Trade setup for Feb 10: Will Nifty50 take out 17,500 soon? Check out key market cues before Thursday’s session

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian equity benchmarks extended gains to a second straight day on Wednesday, led by financial, IT and auto shares, and heavyweights such as Reliance Industries and Bharti Airtel.

All eyes are now on the outcome of the RBI’s policy review.

What do the charts suggest for Dalal Street now?

The Nifty50 has formed a green candle after a dragonfly doji pattern on the daily chart, suggesting a short-term bullish reversal, according to Rupak De, Senior Technical Analyst at LKP Securities.

“Immediate resistance is visible at 17,530, a decisive move above which may induce a rally towards the recent peak of 17,775-17,800. Support is placed at 17,315,” he said.

More upside on cards?

The 50-scrip index’s breakout formation indicates the continuation of an uptrend in the near future, said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities. It is holding a higher bottom formation on the intraday chart in a broadly positive sign, he said.

“For traders, 17,365 would be the trend decider level, above which, the index could move up to 17,550-17,625 levels. However, if it trades below 17,350, the strong possibility of quick correction up to 17,300-17,240 is not ruled out,” he said.

Here are key things to know about the market before the February 10 session:

SGX Nifty

At 7:47 am on Thursday, Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty index — were up 32.5 points or 0.2 percent at 17,516.5, suggesting a positive opening ahead of the RBI policy statement.

Global markets

Equities in other Asian markets were a mixed bag on Thursday, as investors awaited the release of US consumer inflation data due later in the day. MSCI’s broadest index of Asia Pacific shares outside Japan was up 0.2 percent at the last count.

Japan’s Nikkei 225 was up 0.1 percent, but China’s Shanghai Composite down 0.1 percent and Hong Kong’s Hang Seng down 0.3 percent.

S&P 500 futures were down 0.3 percent. On Wednesday, the three main Wall Street indices surged 0.9-2.1 percent boosted by a surge in growth stocks thanks to a pause in rising interest rates. Upbeat earnings reports also aided investor sentiment.

What to expect on Dalal Street

Analysts await the RBI’s mid-quarter policy outcome for near-term direction.

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, believes the short-term trend of the Nifty has reversed to be positive. He sees chances of further upside towards 17,600-17,700 levels in the coming few sessions, with immediate support at 17,350.

“However, the overall chart pattern suggests the probability of weakness from the lower top formation below 17,800,” he said.

Independent technical analyst Manish Shah is of the view the market may not be expecting anything negative from the RBI.

“The Nifty offers a good risk-reward ratio at current levels… It should see a rally to 17,670-17,700, which, once surpassed, should lead to levels of 18,050-18,100,” he said.

Key levels to watch out for

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Taxpayers can update ITRs only once in an assessment year: CBDT Chairman

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A taxpayer would be permitted to file only one updated return for an assessment year, a government official said on Wednesday. Speaking at a CII event, CBDT Chairman J B Mohapatra said the intent of this provision is to help people who have genuinely missed out on filing his/her returns.

Such taxpayers “can file only one updated return for one assessment year”, Mohapatra said. To correct any discrepancy or omissions, Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes.

An additional 25 percent on the due tax and interest would have to be paid if the updated ITR is filed within 12 months, while the rate will go up to 50 percent if it is filed after 12 months, but before 24 months from the end of the relevant Assessment Year. However, if a prosecution proceeding is initiated by issuing notice for a particular Assessment Year, taxpayers cannot avail updated return benefit in that particular year.

Also Read | Union Budget 2022: Income Tax relief key to increasing disposable income

Also, if a taxpayer files an updated return and does not pay the additional taxes then the return would be tendered invalid. Currently, if the I-T Department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, and the new proposal would repose trust in the taxpayer.

“To provide an opportunity to correct such errors, I am proposing a new provision permitting taxpayers to file an updated return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year,” Finance Minister Nirmala Sitharaman had said in her 2022-23 Budget speech.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Airtel won’t hesitate to lead tariff hikes, hope to raise rates this year: Gopal Vittal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A day after Bharti Airtel announced a 26.8 percent decline in net profit on a year-on-year basis at Rs 829.6 crore, chief executive Gopal Vittal said the telco would not hesitate to take the lead in hiking tariffs.

