Top headlines: Glenmark defends FabiFlu, Covid antibody in Delhi residents

Glenmark also denied making any claims that
Rakesh Jhunjhunwala's portfolio outperforms; net worth over Rs 10,000 crore
At a time when the country was under lockdown, grappling with the impact of the Covid-19 pandemic on the economy, businesses, and financial markets, the fortunes of Rakesh Jhunjhunwala continued to soar. Thus far in the current financial year 2020-21 (FY21), the net worth of Rakesh Jhunjhunwala and family has increased Rs 2,514 crore with the value of their investments once again surging past the Rs 10,000 crore mark. Based on Monday’s closing, Jhunjhunwala family’s total investments in listed companies stood at Rs 10,797 crore, up 30 per cent from the Rs 8,284 crore at March-end.

Glenmark defends pricing of Covid-19 drug FabiFlu, says it is economical
Glenmark Pharmaceuticals Ltd defended the pricing of its generic version of favipiravir, FabiFlu, on Tuesday, after India's drug regulator had reportedly sent the company a notice on overpricing. "Compared to other therapies approved for emergency use in Covid-19, FabiFlu is much more economical and an effective treatment option," the company said in a statement to the exchanges. Glenmark also denied making any claims that "favipiravir alone" is effective in treatment of mild-to-moderate Covid-19 patients. Read more.

Arvind Lifestyle Brands receives Rs 260 cr from Flipkart for minority stake
Arvind Fashions (AFL) said its subsidiary Arvind Lifestyle Brands has received Rs 260 crore from Flipkart India to pick a minority stake in another group firm Arvind Youth Brands. Arvind Youth Brands is Arvind Fashions' new subsidiary which will own the Flying Machine brand.

Why don't PSBs invoke personal guarantees of promoters: SC on bad loans
The Supreme Court has asked the Ministry of Finance to look into a plea that claimed a loss of hundreds of crore every day, as the public sector banks are not invoking personal guarantees of big corporates who have defaulted on loans. "We are of the view that at page 115 of the Writ Petition it has been made clear that the Ministry of Finance itself has, by a Circular, directed personal guarantees issued by promoters/managerial personnel to be invoked. According to the petitioners, despite this Circular, Public Sector Undertakings continue not to invoke such guarantees resulting in huge loss not only to the public exchequer but also to the common man", said the bench in its order.

EU nations clinch $2.1 trillion budget, $858 bn recovery fund after 4 days
Weary European Union leaders finally clinched an unprecedented 1.82 trillion euro ($2.1 trillion) budget and coronavirus recovery fund Tuesday, somehow finding unity after four days and as many nights of fighting and wrangling over money and power in one of their longest summits ever. To confront the biggest recession in its history, officials said the EU had a consensus on a 750 billion euro ($858 billion) coronavirus fund to be sent as loans and grants to the countries hit hardest by the virus.

Over 23% Delhi residents have Covid-19 antibodies, shows sero-survey
A sero-surveillance study done in Delhi found that 23.48 per cent of the city's respondents had IgG antibodies, indicating many people would likely be infected with coronavirus but asymptomatic. The study was conducted by the National Center for Disease Control (NCDC) in collaboration with the Delhi government from June 27 to July 10. A total of 21,387 samples were collected according to lab standards and then tested. These tests were not diagnostic but done to identify the presence of antibodies in the general population.



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