All the public sector bank stocks are trading in the green with Union Bank and Indian Bank being the major gainers. As per a leading financial daily, state-run banks have cut interest rates on consumer loans by as much as 5% to garner a higher share of capital infusion by the government. In a bid to spur lending, the government had earlier announced 'funding for lending scheme' under which capital is being offered to state-run banks for providing cheap consumer durable and two-wheeler loans. Reportedly, the finance ministry has budgeted Rs 140 bn for capital infusion this fiscal. Punjab National Bank is giving a 5.75% concession on consumer loans whereas Andhra Bank is offering 5.5% off on consumer loans. Bank of India is offering a concession of 3.25% whereas Indian Overseas Bank and Bank of Maharashtra are giving concessions of 2% each on consumer loans.
Indian pharma stocks are trading mixed. Ranbaxy Ltd and Fresenius Kabi are among leading gainers, while Natco pharma and Biocon Ltd are witnessing maximum selling pressure. Ranbaxy Ltd announced today, that the company has received approval from Central Drugs Standard Control Organization (CDSCO), of India to manufacture and market brand Synriam in India. The said drug is combination of arterolane maleate and piperanquine phosphate tablet 150+750mg and is indicated for the treatment of uncomplicated malaria in adults which is caused by Plasmodium vivax parasite. Last year the company had received approval for Synriam for treatment of only Plasmodium falciparum. However with this new approval, the drug is now indicated for both the treatments viz Plasmodium vivax parasite and Plasmodium falciparum. Over and above the company has also received permission to conduct Phase III trials for pediatric patients suffering from Plasmodium falciparum malaria. The company is also working to make this new drug available in other global countries like, Africa, South America and other Asian markets. The company has filed New Drug Applications (NDAs) for marketing Synriam in some African countries and will be filing more applications during the year for various other markets. Once approved, the product will be launched in these markets. Reportedly, Synriam provides quick relief from most malaria-related symptoms, including fever, and has a high cure rate of over 95%. It conforms to the recommendations of the World Health Organization (WHO) for using combination therapy in malaria. Ranbaxy stock is trading up by 2.9% at the time of writing.