“We do not expect another tariff hike in the next three to four months, but hopefully, it will happen in 2022,” Vittal said on February 9 during a post-earnings call with analysts. 

“We will not hesitate to take the lead when it comes to tariff hikes.”

‘Need to hike rates for stable business model’

Airtel, the country’s second-largest telecom company, hiked tariffs by 20-25 percent in November, saying it was essential for a “financially stable business model”. Data top-up plans were also made costlier by 20-21 percent.

Days later the other telecom service providers also raised tariffs. 

Timeline on ARPUs

Giving a timeline for the first time, Vittal said the company hoped average revenue per user (ARPU) would get to Rs 200 within this year. The company reported ARPU at Rs 163 for the October to December quarter. The company ultimately wants its ARPUs to settle at Rs 300.

Airtel’s stand on 5G auctions

Vittal said on Wednesday the company could see 5G auctions happening in May or June. 

“We are hopeful that there will be a substantial reduction in spectrum prices,” Vittal said. “5G shipments are still in teens as a percentage of smartphones. From a consumer standpoint, the real pace of 5G will be in 2023-2024.” 

He said high levies need revision, and high reserve prices need to be lowered for the auctions to be viable.

Also Read: Bharti Airtel Q3 Earnings: Net profit down 27% at Rs 830 crore, misses Street estimates; ARPU at Rs 163

Vittal sees rapid growth of the 5G network in the next five to seven years. “Fibre to the home is a massive opportunity for us. We will make investments to take our network to 2,000 towns in India,” Vittal said on the call.

What do market experts say?

“Airtel’s ARPU has continued to increase sequentially. We have seen ARPU coming to Rs 163 in the December quarter up from about Rs 157 in the September quarter and lower even in the earlier quarter so, there is a 7 percent clear growth,” Kunj Bansal from Investment-Illiteracy.com said. 

“There is cash flow, and there is a clear growth. For the medium to long term, it looks like the stock will continue to do reasonably well.”

Also Read: Should you buy, sell or hold Bharti Airtel shares now? What brokerages say

‘ARPUs should continue to gallop’

“A couple of things have started working for Airtel. One is it is filling in the gap created by Vodafone’s exit from the premium segment. It’s not focusing itself on the lower end of the subscriber base. Everybody wants to reach out to the premium users because that is where the data growth is much faster,” market expert Prakash Diwan said.

“The second thing is the African business has started throwing up cash after a long time. But a lot of the goodness is priced in. Unless ARPU continues to gallop, as they seem to be, you might not see too much of a price improvement hereon.” 

“If something goes in their favour in terms of the 5G launch timelines, in terms of some USPs that they can exhibit, yes, then you will probably have a second leg of the re-rating,” Diwan said.

According to Gurmeet Chadha, co-founder and CEO of Complete Circle Consultants, the company continued to add the highest 4G users.

“The ARPU is also growing – it is at Rs 163, which is industry-leading. I think ARPUs are only going to increase. Every segment has started doing well. Valuation wise, it is a far more reasonable stock, considering the levels we are at. I would be a little keen to watch how the digital portfolio shapes up.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tap iPhones together and buy: Apple’s new contactless payment option

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Apple will launch its new Tap to Pay feature for the iPhone later this year that will allow businesses to accept Apple Pay, contactless credit and debit cards, and other digital wallets securely and seamlessly through a simple tap to their iPhones.

The new feature will employ near field communications (NFC) technology for making payments, including payments between iPhones. Merchants will be able to accept payments by just tapping their phones with the iPhones of customers with the help of a partner-enabled iOS app.

Also read: iPhone: With iOS 15.4, unlock your device using Face ID without taking mask off

Apple added that it would not track any data concerning what was being purchased or who was buying it, emphasising the service’s privacy feature, reported NDTV Gadgets.

