Barring Corporation Bank, all public sector banking stocks are trading in the red with UCO Bank and Allahabad Bank being the biggest losers. As per a leading financial daily, State Bank of India (SBI) is targeting to achieve a growth of 15-20% in deposits for FY14. The bank had reported a 14.9% deposit growth in FY13 as compared to 13% growth posted by the banking industry. The banking major has partly attributed the slowdown in deposit mobilization in FY13 to the absence of a level playing field with the mutual funds industry. The corporate sector having excess funds invest in liquid funds that have short maturities. But with bank regulations not allowing investible products with maturity period of less than seven days, the banks have not been able to tap this source of funds. SBI's projection for FY14 is also higher than Reserve Bank of India's forecast of 14% deposit growth for the banking industry during the fiscal. SBI stock is currently down 0.6%.
Indian pharma stocks desc are trading mixed. While Cadila Healthcare and Lupin Ltd are leading among the gainers, Ranbaxy Laboratories and Dishman Pharma are trading weak. Glenmark Pharma declared its results for the fourth quarter and year ended March 2013. The topline of the company grew by 25% YoY for the quarter. The growth was led by both its speciality and generics segments. The domestic segment witnessed growth of 32% YoY for the said period. This was due to increasing market share in therapies viz., dermatology, respiratory, cardiac and anti infective segments. The US geography too witnessed robust growth of 25% YoY during the quarter. However, operating margins witnessed decline of 1.8% due to mark to market (MTM) forex loss of Rs 150 m and increase in other expenditure. The bottom line grew by 11% YoY for the said period. Glenmark is trading up by 0.8%.