Latest news with #PhaseIII
Time of India
a day ago
- Business
- Time of India
Infopark Phase III land pooling clears key hurdle
Kochi: The proposed Phase III campus of Infopark, planned in 300 acres in Kizhakkambalam panchayat, is a step closer to reality with the local self govt department (LSGD) formally appointing the greater Cochin Development Authority (GCDA) as the land pooling agency for the project. Earlier, the govt had decided to implement the Phase III project using the land pooling model and nominated GCDA as the executing agency. However, since Kizhakkambalam lies outside GCDA's jurisdiction, the agency sought special approval to proceed. With the latest LSGD order, GCDA has now been officially authorized to carry out land pooling in the area. A GCDA official confirmed that the new order removes a major procedural hurdle. However, further progress depends on the approval of the IT department, which has yet to give the green light to Infopark authorities. The proposal has been pending with the department for several months. The govt envisions a township-model IT hub under Phase III in the Kunnathunadu assembly constituency. As per the land pooling scheme, landowners will receive 60% of their original land post-development, with the value expected to rise three to four times. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo Since this is Kerala's first project to follow the land pooling approach, GCDA recently hosted a workshop to familiarize stakeholders with the process. Demand for additional space at Infopark has been rising steadily. Phases I and II are already at full capacity, with over 600 companies operating and more than 70,000 professionals employed. Currently, more than 120 firms are on the waiting list for space. The Phase III expansion is expected to attract investments of around Rs 12,000 crore and generate IT employment for over one lakh individuals.
Yahoo
7 days ago
- Business
- Yahoo
Novartis reports strong Q2 with double-digit sales growth and core margin expansion; raises FY 2025 core operating income guidance
Ad hoc announcement pursuant to Art. 53 LR Q2 net sales grew +11% (cc1, +12% USD) with core operating income1 up +21% (cc, +20% USD) Sales growth driven by continued strong performance from Kisqali (+64% cc), Entresto (+22% cc), Kesimpta (+33% cc), Scemblix (+79% cc), Leqvio (+61% cc) and Pluvicto (+30% cc) Core operating income margin1 reached 42.2%, +340 basis points (cc), mainly driven by higher net sales Q2 operating income grew +25% (cc, +21% USD); net income up +26% (cc, +24% USD) Q2 core EPS1 grew +24% (cc, +23% USD) to USD 2.42 Q2 free cash flow1 of USD 6.3 billion (+37% USD) driven by higher net cash flows from operating activities H1 net sales up +13% (cc, +12% USD) and core operating income up +24% (cc, +21% USD) Q2 selected innovation milestones: Phase III PSMAddition study positive readout in PSMA+ mHSPC (atrasentan) FDA accelerated approval for IgAN OAV101 IT US and EU submissions for SMA Votoplam Phase II PIVOT-HD study positive readout in Huntington's disease Remibrutinib Phase II study positive readout in food allergy Initiating up-to USD 10 billion share buyback to be completed by year-end 2027 Full-year 2025 guidance2 raised for core operating income Sales expected to grow high single digit (unchanged) Core operating income expected to grow low teens (from low double-digit) 1. Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 40 of the Condensed Interim Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year. 2. Please see detailed guidance assumptions on page 7. Basel, July 17, 2025 – Commenting on Q2 2025 results, Vas Narasimhan, CEO of Novartis, said:'Novartis delivered another strong quarter, with double-digit sales and core operating income growth. We continue to drive strong performance on our ongoing launches for Kisqali, Pluvicto, and Scemblix, demonstrating the replacement power in our portfolio. We also delivered important pipeline milestones including a third positive Phase III readout for Pluvicto in hormone-sensitive prostate cancer and global filings for OAV101 IT in SMA. Our robust balance sheet and confidence in our mid and long-term growth enable us to initiate an up-to USD 10 billion share buyback as part of our commitment to balanced capital allocation." Key figures Q2 2025 Q2 2024 % change H1 2025 H1 2024 % change USD m USD m USD cc USD m USD m USD cc Net sales 14 054 12 512 12 11 27 287 24 341 12 13 Operating income 4 864 4 014 21 25 9 527 7 387 29 33 Net income 4 024 3 246 24 26 7 633 5 934 29 31 EPS (USD) 2.07 1.60 29 32 3.91 2.91 34 37 Free cash flow 6 333 4 615 37 9 724 6 653 46 Core operating income 5 925 4 953 20 21 11 500 9 490 21 24 Core net income 4 710 4 008 18 19 9 192 7 689 20 22 Core EPS (USD) 2.42 1.97 23 24 4.69 3.77 24 27 Strategy Our