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  • India’s Russian oil imports rose to a nine-month high in April after shipments on non-sanctioned tankers operated by Russia’s largest shipping company Sovcomflot resumed. In April about 1.8 million barrels per day of Russian oil came into India. Overall India imported about 4.8 million gpd of oil in April. So Russian share was almost 38%.
  • Dr. Reddy’s Swiss operations would be inlicensing the rights to register and commercialize the biosimilar product, Denosumab developed by Alvotech. Dr. Reddy’s Swiss would obtain exclusive rights for the US market and semiexclusive rights for the Europe markets in exchange of upfront and development & regulatory milestones of USD 38 million. Additionally, there are certain success based commercial milestones payment upto USD 29 million, payable to Alvotech. The total US market size of Denosumab is $2892 million in 2022 and will go upto $7109 million by 2030. So, Dr Reddy can easily address almost $1500 million per annum of this market. So, it seems to be a good deal. Dr Reddy should be able to make good profits. Dr Reddy is slowly and steadily building future growth triggers.
  • The Government has issued mandatory quality norms for asbestos or fibre cement based products to curb the import of sub-standard goods and boost domestic manufacturing.
  • The Indian Government has made a rare request to its state turn refiners and private processor Reliance Ind to jointly negotiate a long term supply deal with Russia.
  • Indian stock market hit around $ 5 trillion milestone ahead of Lok Sabha election results.
  • Reliance Ind plans to manufacture consumer durables, white goods under Wyzr brand. The items will be manufactured under contract, but once sufficient volumes are reached it plans to manufacture them on its own.
  • Flash composite PMI for May stood at 61.7 in May, job creation strongest in the last 18 years.
  • JSW Paints breaks even in FY24, revenue crosses Rs 2000 crores. Both JSW Paints and Grasim Paints will get listed sooner than later.
  • Russia has offered India technology for building and operating floating “low power” nuclear power generation projects.
  • JLR of Tata Motors will start assembling its luxury cars in India and that will reduce its prices by almost 18-20%. That could give it a big boost in India as the Indian luxury car market is set to expand.

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