Sensex Trades On A Volatile Note; Bharti Airtel & IndusInd Bank Top Losers

Share markets in India are presently trading on a volatile note. Sectoral indices are trading mixed with stocks in the telecom sector and metal sector witnessing selling pressure, while IT stocks are witnessing buying interest.

The BSE Sensex is trading down by 27 points (down 0.1%), while the NSE Nifty is trading down by 13 points (down 0.1%). Both, the BSE Mid Cap index and the BSE Small Cap index are trading up by 0.1%.

The rupee is currently trading at Rs 72.06 against the US$.

In news from the pharma sector, Cadila Healthcare has acquired the remaining 15% stake in its subsidiaries Zydus Technologies and Zydus Noveltech Inc for a combined value of US$ 250,000 from strategic and minority partner Sharad Govil.

The company in a filing said it acquired Zydus Technologies for US$ 225,000 and Zydus Noveltech for US$ 25,000.

Following the acquisition of the stake, the two companies will become wholly owned subsidiaries of Cadila Healthcare.

Reports state that the company is also planning to merge with Zydus Technologies, in order to consolidate its transdermal business and simplify its corporate structure.

Cadila Healthcare share price is presently trading up by 3.9%.

Moving on to news from the banking sector, Yes Bank's statutory auditor has sought a fresh audit into whistleblower complaints levelled against the bank and its founder Rana Kapoor after a special audit done by JLN US & Co. turned out to be inconclusive.

Reportedly, the whistleblower had raised allegations of irregularities in the bank's operations, potential conflict of interests in relation to Kapoor and misclassification of bad loans.

The audit committee of the private lender has ordered special audit into the complaints received in September 2018.

Note that the bank had conducted an internal inquiry into these allegations, carried out by the management led by Kapoor and supervised by the board. The inquiry resulted in a report that was reviewed by the board in November 2018.

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Disclaimer: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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