focus Novartis is a 'pure-play' innovative medicines company. We have a clear focus on four core therapeutic areas (cardiovascular-renal-metabolic, immunology, neuroscience and oncology), with multiple significant in-market and pipeline assets in each of these areas, that address high disease burden and have substantial growth potential. In addition to two established technology platforms (chemistry and biotherapeutics), three emerging platforms (gene & cell therapy, radioligand therapy and xRNA) are being prioritized for continued investment into new R&D capabilities and manufacturing scale. Geographically, we are focused on growing in our priority geographies – the US, China, Germany and Japan. Our priorities Accelerate growth: Renewed attention to deliver high-value medicines (NMEs) and focus on launch excellence, with a rich pipeline across our core therapeutic areas. Deliver returns: Continuing to embed operational excellence and deliver improved financials. Novartis remains disciplined and shareholder-focused in our approach to capital allocation, with substantial cash generation and a strong capital structure supporting continued flexibility. Strengthen foundations: Unleashing the power of our people, scaling data science and technology and continuing to build trust with society. Financials Second quarter Net sales were USD 14.1 billion (+12%, +11% cc), with volume contributing 12 percentage points to growth. Generic competition had a negative impact of 2 percentage points, pricing had a positive impact of 1 percentage point, and currency had a positive impact of 1 percentage point. Operating income was USD 4.9 billion (+21%, +25% cc), mainly driven by higher net sales, partly offset by higher investments behind priority brands and launches and net expense from legal matters. Net income was USD 4.0 billion (+24%, +26% cc), mainly driven by higher operating income, partly offset by higher net financial expense. EPS was USD 2.07 (+29%, +32% cc), benefiting from the lower weighted average number of shares outstanding. Core operating income was USD 5.9 billion (+20%, +21% cc), mainly driven by higher net sales, partly offset by higher investments behind priority brands and launches. Core operating income margin was 42.2% of net sales, increasing 2.6 percentage points (3.4 percentage points cc). Core net income was USD 4.7 billion (+18%, +19% cc), mainly due to higher core operating income, partly offset by higher income taxes and net financial expense. Core EPS was USD 2.42 (+23%, +24% cc), benefiting from the lower weighted average number of shares outstanding. Free cash flow amounted to USD 6.3 billion (+37% USD), compared with USD 4.6 billion in the prior-year quarter, driven by higher net cash flows from operating activities. First half Net sales were USD 27.3 billion (+12%, +13% cc), with volume contributing 14 percentage points to growth. Generic competition had a negative impact of 2 percentage points, pricing had a positive impact of 1 percentage point, benefiting from revenue deduction adjustments mainly in the US, and currency had a negative impact of 1 percentage point. Operating income was USD 9.5 billion (+29%, +33% cc), mainly driven by higher net sales and contingent consideration adjustments, partly offset by higher investments behind priority brands and launches. Net income was USD 7.6 billion (+29%, +31% cc), mainly driven by higher operating income, partly offset by higher income taxes and net financial expense. EPS was USD 3.91 (+34%, +37% cc), benefiting from the lower weighted average number of shares outstanding. Core operating income was USD 11.5 billion (+21%, +24% cc), mainly driven by higher net sales, partly offset by higher investments behind priority brands and launches. Core operating income margin was 42.1% of net sales, increasing 3.1 percentage points (3.7 percentage points cc). Core net income was USD 9.2 billion (+20%, +22% cc), mainly due to higher core operating income, partly offset by higher income taxes and net financial expense. Core EPS was USD 4.69 (+24%, +27% cc), benefiting from the lower weighted average number of shares outstanding. Free cash flow amounted to USD 9.7 billion (+46% USD), compared with USD 6.7 billion in the prior-year period, driven by higher net cash flows from operating activities. Q2 priority brands Underpinning our financial results in the quarter is a continued focus on key growth drivers (ranked in order of contribution to Q2 growth) including:(USD 1 177 million, +64% cc) sales grew strongly across all regions, including +100% growth in the US with strong momentum from the recently launched early breast cancer indication as well as continued share gains in metastatic breast cancer(USD 2 357 million, +22% cc) sustained robust, demand-led growth globally(USD 1 077 