RBI relaxes norms for lending against gold jewellery
RBI has relaxed the norms for NBFCs (lending against gold) by allowing to use the historical spot gold price data publicly disseminated by a commodity exchange regulated by the Forward Markets Commission for valuation of gold for LTV calculation. Earlier RBI had allowed valuation of gold jewellery for arriving at the LTV to be done at the average of the closing price of 22 carat gold for the preceding 30 days as quoted by the Bombay Bullion Association Ltd. (BBA).
Government relaxes FDI norms
Union Cabinet on has approved a relaxation of policy on investment proposals from Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs), treating them at par with Non-Resident Indians ( NRIs) in this regard. The non-repatriable. NRI funds would also be treated as domestic investments. These measures will boost remittances and increase the inflows and hence positive for Indian economy.
Wockhardt gets QIDP designation from USFDA for new drugs
Wockhardt, has announced the US Food and Drug Administration (FDA) has granted Qualified Infectious Disease Product (QIDP) status for its drug under New Drug Discovery program WCK 4873. This is the third product from Wockhardt to receive this coveted status after WCK 771 and WCK 2349 last year and provides a strong boost to its drug development.
Reliance-BP surrender two more oil and gas blocks
Reliance Industries and its partner BP plc have surrendered two more oil and gas blocks, taking total surrender of four exploration acreages from 21 they were holding – Sentimentally negative.
Emami in final negotiations to buy Kesh King
According to media news, Emami has entered into final negotiations to buy Kesh King brand of SBS Biotech. Deal talks are hovering around a deal size of Rs1,800cr and the companies target to sign on the dotted line by May-end if talks succeed. Bajaj Corp also was in the race however, Emami has outpaced it.
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