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Indian indices continue to languish in the negative territory during the post-noon trading session. Sectoral indices are trading on a mixed note with stocks from the healthcare, oil & gas sectors leading the gains. consumer durables and banking stocks are however trading in the red.
The BSE Sensex is trading lower by 94 points (down 0.3%) and the NSE Nifty is trading lower 18 points (down 0.2%). The BSE Mid Cap index is trading up 0.9% while the BSE Small Cap index is trading up by 0.7%. Gold prices, per 10 grams, are trading at Rs 31,071 levels. Silver price, per kilogram is trading at Rs 47,235 levels. Crude oil is trading at Rs 2,757 per barrel. The rupee is trading at 67.05 to the US$.
As per an article in The Economic Times, Axis Bank and Life Insurance Corporation of India (LIC) has signed a Memorandum of Understanding to distribute LIC's multiple life insurance products to their customers.
Reportedly, this is the largest bancassurance partnership after the insurance regulator allowed banks to sell policies of more than one company.
In the initial phase, the bank will distribute LIC's life insurance products across its branches in West Bengal, Bangalore and Haryana. Additionally, it will also provide post sales services, reports stated.
Apart from LIC, Axis Bank also has a tie-up with Max Life Insurance in the life insurance space.
LIC holds a 77% market share in policies and 70% share in first premium, while Axis Bank has a network of over 3,000 branches all over. Whether this synergy of the two behemoths help them enhance customer satisfaction and expand its offerings would be a key thing to watch out for going forward.
Shares of Axis Bank were trading up by 0.5% while writing.
Moving on to the news from pharma sector. According to an article in a leading financial daily, Ajanta Pharma Limited announced the receipt of final approval for Omeprazole and Sodium Bicarbonate Powder for Oral Suspension from US FDA (Food and Drug Administration) (Subscription Required).
It is a bioequivalent generic version of Zegerid Powder used in the treatment of acid reflux and ulcers. The company will be launching this product soon in 2 variants 20 mg / 1680 mg and 40 mg / 1680 mg powder sachets.
In total, the company has 26 abbreviated new drug application (ANDA) of which it has final approvals for 12 ANDAs, 1 tentative approval and 13 ANDAs are under review with USFDA, the reports stated.
Speaking about the pharma's regulatory distresses, are Indian pharma companies now adapting to the scrutiny by the USFDA? Madhu Gupta, Managing Editor of ResearchPro, shares her insights in one of our premium editions of The 5 Minute Wrap Up (Subscription Required).
Ajanta Pharma was trading up by 2.3% at the time of writing.
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