Indian equity markets traded in a range, barely above the dotted line in the post noon trading session. Majority of the sectoral indices are trading positive with IT, realty and oil and gas stocks being the biggest gainers. FMCG, auto and metal stocks are among a few stocks trading in the red.
Majority of the PSU bank stocks are trading in the green with UCO Bank and Indian Overseas Bank being the major gainers. However, Punjab & Sind Bank and Bank of Baroda are the biggest losers. As per a leading financial daily, IDBI Bank has entered into a Memorandum of Cooperation (MOC) with EXIM Bank. Under the MOC, IDBI Bank and EXIM Bank will jointly finance export-oriented projects in India by extending short term export credit and long-term capex loans to eligible export-oriented companies particularly in the Micro, Small and Medium Enterprise (MSME) sector. IDBI Bank has a large portfolio of MSME sector units and wants to further expand lending to this rapidly growing sector. Apart from this, the two banks will also co-operate in promotional activities, provide advisory services to assist each other's clients and co-operate in training of each other's staff members. IDBI Bank stock is up 0.5%.
Majority of the pharma stocks are trading in the red, with Wockhardt Ltd and Indoco Remedies being among the top losers. Lupin Ltd, has announced USFDA approval for Suprax oral suspension 500mg/ml and Lorazepam Oral Concentrate USP, 2 mg/ml. The approval of new dosage form of Suprax adds to the company's growing Suprax franchise. This approval will expand Lupin's range of Suprax dosage forms available to treat various infections. Suprax is currently available as 100 mg/5ml and 200 mg/5ml suspensions; 400 mg tablets as well as chewable tablets 100 & 200 mg. Suprax is one of the most important drug of Lupin's branded US portfolio and also contributes large part of revenues to this segment. The market size of Lorazepam oral concentrate 2mg/ml is US$ 10 m and is equivalent to generic version of Lorazepam Intensol, 2 mg/ml, of Roxane Inc. The drug is indicated for the management of anxiety disorders or for short term relief of anxiety associated with depressive symptoms. Currently, there are four other generic companies holding approval for this drug. The company will soon launch both the drugs in the US market. Lupin was trading up by 0.1%.