India News: Amid discussions over possible legal protection to foreign vaccine manufacturers Pfizer and Moderna over their Covid-19 jabs in India, the Serum Insti
Amid discussions over possible legal protection to foreign vaccine manufacturers Pfizer and Moderna over their COVID-19 jabs in India, the Serum Institute of In
Amid discussions over possible legal protection to foreign vaccine manufacturers Pfizer and Moderna over their COVID-19 jabs in India, the Serum Institute of India (SII) has also sought protection against liabilities, sources said on Thursday. Not just Serum Institute of India, all the vaccine companies should get indemnity protection against liabilities if foreign companies are granted the same, sources added. Earlier last year, SII CEO Adar Poonawala had advocated for indemnity for all vaccine manufacturers. We need to have the government indemnify manufacturers, especially vaccine manufacturers, against all lawsuits. Frivolous claims come up and you see in the media something being blown out of proportion. The government needs to step in with the right messaging, he had said.
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Shares of Magma Fincorp were locked in 5 per cent upper circuit for the second straight day, up 5 per cent at Rs 143.05 on the BSE on Tuesday after the company appointed Adar Poonawala as its chairman as part of a management overhaul following the Poonawala-controlled Rising Sun Holdings acquiring a controlling stake in it.
The stock of the non-banking finance company was trading close to its 52-week high level of Rs 147.90, touched on May 10, 2021. Till 02:16 pm, a combined 1.01 million shares had changed hands and there were pending buy orders for 2.9 million shares on the NSE and BSE.
Magma Fincorp is now a subsidiary of Rising Sun Holdings Private Limited (owned and controlled by Adar Poonawalla), subsequent to equity raise of Rs 3,456 crore on May 6, 2021. The process for rebranding of Magma Fincorp is underway and the Company would take on the Poonawalla brand upon receipt of all requisite approvals (RBI approval for name change has been received).