‘Series of actions taken to prevent misuse and diversion of codeine-based Phensedyl’: Abbott

‘Series of actions taken to prevent misuse and diversion of codeine-based Phensedyl’: Abbott


 Pointing out that it did not “condone any misuse, including diversion, of medicines,” it said, Abbott took a responsible approach to Phensedyl production volumes which declined by half between 2012 – 2024.  
| Photo Credit:
Maxim Shemetov

Abbott has taken “a series of actions to prevent the misuse and diversion of codeine-based Phensedyl”, the healthcare company said, responding to a report indicating that its supply chain was under “scrutiny” in an investigation on the alleged misuse of cough syrups.

Outlining steps taken by it, Abbott said, it included “setting manufacturing and supply limits, eliminating sales incentives for trade, conducting distributor and chemist education programs, performing business inspections, and supplying only through State FDA-licensed distributors.”

Against the long-standing concerns over the misuse of coughsyurps containing codeine, the American healthcare company said, “several years ago, Abbott developed and continues to market a version of Phensedyl without codeine.” “During this time, our distributors held the appropriate licenses to distribute codeine products, and Abbott had a robust process and internal control framework in place to ensure that we sold only to appropriately authorized distributors,” it added.

Diversion persisted

“Despite these many efforts, misuse and diversion persisted. That’s why after nearly 70 years on the market, Abbott ceased manufacturing and selling Phensedyl with codeine in December 2024,” it said.

Abbott acquired Phensedyl through its acquisition of Piramal’s Healthcare Solutions business in late 2010. Codeine is a government-controlled ingredient allocated and supplied annually to Abbott by Central Bureau of Narcotics, Ministry of Finance.

A Reuters report citing State Government documents and investigations in Uttar Pradesh pointed to the alleged diversion of Phensedyl bottles. “On 14th January 2026, regulators visited our Baddi manufacturing site. We fully cooperated with the inspection and provided all the information requested. The report we received following the visit indicated that the inspection was satisfactory,” Abbott said.

Pointing out that it did not “condone any misuse, including diversion, of medicines,” it said, Abbott took a responsible approach to Phensedyl production volumes which declined by half between 2012 – 2024.

Launched in the 1950s, and approved by the Drugs Controller General of India, codeine-based Phensedyl is a prescription cough syrup containing 0.2 per cent Codeine Phosphate, providing highly effective relief from dry cough associated with colds and flu, as well as serious medical conditions such as cancer and tuberculosis, the company said.

Published on January 23, 2026



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Bitcoin trades flat near ,000 amid subdued demand and institutional caution

Bitcoin trades flat near $89,000 amid subdued demand and institutional caution


Bitcoin remained range-bound on January 23, hovering near the $89,000 level as thin liquidity and subdued investor participation continued to weigh on price action. The world’s largest cryptocurrency showed little directional momentum, signalling consolidation rather than a shift in market conviction.

According to Vikram Subburaj, CEO, Giottus, flows remain the main drag. US spot Bitcoin ETFs extended a run of net outflows on Thursday and Friday, pointing to institutional caution rather than panic selling. Short-term holder metrics remain near break-even, indicating that recent buyers continue to sell into rallies, limiting upside momentum.

On the other hand, Sathvik Vishwanath, co-founder and CEO of Unocoin, noted that globally, institutional participation has deepened. The success of Bitcoin spot ETFs has helped make crypto a credible investment for traditional finance, attracting interest from banks and asset managers. At the same time, decentralised finance (DeFi) has steadied after earlier excesses, with growing use of Layer-2 networks that are faster and cheaper. Another key trend is the tokenisation of real-world assets, where blockchain is being used to represent assets such as bonds and funds instead of purely speculative tokens.

“On the regulatory front, India’s Financial Intelligence Unit has enforced stricter AML and KYC norms, aligning the ecosystem with global compliance standards. Meanwhile, the industry is seeking clarity on the classification of virtual digital assets and rationalisation of the 1% TDS, with expectations that a more comprehensive framework could evolve through 2026. In this sense, the current phase may appear quiet on the surface, but it reflects an industry focused on credibility, regulation and long-term sustainability rather than short-term hype,” he said.

Alongside, Altcoins stayed under pressure. Ethereum, BNB, XRP, and Solana all underperformed Bitcoin earlier in the week, reflecting higher sensitivity to risk-off conditions. Smaller tokens showed sporadic moves, but these lacked follow-throughs, underscoring the absence of broad risk appetite.

