All major Asian stock markets have opened the day in the red with stock markets in China (down 0.6%) and Hong Kong (down 0.5 %) leading the pack of losers. The Indian share markets have also opened the day on a negative note. The sectoral indices are trading mixed with the information technology index leading the losses. However, the capital goods index is trading firm.
Public Sector Bank stocks have opened the day on a mixed note with Union Bank of India and Allahabad Bank leading the gains. However, IDBI Bank and Indian Overseas Bank are trading weak. Public sector lender IDBI Bank has announced its results for the quarter ended June 2014. During the quarter, the bank reported flat growth at the topline level with interest earned standing at Rs 67,329.8 m. Other income declined by 30.3% YoY to Rs 4,997.5 m. Owing to higher interest expended, operating income before provisions and contingencies dropped by 29.5% YoY to Rs 9,282.6 m. At the bottomline level, net profit plunged by 65.4% YoY to Rs 1,061.7 m. Net profit margin contracted from 4.6% in 1QFY14 to 1.6% in 1QFY15.
Indian Pharma stocks have mainly opened the day on a firm note with Indoco Remedies and Glenmark Pharma leading the gains. As per the financial daily, Mumbai-based pharma major Lupin has signed a marketing pact with South Korea's LG Life Sciences to launch its anti-diabetes drug in India. According to the agreement, Lupin will launch and will be responsible for the marketing and sales of LG Life Sciences' Insulin Glargine, a novel insulin analogue, under the brand name BasugineTM. It must be noted that Insulin Glargine is indicated for the treatment of adult patients with type 1 diabetes mellitus or in type 2 diabetes mellitus. This deal will help Lupin further strengthen its diabetes portfolio. As per IMS MAT data reported in the daily, the overall diabetes market size within the Indian pharmaceutical Market (IPM) stands at Rs 60.32 bn and is growing at 18% year-on-year.