Originally, the iPhone did act as a contactless payment tool since Apple Pay launched in 2014. The older mechanism required merchants to have point-of-sale hardware to accept contactless payments. The new capability, however, will empower millions of US merchants, small businesses, and large retailers, to use an iPhone to accept Apple Pay with just a simple tap to their iPhone. No additional hardware or payment terminal is needed for this new feature, reported Indian Express.

Also read: Apple rumoured to launch new 5G-capable iPhone SE and refreshed iPad Air on March 8

Only the users of the latest iPhones — iPhone Xs and later — will be able to use the new Tap to Pay feature.

Tap to Pay on iPhone will also be available for platforms and app developers to integrate into their iOS apps. Stripe will become the first payment platform to offer Tap to Pay on iPhone. Later, Shopify will join as a point-of-sale app this spring. Other payment platforms and apps are expected to follow later this year, according to Apple Newsroom.

Also read: Adoption of game-changer technologies by payments industry

Google and Samsung have already announced Android devices that act as contactless payment terminals as well, but those announcements have been primarily aimed at places outside the US, where contactless payment habits are well established. The new iPhone feature, however, is aimed at the US, which is a more lucrative market, reported Indian Express.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Harmony (ONE) blockchain—what’s different, and other questions answered

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Blockchains, the underlying technology behind most cryptocurrencies, has long been impeded by two fundamental issues–the lack of scalability and the associated difficulty in upscaling without compromising their decentralization. Harmony (ONE) is a blockchain-backed platform designed to achieve both without affecting either aspect in the process.

What is Harmony (ONE)?

Harmony (ONE) was launched in May 2019 as a part of Binance Launchpad’s Initial Exchange Offering (IEO). IEOs allow crypto tokens to be launched and sold under the supervision of a crypto exchange on behalf of the developing company. IEOs were introduced after audiences lost trust in Initial Coin Offerings (ICOs), which involved the launch and sales of tokens over the developing company’s own platform.

A layer-2 solution (built on top of the original blockchain), Harmony is an open blockchain running on the Ethereum network (layer 1). It promises high performance in 2 key areas – latency (processing lag) and cost.

Blockchain transactions are validated by a network of computers (nodes) scattered across the globe. After validation, a specific amount of data from transactions across the globe is bundled and added to the blockchain as a ‘block.’ Once a block is added, the data can neither be reversed nor be modified – a concept called ‘finality.’

Harmony boasts of 2-second finality, which means that a block is added to its blockchain within 2 seconds – very low latency. The same process on the Bitcoin blockchain takes 10 minutes and 12-14 seconds on the Ethereum blockchain – very high latency.

Gas fees on Harmony are also 1,000 times lower than the Ethereum blockchain. This is indicative of just how fast and energy-efficient layer 2 solutions can be.

ONE is the native cryptocurrency of the Harmony blockchain. It is used for all transactions on the Harmony chain, including mining rewards, gas fees, transaction fees, and voting. (Voting between the nodes happens when key changes/upgrades are proposed on the blockchain.)

How does Harmony ensure higher throughput?

The Harmony blockchain uses a solution called ‘sharding’. Here smaller sub-chains called shards are built with their own processing capabilities and connected to the main Ethereum blockchain. Such an architecture decongests the main blockchain by moving all the processing to the shards.

The Harmony blockchain also uses the Fast Byzantine Fault Tolerance (FBFT) protocol to achieve high transaction speeds. This protocol helps 250 or more nodes to ‘arrive at a consensus’ (validate transactions) in less than 2 seconds, thus reaching blinding speeds.

Why is Harmony gaining traction?

Harmony has become so popular because it strives to address the problems at the heart of blockchain technologies.

• Decentralization with security:

Since each shard has its own processing power, it also has its own set of transaction validators (nodes). Multiple shards allow for parallel processing power and faster creation of blocks on the blockchain. Sharding allows Harmony to reach 2000 transactions per second (TPS) while the Bitcoin and Ethereum blockchains can reach only 5 TPS and 13 TPS, respectively.