million, +33% cc) sales grew across all regions driven by increased demand and strong access(USD 298 million, +79% cc) sales grew across all regions, demonstrating the continued high unmet need in CML and continued strong momentum from the recently launched early-line indication in the US(USD 298 million, +61% cc) continued steady growth, with a focus on increasing account and patient adoption, and continuing medical education(USD 454 million, +30% cc) showed encouraging demand uptake in the US following the pre-taxane metastatic castration-resistant prostate cancer (mCRPC) approval, as well as continued access expansion ex-US in the post-taxane mCRPC setting(USD 1 629 million, +6% cc) sales grew mainly in the US and Europe, driven by recent launches as well as volume growth in core indications(USD 120 million) sales grew driven by continued launch execution across all markets in PNH as well as recent launches in IgAN and C3G in the US(USD 207 million, +17% cc) sales grew mainly in the US, Europe and Japan due to increased demand and earlier-line adoption, particularly in the US and Japan(USD 297 million, -17% cc) sales declined reflecting a lower incidence of SMA compared to prior year, while demand remained robust Net sales of the top 20 brands in the second quarter and first half Q2 2025 % change H1 2025 % change USD m USD cc USD m USD cc Entresto 2 357 24 22 4 618 22 22 Cosentyx 1 629 7 6 3 163 11 11 Kisqali 1 177 64 64 2 133 59 60 Kesimpta 1 077 35 33 1 976 38 38 Tafinlar + Mekinist 573 10 7 1 125 13 13 Promacta/Revolade 502 -8 -9 1 048 -2 -1 Jakavi 524 11 8 1 016 7 8 Xolair 443 4 2 899 9 10 Ilaris 477 30 27 896 24 24 Pluvicto 454 32 30 825 26 26 Tasigna 327 -27 -27 704 -16 -15 Zolgensma 297 -15 -17 624 -3 -3 Sandostatin Group 303 -3 -3 620 -7 -6 Leqvio 298 64 61 555 67 66 Scemblix 298 82 79 536 79 78 Lutathera 207 18 17 400 16 16 Exforge Group 191 7 7 370 0 3 Lucentis 173 -37 -39 362 -39 -38 Diovan Group 154 -4 -4 304 1 3 Galvus Group 123 -18 -17 247 -17 -14 Top 20 brands total 11 584 16 14 22 421 16 17 R&D update - key developments from the second quarter New approvals (atrasentan) FDA granted accelerated approval for Vanrafia for the reduction of proteinuria in adults with primary IgA nephropathy (IgAN) at risk of rapid disease progression. Vanrafia can be seamlessly added to supportive care in IgAN and used as a foundational therapy. (artemether and lumefantrine) In July, Swissmedic approved Coartem Baby, the first clinically proven malaria treatment specifically designed for newborns and infants between 2-5 kg. This milestone paves the way for registration in eight African countries through the Marketing Authorization for Global Health Products (MAGHP) procedure. Regulatory updates OAV101 IT (onasemnogene abeparvovec) Regulatory submissions for OAV101 IT in patients with spinal muscular atrophy (SMA) were completed in the US and EU. Results from ongoing trials and other highlights (lutetium Lu177 vipivotide tetraxetan) At a prespecified interim analysis, the Phase III PSMAddition trial in PSMA+ metastatic hormone-sensitive prostate cancer (mHSPC) met its primary endpoint with a statistically significant and clinically meaningful benefit in radiographic progression-free survival (rPFS) in patients treated with Pluvicto plus standard of care (SoC) versus SoC alone. The study also showed a positive trend in overall survival in favor of the Pluvicto arm. Data will be presented at an upcoming medical meeting and, based on FDA feedback, submitted for regulatory review in H2 2025. (secukinumab) In the Phase III GCAptAIN study, Cosentyx did not demonstrate a statistically significant improvement in sustained remission compared to placebo in adults with newly diagnosed or relapsing giant cell arteritis (GCA). Safety in GCA was consistent with the known safety profile of Cosentyx. (ribociclib) A new subgroup analysis of the Phase III NATALEE trial in HR+/HER2- early breast cancer (eBC) showed that patients receiving Kisqali plus endocrine therapy continued to see consistent reductions in risk of recurrence across all efficacy measures, regardless of age and menopausal status, at median follow-up of 44.2 months. Data presented at ASCO. (iptacopan) In the Phase IIIb APPULSE-PNH study, adult PNH patients with hemoglobin (Hb) levels ≥10g/dL who switched to Fabhalta from anti-C5 therapies experienced clinically meaningful improvements in Hb levels. The vast majority (92.7%) achieved Hb ≥12g/dL, reaching normal or near-normal levels. No patients treated with Fabhalta required transfusions, experienced breakthrough hemolysis or had any major adverse vascular events during the treatment period. Data presented at EHA. (asciminib) In the Phase IIIb ASC4START trial evaluating the tolerability and efficacy of Scemblix versus nilotinib in adult patients