Lupin has received tentative approval from the US Food and Drug Administration (USFDA) for Dolutegravir and Rilpivirine tablets, used for HIV treatment. Annual sales for the tablets are estimated to be around $666 million (September 2022). This news comes alongside Aether Industries’ announcement of a new manufacturing facility in Surat, set to open for operations within the next ten days. The facility will add a capacity of 3,500 million tonnes and cost ₹190 crore, of which 163 crore was raised through the IPO route.
Shares of India’s largest wine producer and seller, Sula, rose 14% after it reported robust Q3 numbers. Own brand sales rose 13% year-on-year to ₹187 crore, while wine tourism business reported revenue growth of 13% to ₹23 crore. This news is a positive sign for the company, and comes as global markets have been rising, with the Nikkei 225 up 1.29%, and the Dow Jones, NYSE, and Nasdaq all seeing varying rises and falls.
An interesting fact of the day is that 1% of the richest people in India own more than 40% of the wealth in the country. This statistic is a stark reminder of the large wealth disparity in the country, and highlights the need for better economic policies to ensure that wealth is more evenly distributed.