Sharding allows Harmony to scale rapidly by growing horizontally, but since it remains connected to the main Ethereum blockchain, it retains the robust protocols that ensure high levels of security on the network. A large spread means more nodes on the network, thus ensuring greater decentralization on a highly secure platform.

• Energy Efficiency:

The Bitcoin and Ethereum blockchains use the Proof-of-Work (PoW) ‘consensus mechanism’, which means that miners must dedicate vast computing capabilities to the blockchain to become nodes and validate transactions. This is because the PoW mechanism requires miners to execute complex mathematical calculations to decrypt transaction data for access and scrutiny. In return, miners receive rewards in the form of the blockchain’s native cryptocurrency. The use of vast computing capabilities makes the PoW consensus mechanism extremely energy-intensive and expensive.

Newer blockchains use the Proof-of-Stake (PoS) consensus mechanism, which requires miners to pledge a certain amount of cryptocurrency to the blockchain to qualify as a node. The higher the amount one pledge, the greater is the likelihood of becoming a node on the blockchain network. The Harmony blockchain uses the PoS mechanism, and since massive computing power is no longer required, it is highly energy-efficient.

• Cross-chain Operations:

Harmony has introduced a cross-chain interoperability bridge called Horizon, which allows assets to be exchanged between the layer 1 Ethereum blockchain and the layer 2 Harmony blockchain. This solution has also allowed Harmony to connect with the Binance blockchain, allowing the latter to reap the benefits of the former.

This also means that nodes on a different blockchain can validate transactions on the Harmony blockchain, thus also contributing to faster transaction speeds. It also becomes conducive for greater exchange of data between blockchains to speed the process up.

• Huge potential for NFTs:

Since the Ethereum blockchain enables smart contracts, it serves as the perfect host to implement the exchange of Non-Fungible Tokens (NFTs). NFTs are digital tokens that have the ownership data of a virtual asset coded into them. Therefore, it is imperative that the transactions be carried out in a highly secure and efficient manner.

The layer 2 Harmony blockchain helps speed up NFT transactions whilst retaining the powerful security protocols of the Ethereum blockchain. Harmony has also announced recently that it is working on enabling NFT lending and NFT verification, among other features that it plans to roll out.

The Harmony ONE token is currently trading at $0.21 with a market capitalization of $2.5 billion. The ONE token derives its value from the fact that sharding on the blockchain creates more opportunities for developers to create innovative decentralized apps (or dApps) that execute the decisions made by smart contracts autonomously based on pre-set triggers.

Crypto investors must remember that any investment in crypto tokens must be backed by due diligence and intensive reading such that the underlying process and value drivers are understood.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Revenue Secretary Tarun Bajaj pitches for GST rate rejig; hints industry should be ready to accept a rate hike too

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A week after the Union Budget, Revenue secretary Tarun Bajaj pitches for a major GST rate rejig. Bajaj says that several measures are yet to be taken for a better GST policy in the country and the measures are a “work in progress”. He further hinted at the fact that rejig would mean both reduction and hike in rates, as the government has to look at both sides.

Addressing the industry leaders at a post-budget discussion with CII, Bajaj says “FM in her budget speech also said that a lot needs to be done on GST. This year our attempt will be to try and bring in those changes in the GST framework. After the changes, we can bring in some stability in the GST framework.”

So what would be these changes and what is the rationale behind these measures? Bajaj categorically pointed out, “Post the changes, trade would also know how the GST will work? What will be the rates? What structure would be there? I think this will help the industry a lot.

Also Read | India Inc makes representations to GST council nominated GoM, seeks stability on rates

The revenue-neutral rate was 15.3 but right now the revenue-neutral rate we are getting is 11.6. There is a huge gap there, while there may be a case that the GST rates on some of the items need to be brought down, but there is definitely a need to be looked on the other side,” Bajaj said.