with newly diagnosed Ph+ CML-CP, patients treated with Scemblix had a 55% lower risk of discontinuation due to AEs vs nilotinib, and 12.7% more patients treated with Scemblix achieved major molecular responses by week 12 vs those treated with nilotinib. Data presented at ASCO and EHA. Votoplam The Phase II PIVOT-HD study of votoplam in patients with Stage 2 and Stage 3 Huntington's disease met its primary endpoint of reduction in blood Huntingtin (HTT) protein levels at Week 12 (p<0.0001), with durable, dose-dependent lowering observed through Month 12. Across all dose levels and disease stages, votoplam showed a favorable safety and tolerability profile, with no treatment-related serious adverse events or neurofilament light chain protein (NfL) spikes. Together with our partner, PTC Therapeutics, we are evaluating the results and plan to engage with the HD community and regulatory authorities to inform next steps. Remibrutinib A Phase II study with remibrutinib in food allergy met its primary endpoint with a statistically significant and clinically meaningful benefit. These data support remibrutinib's potential as a first-in-class oral BTK inhibitor that reduces the risk of severe allergic reactions, including anaphylaxis. Phase III study planning is underway. Ianalumab Novartis will not advance investigation of ianalumab in hidradenitis suppurativa following a Phase II proof-of-concept study which did not meet our target criteria despite demonstrating efficacy vs placebo. No new safety signals were observed and all other studies for ianalumab in B-cell driven diseases continue as planned. Rapcabtagene autoleucel (YTB323) A Phase I/II study of rapcabtagene autoleucel, a rapidly manufactured CD19 CAR-T therapy using the T-Charge platform, demonstrated the expansion of CAR-T cells, deep B cell depletion, early and sustained improvement in overall disease activity, and a favorable benefit/risk profile in 21 patients with severe refractory SLE up to 12 months after treatment. Data presented at EULAR. Zigakibart Updated results from the Phase I/II study for zigakibart in IgAN showed a robust and clinically meaningful reduction in proteinuria of 60.4% from baseline and eGFR stabilization over 100 weeks of treatment. To date, this is the longest duration of treatment reported for an anti-APRIL agent, demonstrating long-term safety and efficacy. Data presented at ERA. The Phase III BEYOND trial is ongoing with anticipated readout in 2026. Selected transactions Novartis has completed the acquisition of Regulus Therapeutics, a clinical-stage biopharmaceutical company focused on developing microRNA therapeutics. Regulus' lead asset, farabursen, is a potential first-in-class oligonucleotide targeting miR-17 for the treatment of autosomal dominant polycystic kidney disease (ADPKD) that recently completed Phase Ib. The acquisition is aligned with the therapeutic area focus of Novartis and leverages its strength and expertise in renal disease. In July, Novartis entered into an agreement with Sironax, granting Novartis an exclusive option to acquire its Brain Delivery Module (BDM) platform, a differentiated blood-brain-barrier crossing technology designed to enhance the brain delivery of therapeutics of various modalities. Capital structure and net debt Retaining a good balance between investment in the business, a strong capital structure, and attractive shareholder returns remains a priority. During the first half of 2025, Novartis repurchased a total of 48.8 million shares for USD 5.3 billion on the SIX Swiss Exchange second trading line under the USD 15 billion share buyback (announced in July 2023 and completed on July 1, 2025, with a total of 140.9 million shares repurchased over this period). In addition, 1.6 million shares (equity value of USD 0.2 billion) were repurchased from employees. In the same period, 11.2 million shares (equity value of USD 0.6 billion) were delivered to employees related to equity-based compensation plans. Novartis aims to offset the dilutive impact from equity-based compensation plans of employees over the remainder of the year. Consequently, the total number of shares outstanding decreased by 39.2 million versus December 31, 2024. These treasury share transactions resulted in an equity decrease of USD 4.9 billion and a net cash outflow of USD 5.4 billion. Net debt increased to USD 23.8 billion at June 30, 2025, compared to USD 16.1 billion at December 31, 2024. The increase was mainly due to the free cash flow of USD 9.7 billion being more than offset by the USD 7.8 billion annual dividend payment, cash outflows for treasury share transactions of USD 5.4 billion and net cash outflow for M&A, intangible assets transactions and other acquisitions of USD 3.1 billion. As of Q2 2025, the long-term credit rating for the company is Aa3 with Moody's Ratings and AA- with S&P Global Ratings. 