Its wide compatibility extends to various devices and systems, making it a valuable accessory for MacBook users and more.
Hardware Interface: USB Type C, USB 3.0, USB 2.0
Compatible Devices: MacBook, USB Flash Drives, Projectors, Mouse, Keyboards, Monitors, Laptops, Televisions, Desktops
Total USB Ports: 4
Number of Ports: 10
Wattage: 100 Watts
5. Amazon Basics USB-C Hub Dock
The Amazon Basics USB-C Hub Dock is a versatile 7-in-1 adapter designed to expand your connectivity options. With features like a 4K HDMI output, SD and TF card readers, USB ports, and power delivery, it's a valuable addition to your tech setup. The HDMI port supports stunning 4K UHD, offering both extend and mirror modes for enhanced productivity. Plus, it's plug-and-play, making installation a breeze. This hub is a convenient solution for connecting multiple USB peripheral devices and charging your Mac using the USB-C port.
Brand: Amazon Basics
Hardware Interface: USB, USB Type C
Special Feature: Plug and Play
Compatible Devices: MP3 Players, Projectors, Mouse, Keyboards, Monitors, Card Readers, Printers
Total USB Ports: 7
6. Quantum QHM6633 4-Port Hi-Speed USB Hub
The Quantum QHM6633 4-Port Hi-Speed USB Hub is a handy accessory for expanding your device connectivity. With ultra-high-speed USB 2.0 capabilities and ACPI compliance, it's perfect for laptops and desktops. The ergonomic design makes it easily portable, and it comes in three attractive colours: Red, Black, or White. This hub is truly plug-and-play, compatible with various operating systems, and offers a network speed of 480 Mbps. It's a reliable choice for users seeking extra USB ports.
Hardware Interface: USB
Special Feature: 4-Port ultra high-speed USB Hub
Compatible Devices: Laptops, Desktops
7. TP-Link UH400 USB 3.0 4-Port Portable Data Hub
A multifunctional device, the TP-Link UH400 USB 3.0 4-Port Portable Data Hub speeds up data transfer with its lightning-fast USB 3.0 technology. Its portable design makes it perfect for use while travelling. It allows multiple connections at once thanks to its four USB 3.0 ports. Its convenience is increased by the built-in USB cable, and there are no drivers needed for setup. It excels in portability and speed but lacks cutting-edge features and is incompatible with earlier USB versions.
Data Transfer Speed: USB 3.0
Ports: 4 USB 3.0, 1 USB 3.0 Type-A Input
Chipset: VIA VL812 with Latest Firmware
8. Wavlink Powered Usb Hub
The Wavlink Powered USB Hub 3.0 with 7 ports offers lightning-fast data transfers at up to 5Gbps, making it a must-have for quick file sharing. It's not just about data; this hub also delivers BC 1.2 charging with 2.4 Amps for your devices. With wide compatibility and a sturdy build, it's ideal for expanding your connectivity options. Each port has an individual on/off switch, a great feature for convenience. While it excels in speed and convenience, some might find the design a bit bulky.
Data Transfer Speed: USB 3.0 (5Gbps)
Ports: 7 USB 3.0
Charging: BC 1.2 up to 2.4 Amps
9. Belkin USB-C 6 in 1 Hub
Your tech arsenal will benefit greatly from the Belkin USB-C 6-in-1 Hub Adapter. It provides seamless connectivity and supports both Windows and macOS USB-C devices. USB-C, HDMI (4K 30Hz), USB-A 3.0 and 2.0, Gigabit Ethernet, and an SD card slot are all included in the hub. The device boasts a 5Gbps data transfer rate and supports pass-through charging up to 60W. Hard drives, monitors, and other devices can all be connected.
Ports: 1 x USB-A 3.0, 1 x USB-A 2.0, 1 x USB-C, 1 x HDMI (4K 30Hz), 1 Gigabit Ethernet, 1 x SD card
Power Delivery: Up to 60W
Data Transfer Rate: 5Gbps
10. Tukzer USB C to 12-in-1 HUB Dock
Tukzer's 12-in-1 USB C Hub Dock MST is a powerhouse of connectivity. With HDMI, VGA, USB-A 3.0, USB-C 3.0, Ethernet, SD/TF card slots, and more, it's an ideal companion for work and travel. The hub supports 100W PD fast charging and lightning-fast data transfer at 5 Gbps. It even enables dual displays with impressive resolutions and boasts a 3.5mm audio jack for quality sound.
Ports: HDMI, VGA, USB-A 3.0 (x3), USB-C 3.0 (x2), RJ45 Ethernet, SD/TF card slots, 3.5mm audio jack, USB-C PD-IN
Data Transfer Speed: Up to 5Gbps
Ethernet: 1000 Mbps
Best value for money
The Portronics Mport 31 USB Hub offers the best value for money with its combination of a high-speed USB 3.0 port and three USB 2.0 ports. Its compact and portable design makes it ideal for on-the-go use, and the plug-and-play functionality ensures convenience without the need for drivers. It's an affordable solution for expanding your device's connectivity options.
Best overall product
The Lemorele USB-C Docking Station stands out as the best overall product due to its versatility and comprehensive features. With support for dual displays at 4K resolution, 100W Power Delivery, Gigabit Ethernet, and multiple USB ports, it caters to a wide range of needs. Its compact design adds to its appeal, making it suitable for both work and travel.
How to find the right USB hub?
To find the right USB hub, consider your specific needs. Determine the number and type of ports you require, such as USB-A, USB-C, HDMI, or Ethernet. Assess the hub's compatibility with your devices and operating systems. Check for features like high-speed data transfer, Power Delivery, and plug-and-play functionality. Portability may also be a factor if you're frequently on the move. Read user reviews and compare prices to ensure you get the best value. Ultimately, the right USB hub should align with your connectivity demands and offer reliable performance.
