Top headlines: Pfizer raises sales forecast; Maruti misses estimates in Q1

Business Standard brings you the top headlines on Wednesday

Pfizer raises sales forecast for Covid vaccine by almost a third to $33 bn

Pfizer Inc. now expects its Covid-19 vaccine to bring in $33.5 billion in revenue this year, putting it on course to become one of the best-selling medicines of all time.

The New York drugmaker had previously projected vaccine sales for the year of $26 billion. The upward revision is a sign demand for the shots, which Pfizer sells with German partner BioNTech SE, is surging as countries battle new outbreaks fueled by the delta virus variant. Read more

Maruti Suzuki reports lower-than-expected net profit of Rs 441 crore in Q1

India’s largest domestic automobile manufacturer Maruti Suzuki India on Wednesday reported a standalone net profit of Rs 440.8 crore for April-June quarter of FY22 (Q1FY22), hit by increased tax expenses and lower sale volumes. The company had posted a net loss of Rs 249.4 crore in the year-ago period.

Sequentially, however, the profit declined 62.19 per cent from Rs 1,166.1-crore profit reported in the March quarter of FY21 as auto sales remained disrupted due to localised lockdowns during April and May. Read more

'Not a political astrologer': Mamata on who will lead 'anti-BJP alliance'

West Bengal Chief Minister Mamata Banerjee on Wednesday said it will "depend on the situation" who becomes the face of the Opposition to take on the BJP, but added she has no problem if someone other than her leads.

Banerjee, who is on her first visit to the national capital after defeating the BJP in West Bengal, said her party Trinamool Congress' slogan for the assembly election Khela Hobe - will now reverberate across the country and it is time for "sachhe din" (truthful days) instead of "achhe din" (good days). Read more

IDBI Bank expects its gross NPAs to come down to 15% by FY22-end

The gross bad loans ratio of private sector lender IDBI Bank may come down to 15 per cent of its loan book by the end of FY22 from the current 22.71 per cent aided by growth in the advances, now that it has come out of prompt corrective action (PCA) of the Reserve Bank of India (RBI).

Also, it is looking to transfer around Rs 11,000 - 12,000 crore of bad loans, out of which Rs 3,500-4,000 crore will be accounts that have been written off, and the rest Rs 7,000 - 8,000 crore will be on balance sheet loans, to the National Asset Reconstruction Company (NARC), which will further help it in reducing its gross NPAs. Read more