2025 outlook Barring unforeseen events; growth vs. prior year in cc Net sales Expected to grow high single-digit Core operating income Expected to grow low-teens Key assumption: We continue to assume Entresto US generic entry in mid-2025 for forecasting purposes, though timing of generic entry is subject to ongoing IP and regulatory litigation Foreign exchange impact If mid-July exchange rates prevail for the remainder of 2025, the foreign exchange impact for the year would be positive 1 percentage point on net sales and negative 1 percentage point on core operating income. The estimated impact of exchange rates on our results is provided monthly on our website. Key figures1 Q2 2025 Q2 2024 % change H1 2025 H1 2024 % change USD m USD m USD cc USD m USD m USD cc Net sales 14 054 12 512 12 11 27 287 24 341 12 13 Operating income 4 864 4 014 21 25 9 527 7 387 29 33 As a % of sales 34.6 32.1 34.9 30.3 Net income 4 024 3 246 24 26 7 633 5 934 29 31 EPS (USD) 2.07 1.60 29 32 3.91 2.91 34 37 Net cash flows from operating activities 6 664 4 875 37 10 309 7 140 44 Non-IFRS measures Free cash flow 6 333 4 615 37 9 724 6 653 46 Core operating income 5 925 4 953 20 21 11 500 9 490 21 24 As a % of sales 42.2 39.6 42.1 39.0 Core net income 4 710 4 008 18 19 9 192 7 689 20 22 Core EPS (USD) 2.42 1.97 23 24 4.69 3.77 24 27 1. Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 40 of the Condensed Interim Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year. Detailed financial results accompanying this press release are included in the Condensed Interim Financial Report at the link below: DisclaimerThis press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, that can generally be identified by words such as 'anticipate,' 'can,' 'will,' 'continue,' 'ongoing,' 'growth,' 'launch,' 'expect,' 'expand,' 'deliver,' 'accelerate,' 'guidance,' 'outlook,' 'priority,' 'potential,' 'momentum,' 'commitment,' or similar expressions, or by express or implied discussions regarding potential new products, potential new indications for existing products, potential product launches, or regarding potential future revenues from any such products; or regarding results of ongoing clinical trials; or regarding potential future, pending or announced transactions; regarding potential future sales or earnings; or by discussions of strategy, plans, expectations or intentions, including discussions regarding our continued investment into new R&D capabilities and manufacturing; or regarding our capital structure. Such forward-looking statements are based on the current beliefs and expectations of management regarding future events and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. You should not place undue reliance on these statements. There can be no guarantee that the investigational or approved products described in this press release will be submitted or approved for sale or for any additional indications or labeling in any market, or at any particular time. Nor can there be any guarantee that such products will be commercially successful in the future. Neither can there be any guarantee that the expected benefits or synergies from the transactions described in this press release will be achieved in the expected timeframe, or at all. In particular, our expectations could be affected by, among other things: uncertainties concerning global healthcare cost containment, including ongoing government, payer and general public pricing and reimbursement pressures and requirements for increased pricing transparency; uncertainties regarding the success of key products, commercial priorities and strategy; uncertainties in the research and development of new products, including clinical trial results and additional analysis of existing clinical data; our ability to obtain or maintain proprietary intellectual property protection, including the ultimate extent of the impact on Novartis of the loss of patent protection and exclusivity on key products; uncertainties regarding our ability to realize the strategic benefits, operational efficiencies or opportunities expected from our external business opportunities; uncertainties in the development or adoption of potentially transformational digital technologies, including artificial intelligence, and business models; uncertainties surrounding the implementation of our new IT projects and systems; uncertainties regarding potential significant breaches of information security or disruptions of our information technology systems; uncertainties regarding actual or potential legal proceedings, including regulatory actions or delays or government regulation related to the products and pipeline products described in this press release; safety, quality, data integrity, or