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SFIO probes IndusInd’s Rs 1,960 crore derivatives hole – The Times of India
MUMBAI: Serious Fraud Investigation Office (SFIO) has opened a formal probe into IndusInd Bank after a Dec 23, 2025 letter triggered an investigation under the Companies Act, 2013, over accounting lapses tied to internal derivative trades.In a filing, the bank said SFIO, under the MCA, seeks information after the lender flagged on June 2 issues spanning internal derivatives, unsubstantiated “other assets/liabilities”, and microfinance interest/fee income. It disclosed the update on Dec 18, pledged full cooperation, and posted details on its website.Derivatives irregularities have hit P&L by about Rs 1,960 crore as of March 31, 2025, eroding reported net worth by roughly 2.3% as of Dec 2024. Earlier profits were overstated as notional gains flowed into P&L while losses sat parked as assets, inflating NII and earnings quality. The derivatives irregularities saw several members of the senior management stepping down with the board bringing in Rajiv Anand from Axis Bank to head the private lender.The bank recognised the losses, absorbed pain in its FY25 earnings which tipped the bank into a Q4 FY25 net loss after one-off write-offs/provisions. Capital/net worth took a 2–2.5% post-tax hit, trimming buffers and nudging growth appetite and capital pricing.The derivatives loss resulted in the shares of the bank sliding as investors reassessed earnings credibility and governance. The scrutiny also sharpened on the board/management/audit committees, intensifying regulatory pressure and SFIO oversight.
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Asda boss rejects profiteering claims as petrol price tops 150p
Motorists are facing higher fuel prices ahead of Easter break due to the conflict in the Middle East, the RAC says.
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Hetero rolls out generic semaglutide exports to over 75 countries – The Times of India
Hyderabad: Pharma player Hetero on Friday said it has rolled out exports of its generic semaglutide injection portfolio as part of a multi-year plan to widen access to treatments for type 2 diabetes and obesity in more than 75 countries.The Hyderabad-based pharmaceutical company said initial rollouts are under way in Africa, Asia and the Middle East, with additional launches planned in other markets subject to regulatory approvals.The injectable therapies will be sold under the brand names Truglyx, Rolmodl and Moto G. Semaglutide belongs to the GLP-1 class of medicines, which are used in diabetes care and weight management.Hetero said the export launch is part of its broader strategy to improve access to advanced cardio-metabolic therapies, particularly in emerging markets.The company said the products will be offered in multi-dose disposable pen devices designed in line with innovator formats and will be available in several strengths, including 0.25 mg, 0.5 mg, 1 mg, 2 mg, 1.7 mg and 2.4 mg, allowing dosing flexibility for both diabetes and obesity treatment.Hetero said it is also awaiting approval from India’s Central Drugs Standard Control Organisation (CDSCO) after completing clinical trials in type 2 diabetes and obesity and plans an India launch after regulatory clearance.Hetero managing director Dr Vamsi Krishna Bandi said the company aims to provide high-quality, affordable generic semaglutide through a single global product platform backed by its manufacturing and development capabilities.He said Hetero would use its commercial networks across Asia, the Middle East, Africa and Latin America to support supply and access. The Hyderabad-headquartered Hetero operates in more than 145 countries and employs over 30,000 people.
Business
India-US trade deal update: Piyush Goyal meets USTR Jamieson Greer, discusses next steps in BTA talks – The Times of India
Commerce and industry minister Piyush Goyal on Friday met US Trade Representative Jamieson Greer and reviewed the next steps in negotiations for the proposed India-US bilateral trade agreement (BTA).The meeting took place on the sidelines of the 14th ministerial conference (MC14) of the World Trade Organisation in Yaounde, Cameroon, where both sides also exchanged views on issues related to the WTO agenda.“Had a very productive discussion with @USTradeRep Jamieson Greer on the sidelines of the WTO Ministerial Conference. Exchanged views on the #WTOMC14 agenda, next steps in the India-US BTA negotiations and explored ways to further deepen our economic cooperation and bilateral trade ties,” Goyal said in a social media post.The development comes amid ongoing efforts by both countries to finalise an interim trade pact. Last month, India and the US announced that they had finalised a framework for the first phase of the agreement, though it is yet to be signed.The two sides had earlier announced a trade deal on February 2, followed by a joint statement on February 7 outlining the contours of the agreement.As part of the framework, the US had agreed to reduce tariffs on Indian goods to 18%. However, the tariff structure has since undergone changes after the US Supreme Court struck down sweeping tariffs imposed under earlier measures.Following the ruling, US President Donald Trump introduced a 10% tariff on all countries for a period of 150 days starting February 24.In view of these developments, a planned meeting between chief negotiators of India and the US — aimed at finalising the legal text of the agreement — has been postponed. The pact was earlier expected to be signed this month.An official had earlier said that the interim trade agreement would be signed once the new global tariff framework of the US is fully in place.
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