Wockhardt tanks 7% on FDA’s warning letter to US arm Morton Grove 

Pharmaceuticals, a subsidiary of the firm, received a warning letter from the US drug regulator. The move is a blow to the company as it struggles with regulatory non-compliance. Wockhardt tanked nearly 7 percent intraday on Thursday as investors turned bearish after the company’s US arm received a warning letter from the US drug regulator. The US Food and Drug Administration issued a warning letter to Morton Grove Pharmaceuticals, a stepdown subsidiary of the company in Illinois, US. “This would mean that current portfolio of the company will continue to be made available in the market. However, new approvals will be withheld till resolution,” it told the exchanges in a notification on Wednesday. 

Pepsi to layoff 80 to 100 workers, citing Philadelphia tax Pepsi says 

Slumping sales from Philadelphia's new sweetened-beverage tax are prompting layoffs of 80 to 100 workers at three distribution plants that serve the city. Pepsi to layoff 80 to 100 workers, citing Philadelphia tax Pepsi says slumping sales from Philadelphia's new sweetened-beverage tax are prompting layoffs of 80 to 100 workers at three distribution plants that serve the city. The company sent out notices today saying layoffs will occur at plants in north and south Philadelphia and in Wilmington, Delaware, The Philadelphia Inquirer reported. Dave DeCecco, spokesman for the Purchase, New York-based company that employs 423 people in the city, said the tax has cut sales by 40 per cent there. "Unfortunately, after careful consideration of the economic realities created by the recently enacted beverage tax, we have been forced to give notice that we intend to eliminate 80 to 100 positions, including frontline and supervisory roles, in Philadelphia over the next few months, beginning today," DeCecco said. The city blasted the news, with spokeswoman Lauren Hitt saying "the soda industry sunk to a new low today."

Pass final order within year of interim order: CVO tells SEBI 

The Chief Vigilance Officer (CVO) has raised concerns with Securities and Exchange Board of India over delays in passing of orders relating to quasi-judicial matters, and has issued a ‘guidance’ note seeking faster order issuances. The Chief Vigilance Officer (CVO) of Securities and Exchange Board of India (SEBI) has raised concerns over delays in passing of orders relating to quasi-judicial matters, and has issued a ‘guidance’ note seeking faster order issuances. Officials of the Central Vigilance Commission held a meeting with recently-retired SEBI Chairman UK Sinha on February 10, during which various vigilance related matters and other issues relating to SEBI were discussed. The Chief Vigilance Officer then issued a guidance note, saying that SEBI adjudicating officers and whole time members should “endeavor” to pass confirmatory orders within three months where applicable, and the final order within a year of passing the interim order. “In case any matter is pending beyond one year, a status report in this regard may be put up to the board with chronology of events with reasons and justification in each case,” the CVO guidance said. 

The Fed is sending a strong message about a March rate hike

 Four Fed presidents spoke Tuesday, and all indicated an interest rate hike could be considered in March. "All are on the same page, including hawks and doves, and especially Dudley," said Tom Simons, money market economist at Jefferies. The Fed is sending a strong message about a March rate hike The Fed chorus about a possible March interest rate hike is getting much louder, and an upcoming inflation report could clinch what was until recently considered a long shot. The latest Federal Reserve official to push the the group's March meeting into play was New York Fed President William Dudley, viewed as a close ally of Fed Chair Janet Yellen and a central figure in the Federal Open Market Committee.

Jio Prime membership opens on March 1:

 New tariff plans revealed For Jio Prime Members, two more monthly plans will be available other than the Rs 303 plan announced last week. The cheapest monthly plan is Rs 149 which offers free domestic voice and 2GB data without any daily limits. Another plan offers 60 GB (2GB daily data allowance) and unlimited voice for Rs 499, according to a CLSA note. Reliance Jio is all set to begin enrolling customers on to its Jio Prime membership plans from March 1, effectively offering 1 GB high-speed 4G data and free calls for Rs 10 a day for an year. The membership fee for Jio Prime will be Rs 99 per year. The unlimited free voice, free data offered in the 'Happy New Year' scheme will be available to Jio Prime members for another 12 months for a price of Rs 303 per month. Jio Prime members will also get the bouquet of Jio media services till March 31, 2018. Besides this plan, Jio plans to roll out two new monthly tariff plans at Rs 149 and Rs 499 which offer 2GB and 60 GB data along with free voice, respectively, according to note by brokerage firm CLSA. “As per our discussion with channel partners and retailers, Reliance Jio has revealed more tariff plans under the “Jio Prime Program” that requires one-time membership charge of Rs 99 to be paid before March 31, 2017,” CLSA said in the note. 

Jio tariffs aggressive, operators need to respond: 

Sunil Mittal expects that Airtel's plan to completely drop roaming charges, will result in increase of usage. Sunil Mittal (more) Chairman, Bharti Airtel | Error loading player: No playable sources found After six months of unlimited free data and voice, Reliance Jio will start charging for its services post March 31. Sunil Mittal, the Chairman of Bharti Airtel , said Jio's new Rs 303 tariff plan is very aggressive, and telecom operators will have to respond with better plans. 

Vodafone CEO Vittorio Colao meets Telecom Secretary J S Deepak

 "An half an hour meeting was held between J S Deepak and Colao at Vodafone set up at Mobile World Congress," a source said. Vodafone CEO Vittorio Colao meets Telecom Secretary J S Deepak Vodafone Group Chief Executive officer Vittorio Colao today met Telecom Secretary J S Deepak here amidst merger talks of Vodafone India and Idea Cellular . "An half an hour meeting was held between J S Deepak and Colao at Vodafone set up at Mobile World Congress," a source said. When contacted, both Deepak and Colao did not offer any comment. Vodafone Group is in talks to merge its Indian unit with Idea Cellular in an all-share deal to create the country's largest telecom operator. The joint entity -- with around 387 million users -- will not only topple Bharti Airtel from the numero uno position but will also fiercely compete with Reliance Jio that has unleashed a price war in the indian market. Vodafone and Aditya Birla group are required to sort out excess spectrum holding and market share issues to complete merger. The government, at present, offers no refund for surrendering excess spectrum, which leaves both Vodafone and Idea with the option of either to sell excess spectrum or surrender it to the government at loss.