manufacturing issues; our performance on and ability to comply with environmental, social and governance measures and requirements; major macroeconomic and geo- and socio-political developments, including the impact of any potential tariffs on our products or the impact of war in certain parts of the world; uncertainties regarding future global exchange rates; uncertainties regarding future demand for our products; and other risks and factors referred to in Novartis AG's most recently filed Form 20-F and in subsequent reports filed with, or furnished to, the US Securities and Exchange Commission. Novartis is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise. All product names appearing in italics are trademarks owned by or licensed to Novartis. About Novartis Novartis is an innovative medicines company. Every day, we work to reimagine medicine to improve and extend people's lives so that patients, healthcare professionals and societies are empowered in the face of serious disease. Our medicines reach nearly 300 million people worldwide. Reimagine medicine with us: Visit us at and connect with us on LinkedIn, Facebook, X and Instagram. Novartis will conduct a conference call with investors to discuss this news release today at 14:00 Central European time and 8:00 Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Novartis website. A replay will be available after the live webcast by visiting Detailed financial results accompanying this press release are included in the Condensed Interim Financial Report at the link below. Additional information is provided on our business and pipeline of selected compounds in late-stage development. A copy of today's earnings call presentation can be found at Important dates October 28, 2025 Third quarter & nine months 2025 results November 19-20, 2025 Meet Novartis Management 2025 (London, UK) December 1, 2025 Social Impact & Sustainability annual investor event (virtual) February 4, 2026 Fourth quarter & full year 2025 results # # # Novartis Media RelationsE-mail: Novartis Investor RelationsCentral investor relations line: +41 61 324 7944E-mail: Please find full media release in English attached and on the following link: Media release (PDF) Further language versions are available through the following links: German version is available through the following link:Medienmitteilung (PDF)Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hindu
16-07-2025
- Automotive
- The Hindu
AM/NS India sets up new line to produce specialised steel for auto sector
ArcelorMittal Nippon Steel India (AM/NS India) has announced the commissioning of a new, Continuous Galvanising Line (CGL) at its plant in Hazira, Gujarat making it the only company in India with a modern CGL line capable of producing Advanced High-Strength Steel (AHSS) with strength levels up to 1180 megapascals (MPa) – essential for safety, durability, and sustainability for automotive applications. It will manufacture Galvanised (GI) and Galvannealed (GA) coated flat steels, including ArcelorMittal as well as Nippon Steel's licensed products. These offerings will provide recyclability, high-formability, fuel efficiency through lightweighting, and enhanced safety – key requirements for modern mobility solutions, especially with India's Corporate Average Fuel Efficiency (CAFE) Phase III norms coming into effect in April 2027. The production capacity of 2 million tonnes from the new CGL will substitute imports of high grade specialised steel by automobile companies. Dilip Oommen, Chief Executive Officer, AM/NS India said, 'The commissioning of the new line and upcoming facilities are designed to produce steel that matches the quality of offerings currently available in developed nations. We will provide the best-in-class products that the country needs.' 'With the support from our parent companies, we have set new benchmarks and further strengthened our ability to deliver world-class products, including the highest-strength steel ever produced in India to meet the evolving needs of the automotive sector. Indigenous production from this unique line will contribute meaningfully towards the country's self-reliance goal,' he added. This is part of the company's ₹60,000-crore expansion project to develop upstream, downstream, and other enabling facilities. 'The expansion project is progressing well to scale up the company's production capacity from the current 9 mtpa to 15 mtpa, with a goal of reaching 24 mtpa at its Hazira plant. This includes both upstream and downstream steelmaking capabilities,' the company said. Separately, the company will set up an integrated steel plant in Andhra Pradesh where it has already commenced the land acquisition process. Plans are also on track to set up integrated steel plants in Odisha, where the company has presence.