Published on January 23, 2026



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Adani group stocks battered after US SEC seeks to email summons to top executives

Adani group stocks battered after US SEC seeks to email summons to top executives


Adani Enterprises, which ended 10.6 per cent lower, was also the top loser in the Nifty50 on Friday

Shares of Adani group companies were battered on Friday, falling 3.4-14.5 per cent, gouging out $12.5 billion from its market capitalisation, following reports that the US Securities and Exchange Commission had sought court approval to serve summons over email to founder Gautam Adani and his nephew Sagar Adani in an alleged wire fraud and bribery case worth $265 million.

Adani Green Energy saw the steepest fall at 14.5 per cent, sentiments in the stock worsened by a steep fall in its Q3 net profit due to a rise in costs.

Flagship Adani Enterprises, which ended 10.6 per cent lower, was also the top loser in the Nifty50 on Friday. Group firms Adani Ports fell 7.5 per cent, Adani Power and Adani Total Gas dropped 5.6 per cent each and Ambuja Cements fell 5.1 per cent.

Alleged fraud

The alleged fraud and bribery case was revealed in November 2024 when US authorities indicted top Adani officials, accusing them of offering bribes to secure solar energy contracts in India, even as the company concerned was raising money from American investors.

The US regulator has been trying to send summons to the Adanis in connection with the probe but has been unsuccessful so far.

According to reports, the US SEC told a court in Brooklyn it had been unable to get assistance from Indian authorities to send the summons and that it “does not expect service to be completed” through the current route and it should be allowed to email the summons to the Adanis.

The Adani group has consistently maintained that the allegations made by the US authorities are baseless and it would take all legal steps to defend itself.

Published on January 23, 2026



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India to import Brazilian crude oil, State-run BPCL to sign sourcing deal with Petrobras

India to import Brazilian crude oil, State-run BPCL to sign sourcing deal with Petrobras


Hardeep Singh Puri, Petroleum Minister
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India’s state-run Bharat Petroleum Corporation Limited (BPCL) is set to sign a term contract to source 12 million barrels of crude oil from Brazil’s Petrobras, valued at about $780 million.

Speaking at a curtain-raiser event for India Energy Week (IEW) 2026, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said the agreement will be formalised at the upcoming IEW.

The contract is among the key commercial agreements expected to be concluded during the event.

Significantly, the development comes amid evolving global crude supply dynamics, including sanctions on Russia, geopolitical tensions in West Asia and recent developments involving Venezuela.

While India continues to import Russian crude, global supply flows are undergoing adjustments, leading refiners to widen sourcing options.

According to Puri, global energy markets remain stable despite geopolitical turbulence, adding that India does not foresee any shortage of crude oil supplies.

“Global energy markets are stable despite recent turmoil. Prices have stayed above around $60 even amid volatility,” Puri said.

According to him, India is currently sourcing crude oil from 41 geographies, compared with 27 regions earlier.

Besides, the minister noted that a larger share of global energy supplies is now flowing in from the Western Hemisphere, with incremental volumes coming from countries such as Brazil, Guyana and Suriname.

Pact with Shell

Apart from the BPCL–Petrobras contract, BPCL’s overseas arm, Bharat PetroResources Ltd (BPRL), will also sign a memorandum of understanding with Shell for potential collaboration and participation in global exploration opportunities.

Meanwhile, IEW 2026 will be held from January 27 to 30 in Goa. It will bring together ministers, global chief executive officers, policymakers and industry leaders.

Additionally, several business agreements are expected to be concluded during the week, including partnerships involving Oil and Natural Gas Corporation Ltd, Oil India Ltd, Numaligarh Refinery Ltd and TotalEnergies, covering areas such as liquefied natural gas sourcing and sustainable aviation fuel projects.

In another key development, two shipbuilding contracts are expected to be signed during India Energy Week 2026.

These include contracts involve Oil and Natural Gas Corporation, Japan’s Mitsui O.S.K. Lines, and South Korea’s Samsung Heavy Industries.

Furthermore, Prime Minister Narendra Modi is expected to hold a chief executive officer roundtable during the event, along with multiple country-specific engagements, including the India–Arab Energy Dialogue.

Separately, the minister referred to the government’s Samudra Manthan deepwater exploration mission, noting that offshore drilling activity remained near-zero between 2006 and 2016.

