Zydus Lifesciences shares in focus after FDA approval for prostate cancer drug
Zydus Lifesciences received final USFDA approval to manufacture Apalutamide tablets for prostate cancer, following last week’s approval for Eluxadoline tablets for IBS treatment. The stock shows a hold rating with an 18% target price upside. Despite recent approvals, the shares have declined 7% year-to-date.
Sebi yet to clear HDB, Hero FinCorp IPOs; talk of breach of some rules
According to sources familiar with the matter, the Securities and Exchange Board of India has held back its green light for the much-awaited public issues so far, as share sales by these companies could have inadvertently ended up violating rules that govern unlisted companies.
Yen weakens, Asian stocks advance ahead of BOJ
Shares in Japan and South Korea rose, while Australian equities slipped. Contracts for US stocks inched higher after benchmarks slid on Tuesday. Investors have slashed holdings of US equities by the most on record while cash levels jumped, according to Bank of America Corp.’s latest survey.
Barclays infuses Rs 2,300 crore into Indian operations
Barclays Bank has infused Rs 2,300 crore into its Indian operations, raising its total investments in the country to over Rs 12,400 crore. This capital will bolster the bank’s balance sheet and support business growth in investment and private banking sectors, emphasizing their commitment to India’s economic potential.
Axis in talks to change ATM vendor amid service issues
Axis Bank is negotiating to acquire between 3,500 and 4,000 ATMs from AGS Transact Technologies due to deteriorating service quality. The bank plans to audit the ATMs before finalizing the deal and transfer the machines to another service provider amidst AGS Transact’s financial troubles.
Dalal Street’s Treat: Indices back to winning ways
The NSE Nifty surged 325.55 points, or 1.45%, to close at 22,834.30. The BSE Sensex rose 1131.31 points, or 1.53%, to end at 75,301.26. Both indices have risen about 2% in the last two days.
Moody’s places IndusInd Bank on ratings watch for downgrade amid derivatives accounting issues
Moody’s has placed IndusInd Bank’s baseline credit assessment under review for downgrade due to concerns over internal control discrepancies in derivative accounts and ongoing retail loan stress. The bank discovered a $175 million accounting discrepancy related to currency derivatives. Shares have dropped 28% since the central bank’s decision on CEO Sumant Kathpalia’s term extension.
Companies with strong financials back in focus with rise in volatility
Amid market volatility, nine ET 500 companies, including Dixon Technologies, Zomato, and Suzlon, have exceeded FY24 revenue and profit levels in nine months of FY25, demonstrating strong financial performance despite uncertain demand.
What’s behind the fiasco at IndusInd Bank?
The dent in its books was caused by a September 2023 RBI communique spelling out how banks should value derivatives. It said all derivatives must be marked to market (MTM), which requires valuing assets and liabilities according to prevailing market price.