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After defeating Anish Giri of the Netherlands in the first round, Indian Grandmaster R Praggnanandhaa is yet to win another game in the Candidates chess tournament, and the road ahead looks difficult for him as Uzbek Javokhir Sindarov has made a start that everyone will envy
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Sun Pharma, Aurobindo, Biocon Fall As US Mulls 100% Tariffs On Drug Imports
Sun Pharma, Aurobindo, Biocon Fall As US Mulls 100% Tariffs On Drug Imports
Indian pharma stocks fall as Trump plans 100 percent tariffs on some offshore made medicines, Nifty Pharma drops over 2 percent before partial recovery
Shares of Indian pharma companies hit hard on Thursday after the Trump administration reportedly planning to impose 100 per cent tariffs on certain medicines for offshore manufacturers. In a panic-driven selling, Sun Pharmaceuticals, Aurobindo pharma, Biocon among major pharma manufacturers’ stocks fell as low as 3 per cent intraday.
The index Nifty Pharma dropped over 2 per cent to hit the day’s low at 21,149, before recovering to the level around 21,642.
The Financial Times reported that new levies could be announced as early as Thursday, targeting companies that have not yet reached agreements with the White House, according to people familiar with the matter.
These tariffs build on earlier warnings by Donald Trump, who said last year that imports of branded or patented drugs could face duties of up to 100% if companies do not set up manufacturing in the United States. The report said the proposed tariffs are based on a national security investigation launched in April under Section 232 of the Trade Expansion Act of 1962.
It also noted that tariffs imposed under Section 232 are not affected by the February ruling of the Supreme Court of the United States, which had struck down the “Liberation Day” tariffs introduced using emergency powers.
Source: News18.com
Source: OfficeNewz
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