Indian share markets continued to languish in the red in the post-noon trading session. All the sectoral indices are trading in the red with realty, consumer durables and capital goods stocks being the biggest losers.
Majority of the Indian pharma stocks are trading in the red with Ranbaxy and Panacea Biotech being the biggest losers. However, Fresnius Kabi and Glenmark Pharma are among the few stocks trading in the positive. As per a leading financial daily, Cadila Healthcare's FMCG subsidiary Zydus Wellness is on the look-out to acquire brands or buy an over-the-counter (OTC) products company. The company is scouting for brands in the nutraceutical, cosmaceutical and OTC segments. The subsidiary has chalked out Rs 5 bn from its cash reserves for the buyout. Zydus has three well known brands EverYuth, Sugar Free and Nutralite in its portfolio and will launch a fourth product, Just Pure, in a week's time. Cadila Healthcare's stock is trading marginally down.
Majority of the banking PSU stocks are trading in the red with Indian Bank and Bank of Baroda leading among the pack of losers. As per a leading financial daily, Delhi High court has asked Punjab National Bank (PNB), to deposit Rs 4.5 m in the illegal fund transfer case. Reportedly, the court asked the bank to deposit the damage amount with the Register General of the High court till the final disposal of its appeal. Further, the order passed by the court came on an appeal filed by PNB against the adjudicating officer's order. This was on the complaint filed by Poona auto ancillaries under the Information and Technology act. The complaint was about the fraudulent fund transfer from its current account at PNB Pune branch in Aug 2011. As per the complaint, the amounts were transferred in 40 transactions of Rs 0.2 m and one transaction of Rs 10,000. PNB was trading down by 2.7%.