Indian Markets Move Northwards

Fri, 20 Nov 11:30 am

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After opening the day on a flat note, the Indian Markets have moved northwards and are presently trading in the green. All sectoral indices except FMCG are trading on a positive note with stocks from the IT, oil & gas, banking, and auto sectors leading the gains.

The BSE-Sensex is trading up 182 points (up 0.7%) and the NSE-Nifty is trading up 52 points (up 0.7%). The BSE Mid Cap index is trading up by 0.9% while the BSE Small Cap index is trading up 0.8%. The rupee is trading at 66.10 to the US$.

Stocks in the banking space are trading positively with City Union Bank and Karnataka Bank leading the gainers. As per an article in Economic Times, the Reserve Bank of India (RBI) has widened the scope for mergers and acquisitions in the banking industry. It has signaled that it is open to investors holding more than 10% stake in a bank. This is for the first time in decades the central bank has announced that it could permit promoters, or investors to own more than 10% if the applicant meets certain conditions.

The central bank, for this, has detailed the fit and proper criterion that will be used to grant permissions. It said that the applicant's integrity, reputation and track record in financial matters and compliance with tax laws would be a barometer to judge the fit and proper criteria.

For an applicant that is a body corporate, the track record or reputation should be for operating in a manner that is consistent with the standards of good corporate governance, financial strength and integrity. This is in addition to the assessment of individuals and other entities associated with the body corporate.

The above directions will also apply to compulsorily convertible bonds, voting rights or convert optionally convertible bonds.

The revision was necessitated after the Banking Law (Amendment) Act, 2012 was passed. Shareholders owning more than 5% will have to give an annual declaration to the concerned bank of which they own shares. Lastly, sourcing of funds would be critical for raising stake beyond 10%. However, the major shareholder will have to furnish the details of the source of funds for such incremental acquisition and obtain 'no objection' from the concerned bank before such incremental acquisition.

Pharma stocks are trading on a positive note with Natco Pharma and Aurobindo Pharma leading the gains. As per a leading financial daily, Dr Reddy's Laboratories has filed a lawsuit in a US court against Anglo-Swedish drug giant AstraZeneca. This is subsequent to the filing of a lawsuit by AstraZeneca against Dr Reddy last week to obtain a temporary restraining order for preventing the Indian firm from selling copies of Nexium on grounds of trade infringement for using the colour purple.

AstraZeneca had asserted to the court that three federal trademarks protect its purple colored pill and the generic drug launched by Dr Reddy in September could be confusing to users. Countering this move, Dr Reddy's has said that as part of an earlier settlement in 2011, AstraZeneca had full knowledge that DRL intended to utilize the colour purple for its capsule.

Dr Reddy's had refuted to all the claims on the matter. It said that the company has always adhered to all disclosure requirements both of the Securities and Exchange Commission (SECs) and Indian stock exchanges; including accounting practices as per the International Financial Reporting Standards (IFRS) and the Indian Accounting Standards.

Presently the stock of Dr Reddy's Laboratories is trading up by 2.1%.

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