Indian indices have managed to cut their losses during the previous two hours of trade and are trading flat. Stocks from PSU and banking space are witnessing buying interest while stocks from IT and FMCG are trading in the red. Other key Asian markets are trading mixed with Nikkei in green and Hang Seng marginally in the red. The rupee is trading at 46.63 to the US dollar.
The BSE-Sensex is trading up by around 2 points, while the NSE-Nifty is up by about 7 points. Mid and small cap stocks are also trading positive with the BSE-Midcap and the BSE-Smallcap trading higher by 0.37% and 0.46% respectively.
IDFC has chalked out a restructuring plan to concentrate on growth. It is planning to hive off its public-private partnership advisory business into a non-profit company by the end of the fiscal. The move is in line with the company's plans to raise third-party, non-commercial development funds. These funds would be utilized for activities such as training government employees and advising the government in policy matters.
The move is considered positive as it will focus on growth separately as an infrastructure finance company and advisory business. IDFC has been recently granted status of an infrastructure finance company. With that the NBFC has to maintain capital adequacy of 15% and lend three-fourths of its assets to infrastructure. Recently the company had raised Rs 26.5 bn through a QIP issue. IDFC diluted its stake by about 12% as it issued 157 m shares at an average price of Rs 168.25 per share. It has plans to raise funds worth Rs 35 bn to ensure growth of its loan book.
As per a leading business daily, Glenmark Generics Inc. USA, a subsidiary of Glenmark Pharma has received ANDA approval from US Food and Drug Administration (USFDA) for Adapalene Gel. The company will soon commence marketing and distribution of this product in the US market. Adapalene Gel is indicated for the topical treatment of acne. This product is generic equivalent of Galderma's Differin gel. As per IMS Health reports, this drug generated sales of approximately US$ 84 m for the period ended FY10. This approval has further led to expansion of the company's product portfolio that includes a total of 15 semi solid products authorized for distribution. Glenmark already has a strong presence in the dermatology segment in the domestic market. The company is leveraging on this expertise in launching drugs in the international markets especially the US. Given that dermatology is a niche segment with limited competition, this move will further enhance sales from the highly competitive US generics market.