Sensex Crosses 33,000-Mark; SBI & ICICI Bank Top Gainers

Wed, 25 Oct 01:30 pm

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After opening the day on a strong note, the Indian share markets have continued the momentum and are presently trading off record highs following a mega recapitalisation package for banks and a Rs 7 trillion infra booster ahead of October F&O expiry.

Sectoral indices are trading mixed, with stocks in the PSU sector & banking sector leading the pack of gainers, up by 7.5% & 4.6% respectively. While, consumer durables stocks & realty stocks are trading in red.

The BSE Sensex is trading higher by 440 points (up 1.4%) while the NSE Nifty is trading higher by 87 points (up 0.9%). The BSE Mid Cap index is trading flat while BSE Small Cap index is trading down by 0.2%. Gold prices, per 10 grams, are trading at Rs 29,431 levels. Silver price, per kilogram is trading at Rs 39,575 levels. Crude oil is trading at Rs 3,421 per barrel. The rupee is trading at 64.93 to the US$.

Pharma stocks are trading on a mixed note with Orchid Pharma & Wockhardt witnessing maximum buying interest. As per an article in a leading financial daily, Lupin has received the final approval from the US health regulator for its testosterone topical solution.

The company has received approval to market the product from the United States Food and Drug Administration (USFDA). The approved product is a generic version of Eli Lilly and Company's Axiron topical solution.

According to IMS MAT June 2017 data, testosterone topical solution had sales of US$244.2 million in the US.

The testosterone topical solution is indicated for replacement therapy in males for conditions associated with a deficiency or absence of endogenous testosterone.

Meanwhile, the company also received final approval for its carbidopa tablets, used for treatment of idiopathic Parkinson's disease, from the USFDA.

Reportedly, carbidopa tablets, 25 mg had annual sales of approximately US$ 21.9 million in the US as per IMS MAT June 2017.

Lupin share price was trading down by 2% at the time of writing.

Moving on to the news from banking sector. As per an article in a leading financial daily, the Reserve Bank of India (RBI) slapped Rs 60 million penalty on Yes Bank for breaching its rules on classifying non-performing assets and failing to report a security incident involving its ATMs on time.

The bank violated the Income Recognition Asset Classification (IRAC) norms on dealing with assessment of bad loans as of March-end 2016.

Notably, Yes Bank was one of three private sector lenders which had reported a sharp divergence between their asset quality classification and provisioning for 2015-16, and what the RBI deemed necessary.  Jammu & Kashmir Bank, Bank of Maharashtra and ICICI Bank were the other banks that had a divergence of more than 15% in their reported gross bad loans.

Yes Bank leads in Under-reporting of Bad Loans

Although the level of divergence in the bad loans reported by several public-sector banks was low, the bigger concern is the continued slide in their asset quality. With many of them already having weak balance sheets, the rising slippages are expected to drain them further, thereby increasing dependence on the government for capital infusions to stay afloat.

Also, Yes Bank failed to report a cyber-security attack on its ATM network within the prescribed timeframe, the reports noted.

Owing to the news, Yes Bank share price slumped over 5.6% in the afternoon trade.

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