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BusinessShares of Fortis Healthcare, Apollo Hospitals, Max, and Medanta rose after the government capped trade margins on non-scheduled anti-cancer drugs at 30%. This price cap could reduce drug costs by 20–70%, potentially saving patients ₹2,500 crore annually. Brokerages noted earnings impacts might be manageable but warned hospital profit margins could face pressure.
Mint Markets·
In the Nandigram-Rejinagar bypolls, BJP is leading with a significant margin, putting Mamata Banerjee's candidate at risk of losing bail. Humayun Kabir's stronghold in Rejinagar is weakening as the BJP candidate gains a bumper lead. The bypoll results are also impacting Mamata and Congress in Bengal, with Tamil Nadu's TVK gaining ground. Counting is underway amid tight security in Assam's Nagaon and Bengal's Rejinagar-Nandigram.
India TV Hindi·
IIT Madras and IIT Dharwad have formed a partnership to collaborate on education, research, and entrepreneurship initiatives. This collaboration aims to enhance academic and entrepreneurial opportunities for students and faculty at both institutions, fostering innovation and knowledge exchange between the two IITs located in Tamil Nadu and Karnataka respectively.
ET Education··Karnataka
Foreign institutional investors (FIIs) sold Indian financial stocks worth Rs 13,000 crore in September, marking one of the fastest sell-offs this year. The selling intensified due to factors like the RBI's rate hike, which weighed on equities. This outflow represents significant foreign investor caution amid changing economic conditions in India.
The Economic Times·
The Chinese yuan has reached its highest level in four years against a basket of currencies. This rise comes as the People's Bank of China (PBOC) continues to support its foreign exchange policy, reinforcing the yuan's strength in international markets.
Bloomberg.com·
NASA has released 800GB of data from the Artemis II mission, including 11,000 images and reports of five mysterious flashes seen by astronauts near the Moon. Scientists are excited about these lunar science results, which include observations of a mysterious island of light as the crew flew close to the Moon. The data offers new insights into lunar phenomena.
Moneycontrol.com·
Mint Markets·
Shares of Fortis Healthcare, Apollo Hospitals, Max, and Medanta rose after the government capped trade margins on non-scheduled anti-cancer drugs at 30%. This price cap could reduce drug costs by 20–70%, potentially saving patients ₹2,500 crore annually. Brokerages noted earnings impacts might be manageable but warned hospital profit margins could face pressure.
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