He said that the initiative aims to multiply exploration wells over the next decade.

Published on January 23, 2026



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IndusInd Bank returns back to black in Q3 with ₹128 crore PAT

IndusInd Bank returns back to black in Q3 with ₹128 crore PAT


Private sector lender IndusInd Bank returned back to profitability in Q3FY26, posting ₹128 crore profit after tax on Friday. The lender had reported a net loss of ₹437 crore in Q2FY26 as provisions soared in the previous quarter. On a year-on-year (y-o-y) basis, the bank’s net profit was down 91 per cent.

The bank’s net interest income (NII) rose 3 per cent sequentially but was down 13 per cent y-o-y in Q3 at ₹4,562 crore. Its other income also rose 3 per cent sequentially but was down 28 per cent on-year to ₹1,707 crore in Q3. Net interest margin, excluding one-offs, stood at 3.35 per cent in Q3 versus 3.32 per cent in last quarter. The lender expects NIM to remain range-bound in Q4.

Overall advances of the lender de-grew 13 per cent y-o-y to ₹3.17 lakh crore, while deposits fell 4 per cent on-year to ₹3.93 lakh crore. IndusInd Bank aims to grow its advances and deposits on par with the banking industry in FY27, and will grow its deposits at a faster pace than credit, MD & CEO Rajiv Anand told reporters in a post-earnings conference. He said the bank will focus on building its low-cost deposit base from hereon.

Gross slippages of the bank rose to ₹2,560 crore in Q3 from ₹2,537 crore last quarter. A chunk of slippages arose out of micro loan and vehicle finance book. Write-offs also increased to ₹2,612 crore in Q3 from ₹2,517 crore in Q2. Gross non-performing asset (GNPA) ratio of the bank stood at 3.56 per cent in Q3, 4 basis points (bps) lower on quarter, while net NPA ratio was flat sequentially at 1.04 per cent.

The bank said it has appointed Arijit Basu,former MD at SBI and former chairman of HDB Financial Services, as its new chairman in place of Sunil Mehta, who retires at the end of January. The banking regulator has approved a 3-year term for Basu. ENDS

Published on January 23, 2026



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Silver tops record 0/oz; gold and platinum soar to new highs

Silver tops record $100/oz; gold and platinum soar to new highs


Silver and gold rise to new highs in the futures market on the MCX.

Silver prices topped a record $100 an ounce on Friday to rise to as high as $100.22 before dropping to $99.70. Gold and platinum too zoomed to new highs, resuming their rally on Friday, as the dollar had its poorest week since May 2025, due to geopolitical crises and threats to the US Federal Reserve from the Donald Trump administration.

In India, gold rose to a new high, but silver ended short of Wednesday’s high in the Mumbai spot market. But both metals surged to new highs in the futures market on the MCX.

Gold, which surged to a new high of $4,967 an ounce early on Friday, was quoted at $4,945.70 at 1940 hours IST.

Gold February futures on the COMEX ruled at $4,944.25 an ounce.

In the Mumbai spot market, gold ended at ₹1,54,310 per 10 g, while on the MCX, February futures were at ₹1,56,991.

Silver ruled at $99.925 an ounce at 2125 hours, and March futures on the COMEX rose to $100.465 before easing to 100.09. In the Mumbai spot market, silver closed at ₹3,17,705 a kg, and on the MCX, March futures were ₹3,34,700.

 

 

 

At $110/oz in China

In China, silver March futures soard over $110 an ounce, ruling at 25,233 yuan a kg ($112 an ounce)

Platinum hit a record high of $2,700 an ounce as it gained with investors looking to it as the next best bet to gold and silver. 

Renisha Chainani, head of research at Augmont, said sustained haven demand was aiding the precious metals complex.

Edelweiss Mutual fund said silver continues to enjoy strong, multi-sector demand—from jewellery and electronics to electric vehicles and solar energy. 

Gold’s support

Chainani said the previous resistance for gold near $4,750 has now turned into a strong support zone. “As long as prices hold above this level, the upside target of $5,000 remains intact,” she said.

In silver, prices have corrected, but strong support continues. “As long as silver trades above the $90.5 level, the metal retains the potential to move higher towards the $99–100 range. Overall, dips are likely to attract buying interest rather than signal a trend reversal, she said.

Published on January 23, 2026



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