Question : What is a USB hub, and how does it work?
Ans : A USB hub is a device that expands the number of USB ports on a computer or laptop. It works by connecting to a single USB port on your computer and providing multiple additional ports for connecting various USB devices simultaneously.
Question : Can I use a USB hub with different types of USB devices?
Ans : Yes, most USB hubs support a variety of USB devices, including USB-A and USB-C. However, it's essential to ensure that the hub you choose is compatible with the devices you plan to connect.
Question : Do USB hubs require external power sources?
Ans : USB hubs often come in both powered and unpowered (bus-powered) versions. Powered hubs have their power source, making them suitable for high-power devices like external hard drives. Unpowered hubs draw power from the host device and are best for low-power peripherals like keyboards and mice.
Question : What are the advantages of using a USB hub?
Ans : USB hubs provide several advantages, including expanding the number of available USB ports, simplifying cable management, and enabling you to connect multiple devices, such as external hard drives, keyboards, mice, and more, to your computer simultaneously.
Question : Are USB hubs compatible with Mac and Windows devices?
Ans : USB hubs are generally compatible with both Mac and Windows devices. However, it's advisable to check the hub's specifications and compatibility information to ensure it works seamlessly with your operating system.
Disclaimer: At Hindustan Times, we help you stay up-to-date with the latest trends and products. Hindustan Times has an affiliate partnership, so we may get a part of the revenue when you make a purchase. We shall not be liable for any claim under applicable laws, including but not limited to the Consumer Protection Act, 2019, with respect to the products. The products listed in this article are in no particular order of priority.
Source: Live Mint
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India emerges as top contributor in mobile subscribers across world
Cheap internet, competitive telecom market, helped India to grow its mobile subscription by 7 million in the June quarter. With this, it emerged as the highest contributor of mobile subscribers in the world, says Ericsson report.
India was followed by China and the US, said report. According to the report, the number of mobile subscription added on to a total of 8.3 billion. The net addition during the quarter stoodd at 40 million subscription.
"India accounted for the most net additions during the quarter ( 7 million), followed by China ( 5 million) and the US ( 3 million)," the report said.
The report said that India's mobile subscriber base grew by about 7 million to 1,125 million in the second quarter of 2023. China's mobile subscriber base grew by five million to 1,695 million.
Other than mobile subscriptions, 5G subscription during the June 2023 quarter grew by 175 million during the quarter. With this, India's total base reached to 1.3 billion.
"Around 260 communications service providers have launched commercial 5G services and around 35 have deployed or launched 5G standalone (SA) networks," the report said.
At global level, the mobile subscription penetration was 105 per cent and the number of unique mobile subscribers reached to 6.1 billion during the quarter. The mobile broadband subscribers base increased by 5 per cent on an annual basis to around 100 million in the quarter. As of now, percentage of mobile broadband connections increased to 88 per cent of all mobile subscriptions.
Source: Live Mint
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UBS winds down Credit Suisse global markets business
Credit Suisse said it will reduce the volume of new markets business from Sept. 22 while UBS integrates its former rival, the bank said in a letter sent to clients, as the 166-year-old firm winds down trading in global securities.
Increases in positions, or maturity extensions, will now not be possible for clients at Credit Suisse, which trades a wide variety of assets from stocks to currencies. Existing positions will continue to be serviced.
"Going forward, UBS shall focus on consolidating new client activity through UBS legal entities," the letter seen by Reuters on Wednesday said.
The move is a further step along UBS's tricky path to absorbing its fallen rival in the first-ever merger of two global systematically important banks.
UBS will report its second-quarter earnings on Thursday, its first results since taking over Credit Suisse earlier this year.
Source: Live Mint
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Aurobindo Pharma to pursue ‘comprehensive evaluation’ on sale on injectables biz
Aurobindo Pharma said on Friday, August 25 that its Committee of Independent Directors will pursue a comprehensive evaluation of all options regarding the restructuring of its wholly-owned subsidiary Eugia Pharma Specialities Limited.
The pharma major clarified a news report which said the promoters of the firm have started the process of selling a majority stake in its injectables business Eugia Pharma.
“The company has already informed the stock exchanges on August 12, 2023, as part of the outcome of its board meeting that it is in the process of exploring all the possibilities of restructuring the business of Eugia Pharma Specialities Limited, a wholly owned subsidiary company focused on sterile/injectables, oncology and hormonal products," said Aurobindo Pharma in a regulatory filing to the stock exchanges.
“And as stated earlier, the Committee of Independent Directors will pursue a comprehensive evaluation of various alternatives or options and recommend to the Board for engendering the next horizon of growth as also enhancing value creation to the stakeholders," it added. Eugia Pharma is a speciality generic pharmaceuticals company with six manufacturing facilities located in India and US.
Earlier this month, Aurobindo Pharma released its April-June quarter results for fiscal 2023-24 (Q1FY24), reporting a decline of 22.5 per cent in net profit at ₹540 crore, compared to ₹697.6 crore in the corresponding period last year. The pharma major's revenue from operations during the first quarter of current fiscal stood at ₹6,850.5 crore, registering a rise of 9.9 per cent, compared to ₹6,236 crore in the year-ago period.
The growth in topline was supported by double-digit growth in across US and Europe formulations as well as Active Pharmaceutical Ingredients (APIs) segments. US formulations revenue increased by 11.2 per cent year-on-year (YoY) to ₹3,304 crore and accounted for 48.2 per cent of the consolidated revenues.
On August 25, shares of Aurobindo Pharma settled 0.58 per cent lower at ₹828.85 apiece on the BSE.
Source: Live Mint
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