Drug major Cipla on Thursday said it has tied up with CSIR-Central Drug Research Institute to jointly develop a novel ophthalmic formulation for fungal keratitis. The collaboration aims to leverage the combined expertise and resources of both organisations to develop a safe and efficacious drug for fungal keratitis, Cipla said. Globally, around 1.2 million cases of fungal keratitis are reported every year with tropical countries recording a higher incidence.

Finsider International Company, one of the promoters of Vedanta, on Thursday divested a 1.8 per cent stake in the company for Rs 1,737 crore through an open market transaction. According to the bulk deal data available with the BSE, Finsider International Company Ltd sold 6,55,18,600 shares, accounting for a 1.8 per cent stake, in Vedanta. However, buyers; identity is not known..

Oil and oil marketing companies will come under focus as the government has hiked windfall tax on domestically produced crude oil to ₹3,300 per tonne from ₹3,200 per tonne with effect from Friday. The tax is levied in the form of a Special Additional Excise Duty (SAED). According to an official notification, SAED on the export of diesel too has been hiked to ₹1.50 a litre from nil earlier. On petrol and jet fuel or ATF, the levy will be retained at nil.

The joint venture of Dilip Buildcon (Vijay Kumar Mishra Construction-Dilip Buildcon) has declared as an L-1 bidder for the tender floated by Madhya Pradesh’s water resources department. The project cost is ₹412.92 crore.

Fitch Ratings has downgraded UPL Corporation’s Long-Term Issuer Default Rating to ‘BB+’, from ‘BBB-’, citing the weak 9M-FY24 EBITDA, on lower global crop-protection industry demand due to prolonged destocking, and production overcapacity in China.

Escorts Kubota has executed a long-term wage settlement agreement with the Workers’ Union for three years.

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