Indian share markets continued to trade high in the post-noon trading session. Barring realty, all the sectoral indices are trading in the green with banking, FMCG and IT stocks being the major gainers.
Most of the Indian pharma stocks are trading in the green with Natco Pharma and Dishman Pharma being the major gainers whereas Panacea Biotech and Ranbaxy Labs are among the few stocks trading in the red. As per a leading financial daily, Indian Drug Manufacturer's Association (IDMA) has partnered with global safety science company UL to empower domestic pharma companies in meeting increased compliance levels and navigating complex regulatory issues. The move comes on the back of a number of domestic pharma companies being issued import alerts and bans by US Food & Drug Administration (USFDA). As per IDMA, domestic pharma companies are going wrong not due to lack of intent but rather lack of information. UL will offer training to domestic pharma companies in good manufacturing practices (GMP) guidelines, rightful implementation and full proof audit processes to ensure consistency.
Majority of the PSU banking stocks are trading in the green with Indian Bank and State Bank of India (SBI) being among major gainers whereas United Bank of India and Bank of Maharashtra are among the few stocks trading in the red. As per a leading financial daily the chairperson and managing director of United Bank of India took a voluntary retirement on concerns of growing non-performing assets (NPA). The bank posted a net loss of Rs 12.4 bn in the December 2013 quarter due to higher provisioning for bad loans. In proportion to advances, the bank's gross NPA rose to 10.8% from 4.4% whereas net NPA increased to 7.4% from 2.2%. The bank has made provision of Rs 18.5 bn towards NPA which was more than four times, the bank provided for in the year-ago period. United Bank of India's stock is down by 1.4%.