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Business Standard
16-07-2025
- Automotive
- Business Standard
AM/NS India commissions auto steel line at Hazira plant to reduce imports
ArcelorMittal Nippon Steel (AM/NS) India on Wednesday announced the commissioning of an auto-focused continuous galvanising line (CGL) at Hazira, Gujarat, aimed at import substitution. This is part of a Rs 8,500 crore investment in the expansion of its downstream business, which will achieve a capacity of 5 million tonnes (mt) by the end of the year once all lines are commissioned at Hazira. At present, the capacity across downstream units is 3.3 mt. Dilip Oommen, chief executive officer, AM/NS India, said this continuous galvanising line, specifically for the auto sector, was capable of producing the highest strength coated steels in India. 'It's a start for us to get into the high-end automotive business. This will substitute imports—products hitherto being imported will be produced in India,' he added. The company mentioned that the new CGL is equipped with cutting-edge technology derived from the global expertise of its parent companies, ArcelorMittal and Nippon Steel. It will manufacture galvanised (GI) and galvannealed (GA) coated flat steels, including licensed products from both ArcelorMittal and Nippon Steel. Oommen also said that the line would be useful for the automotive sector from a CAFE (Corporate Average Fuel Efficiency) Phase III environmental norms perspective, set to come into effect from April 2027. Ranjan Dhar, director and vice-president – sales and marketing at AM/NS India, said the current import dependency of the auto sector is 12–15 per cent. 'With this line getting commissioned, the need for import will be almost zero,' he said. The new unit is part of a Rs 60,000 crore expansion project that was flagged off by Prime Minister Narendra Modi with the groundbreaking in 2022. It takes the overall capacity at Hazira from the current level of 9 million tonnes per annum (mtpa) to 15 mtpa. However, the goal is to reach 24 mtpa capacity at Hazira, which includes both upstream and downstream steelmaking capabilities. In addition, there are plans to set up integrated steel plants in Andhra Pradesh and Odisha.
Yahoo
10-07-2025
- Business
- Yahoo
Rhythm's stock climbs on encouraging Phase II obesity drug data
Rhythm Pharmaceuticals is advancing its oral obesity drug bivamelagon to Phase III studies after it significantly reduced body mass index (BMI) in all three doses. The Phase II study (NCT06046443) was investigating the therapy in patients with acquired hypothalamic obesity. Patients can also remain on the open-label extension of the study for 52 weeks. Topline data from the study has shown a 9.3% reduction in BMI in the high dose cohort (600mg), a 7.7% reduction in the medium dose cohort (400mg) and a 2.7% reduction in the low dose cohort (200mg) after 14 weeks. The placebo group saw a 2.2% increase in BMI. The BMI reduction achieved by bivamelagon, an investigational oral melanocortin-4 receptor (MC4R) agonist, was consistent with BMI reductions achieved with Rhythm's Imcivree (setmelanotide) therapy in similar patient populations in past trials. Patients in the high and medium dose cohorts achieved a mean reduction greater than 2.8 points in their 'most' hunger scores measured on a TEN-point scale. Patients in the low-dose arm achieved a mean reduction of 2.1 points, while patients on placebo therapy reported a mean increase of 0.8 points. The therapy also remained safe and tolerable in the study, consistent with other therapies in the MC4R agonism. On 9 July, Rhythm's stock, listed on the Nasdaq exchange, closed 36.63% higher at $89.00 compared to an 8 July close of $65.14. Rhythm Pharmaceuticals has a market cap of £5.66bn. Rhythm Pharmaceuticals' CEO Dr David Meeker said: 'We are excited by these results, which suggest bivamelagon has the potential to treat patients with acquired hypothalamic obesity, and has established an appropriate dose range for future clinical evaluation. Unlike in studies evaluating general obesity, once again we observed no placebo effect in this study.' Meeker said that Rhythm will be speaking with the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for the Phase III trial design of bivamelagon. Rhythm in-licensed bivamelagon from LG Chem in January 2024, with a $40m upfront payment and $20m in equity. Rhythm will also provide LG Chem with an additional $205m upon reaching certain regulatory and sales milestones. This is yet another positive readout for an oral obesity medicine. Last month, Novo Nordisk's amycretin, which is available in both subcutaneous and oral dosing, showed weight loss of up to 22% after 36 weeks, with the drug set to advance to Phase III. Furthest ahead in the game is Eli Lilly, with its oral glucagon-like peptide-1 receptor agonist (GLP-1RA) orforglipron having shown benefit in a Phase III trial. Lilly plans to submit the therapy for approval by the end of 2025, with a type 2 diabetes application to follow in 2026. GlobalData predicts the obesity market will continue to grow as new products are released, reaching $206.5bn in 2031. GlobalData is the parent company of Clinical Trials Arena. "Rhythm's stock climbs on encouraging Phase II obesity drug data" was originally created and published by Clinical Trials Arena, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