On the issue of compensation given to states as per the commitment given at the time of the launch of GST, which is expiring on 30th June this year, Bajaj said, “States this year, once the compensation ends on 30th June, will face a massive shortfall of funds, around Rs1 lakh cr overall. So that is a macro picture. I am not saying that looking at the macro picture doesn’t mean that we do not look at the micro picture.”

Revenue Secretary Tarun Bajaj also reacted towards the pitch on GST rate Reduction on Medical Insurance, he said “On the escalated health costs point, I take that point, I have myself worked on the insurance side. But we just need to be careful that we do not go the way where done of the developed nations have gone where the health costs go up not only because of inflation but also go up because of the insurance. The point on 18% of GST, I will ask you all to make a representation to GOM headed by Karnataka Chief Minister Basavaraj Bommai, which is looking at the entire rate structure.”

The committee “is likely to give its report in the next 1 to 2 months. It will be a good idea for the industry to approach them.’

Also Read | Exports rise by 23.69% to $34 bn in Jan; trade deficit widens to $17.94 bn

Meanwhile, on the issue of GST rate Reduction demand from the Restaurant Industry, the revenue secretary said that the government is open to the idea of revising rates. “I also got this suggestion from the restaurant industry that they would like to go back to a higher rate of taxation with ITC being allowed to them, rather than (be) only on 5 percent tax rate. Which is very fine. We would be open to look into this.”

Currently, a 5 percent tax is levied on restaurant services, irrespective of whether it is air-conditioned or non-AC, without the benefit off input tax credit. Also, restaurants in starred-hotels that charge Rs 7,500 or more per day room tariff will be levied 18 percent GST but ITC is allowed for them. Those restaurants in hotels charging less than Rs 7,500 room tariff will charge 5 percent GST but will not get ITC. When the Goods and Services Tax was rolled out on July 1, 2017, a 12 percent tax on food bill was levied in case of non-AC restaurants and 18 percent in air-conditioned ones. All these got input tax credit, a facility to set off tax paid on inputs with final tax.

The GST Council later in November 2017 withdrew the ITC facility and levied a uniform 5 percent tax on all restaurants without the distinction of AC or non-AC, after it felt that the restaurants were not passing on the ITC benefits to the customers.

Also Read | Taxpayers can update ITRs only once in an assessment year: CBDT Chairman

On the question by Larsen and Tubro on government should re-consider a blanket coal cess, Bajaj did indicate that under certain conditions some exemptions can be brought in. “We are getting this request from stakeholding ministries as well. We will have to go back to the GST Council if we have to tinker with the coal cess.”

Revenue Secretary Tarun Bajaj was also posed a question on the fact that the government should consider a reduction in GST rates on Air conditioners, to which, Bajaj said that “I take your point on 28% GST needs to be reduced on high efficiency inverter ACs. GST Council will have to look into it.”

It is important to note that a final decision on any changes in rates and levy of cesses under the GST framework is taken by the GST Council, chaired by the Union Finance Minister and state FMs.

Currently, GST is a four-tier slab structure of 5, 12, 18 and 28 percent. Essential items are either exempted or taxed at the lowest slab, while luxury and demerit items attract the highest slab. On the top of the highest slab, a cess is levied on luxury and demerit goods.

There have been demands for merging the 12 and 18 percent slab as also taking out certain items from the exempt category to balance the impact of slab rationalisation on revenue.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nykaa Q3 Results: Net profit surges to Rs 29 crore; revenue increases 24% to Rs 1,098 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

View: Expect rupee to stay within 74.50-75.80 range in near term

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The rupee has come under pressure tahnks to FII fund outflows and strength in the dollar overseas, following a good start to the month. The greenback rose against major peers after the Federal Reserve maintained a hawkish stance in its policy statement. FIIs have been on a selling spree for the last couple of weeks, taking out funds to the tune of $4.55 billion.

ALSO READ: Government, RBI mull 2 versions of digital rupee

Market participants remained cautious primarily ahead of two important events: the Union Budget and the FOMC policy. The Federal Chairman maintained a hawkish stance, as expected, and hinted at rake hikes as soon as the March meeting.

