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Sales of medicines recorded a growth of 2.4% year on year (y-o-y) in June, indicating a recovery from two consecutive months of decline caused by the lockdown to prevent the spread of covid-19. Sales for the month came in at ₹11,250 crore, with all segments, especially chronic drugs, showing a rebound, according to data from market research firm AIOCD-AWACS
India’s banking sector is likely to see muted first quarter results, as lenders continue to strengthen their balance-sheets through higher provisions against the covid-19 impact. The previous quarter had seen banks, especially private sector entities, increasing provisions to cushion against future asset slippages.
Banks are expected to report 7% year-on-year growth in pre-provision profit, while private banks are to report 11% growth, according to brokerage firm Phillip Capital Pte. Ltd.