Indian Markets Trade Flat

Tue, 22 Dec 01:30 pm

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After opening in the red, the Indian indices are currently trading on a flat note. Sectoral indices are trading mixed with stocks from the IT and FMCG sectors leading the losses. Telecom and realty stocks are trading in the green.

The BSE Sensex is trading up by 12 points (0.1%) and the NSE Nifty is trading down by 2 points (0.03%). The BSE Mid Cap index is trading up by 0.3% while the BSE Small Cap is trading up by 0.6%. Gold prices, per 10 grams, are trading at Rs 25,339 levels. Silver price, per kilogram, is trading at Rs 34,161 levels. Crude oil is trading at Rs 2,409 per barrel. The rupee is trading at 66.30 to the US$.

Banking stocks are trading on a mixed note with DCB Bank and ICICI Bank leading the gains. As per an article in The Economic Times, country's largest lender State Bank of India has announced that it will raise Rs 120 billion by way of issue of Tier II bonds to comply with capital needs under the Basel III rules. The fund raising for same will be done through private placement. The bank has not prescribed the timeframe and in how many tranches it would raise the bonds. However, it has said that it will decide the timing for the issuances at an appropriate time while the coupon rate would be decided at the time of actual issuance.

According to a Fitch Ratings report, Indian banks need US$ 140 billion of capital to ensure full compliance with the Basel III norms by 2018-19. Several PSU banks have in the recent past announced capital raising by way of bond issue. This is because they would need to hold more capital for every new loan they give in order to absorb any losses that may arise if the borrowers default on the loan, according to the Basel III accord.One should also note that earlier in August this year the government had announced fund infusion of Rs 200.8 billion into 13 PSU banks. SBI cornered a hefty sum of Rs 55 billion in the same.

Presently, stock of SBI is trading up by 0.5%.

As per a leading financial daily, Glenmark Pharmaceuticals has received the final nod from the US Food & Drug Administration (USFDA) for a generic version of anti-bacterial drug Zyvox. The product is the therapeutic equivalent of Zyvox tablets, 600 mg of Pharmacia and Upjohn Company, a subsidiary of Pfizer.

Zyvox is an anti-bacterial drug for adults and children for treatment of infections such as pneumonia, complicated skin and skin structure infections. As per the IMS Health sales data for the 12 months to October 2015, Zyvox tablets 600 mg, achieved annual sales of around US$ 447 million.

With this approval, Glenmark's portfolio now consists of 104 products authorized for distribution in the US marketplace and 62 abbreviated new drug applications (ANDA) pending approval with USFDA.

Stock of Glenmark Pharmaceuticals is presently trading up by 1.4%.

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