On the domestic front, the rupee was weighed down after the Finance Minister pegged the government’s fiscal deficit for FY23 at 6.4 percent of GDP, and revised the projection for 2021-22 from 6.8 percent to 6.9 percent. 

The focus will be on the RBI policy statement, due on February 10. The central bank could get a little dovish and hint towards a change in stance for future meetings. In the recent past, the RBI Governor has acknowledged that inflation is on the higher side. The central bank is preparing the market for the eventuality, and a hike in the reverse repo rate is just around the corner.

ALSO READ: RBI cautions public against forex trading on unauthorised platforms

Globally, the dollar has strengthened after the FOMC policy statement and is expected to be influenced by economic numbers before the next meeting. In January, the dollar rose sharply, ahead of the FOMC policy review, putting pressure on the rupee.

Fed Chairman Jerome Powell suggested that the US central bank will push forward with interest rate hikes. It signaled it is likely to raise interest rates in March and reaffirmed plans to end its bond purchases that month before launching a significant reduction in asset holdings. He also warned that inflation remains above the Fed’s long-run goal and supply chain issues may be more persistent than previously thought.

The dollar rose sharply against major peers after the announcement, and equities witnessed selling pressure at higher levels. Yields on longer-dated Treasury securities, sensitive to the Fed’s balance sheet policy, rose as the Fed Chair signaled a decision would be made soon on when to shrink its portfolio of US government bonds and mortgage-backed securities.

ALSO READ: How forex market fared in 2021

This month, employment and preliminary GDP numbers from the US will be keenly watched. Minutes of the latest FOMC meeting will also be watched. Any hawkish comments from members could extend gains for the dollar.

The rupee is expeted to to trade within a range of 74.50-75.80 against the greenback in the near term.

–Gaurang Somaiya is Forex and Bullion Analyst at Motilal Oswal Financial Services. The views expressed in this article are his own. 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

All you need to know about Glenmark’s nasal spray for treating adult COVID-19 patients

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mumbai-based pharmaceutical company Glenmark has launched its nitric oxide nasal spray (NONS) in partnership with Canadian pharmaceutical company SaNOtize, for treatment of adults suffering from COVID-19.

Glenmark received the Drugs Controller General of India’s (DGCI) approval as part of the accelerated process and it will be selling the nasal spray under the brand name FabiSpray.

Also read: Exposure to one nasal droplet may be enough for COVID-19 infection, says study

The nasal spray showed strong results in phase 3 trials, demonstrating a reduction of viral load by 94 percent in 24 hours and 99 percent in 48 hours, the company said in its official note.

The nasal spray is said to have proven anti-microbial properties with a direct virucidal effect on SARS-CoV-2 (COVID-19). NONS, when sprayed over nasal mucosa, acts as a physical and chemical barrier against the virus.

Also read: Omicron found in New York deer, raising fresh concerns over possible new variants

Glenmark’s Chief Commercial Officer, Robert Crockart, has termed the spray an effective and safe antiviral treatment for COVID-19. He said, “We are confident it will offer patients a much-needed and timely therapy option.”

Today, with new emerging variants that exhibit high transmissibility, NONS can provide a useful option in fighting the disease, Dr Monika Tandon, Senior VP and Head of Clinical Development in Glenmark Pharmaceuticals Ltd, said in the press note.

Also read: Bharat Biotech gets nod to run trials for nasal COVID vaccine as booster dose

NONS received a CE mark in Europe, which is effectively a marketing authorisation for a medical device, claimed the drug company.

According to Dr Srikanth Krishnamurthy, one of the principal investigators of the trials, nitric oxide nasal sprays have the ability to lower the viral load which accelerates RT-PCR negativity upon usage in early COVID 19 infections, leading to better recovery. Importantly, viral load reduction with NONS can potentially reduce the chain of transmission. Also, since NONS is a topical solution, it is safe as a therapeutic option.

Also read: Omicron, Delta, common cold or flu? Comparing the symptoms

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow