Indian stock markets pared gains in last two hours of trade and are trading below the dotted line. Sectoral indices are trading mixed. Stocks from metal and IT are among leading gainers while banking and oil and gas stocks are leading the losses.
Majority of PSU banking stocks are trading in green, with Syndicate bank and Indian bank witnessing maximum buying interest. As per a financial daily, The Reserve Bank of India (RBI) on Friday penalized six PSU banks for violating know-your-customer (KYC) and anti- money laundering (AML) norms. The six PSU banks viz; Allahabad bank, Bank of Maharashtra, Corporation bank, IDBI bank,Dena bank and Indian bank were penalized by the RBI. The penalties on these banks ranged from 50 lakh to 2 crore. Apart from violating KYC and AML norms, the banks have also been found to have sold gold coins for cash of beyond 50,000. This is in non-adherence to instructions on import of gold on consignment basis. Various violating activities included not following KYC norms for walk-in customers in sale of third-party products and omitting filing of cash transaction with respect to certain transactions.
Most of the Indian pharma Stocks are trading in green, with Elder pharmaceuticals and Wockhart Ltd leading the gainers. Lupin Ltd has announced that it has received final approval for Rifampin capsules USP for 150mg and 300mg strengths from the United States Food and Drugs Administration (USFDA). The said drug is equivalent to Rifadin capsules. Rifadin brand is marketed by Sanofi Aventis, a France based company. Rifampin is indicated for the treatment of tuberculosis (TB), and for the treatment of asymptomatic carriers of Neisseria meningitides. Rifadin Capsules brand had annual U.S sales of $ 18.5 m. Lupin is one of the pioneers in the tuberculosis drugs market and holds global leadership position in the anti-TB segment. Lupin was trading down by 2.16%.