Although the account was already NPA in its books, the bank has so far only made provisions amounting to Rs.1932.47 crore, which is nearly half of the amount of the NPA.

The downward revision was triggered by the lower-than-expected cash accruals, leading to low coverage and return indicators and slower than expected deleveraging at the consolidated level, which has led to weakening of the company’s overall financial and liquidity profile.

In the afternoon, all the sectoral indices were trading in the negative territory while the Sensex was down 1.9 per cent and Nifty 50 was down 2.32 per cent. On the back of sustained selling by market-participants, the markets are continuing their negative momentum as the equity markets were trading at the day’s low points in the afternoon session.

Biocon has been issued 12 observations by the USFDA for its assembly facilities in Malaysia. Despite the news, the stock price of the company increased by 1.5 per cent.

Following stocks are close to their 52-weeks low as at 12:47 p.m. on July 08, 2019.

The markets on July 08, 2019 opened gap down. BSE Sensex is trading at 38,888.00, down by 625.39 points and the Nifty is trading at 11,617.45, down by 193.70 points. 

Orphan Drug Designation will grant seven years of US market exclusivity upon approval of SCO-088 for the treatment of patients with CML. Incentives include waiver of user fee by USFDA and assistance in clinical trial design by USFDA.

Overall volumes in futures & options currently stand at 1,43,24,430 contracts with a turnover of Rs.10,46,886.87 crore.

Overall volumes in futures & options currently stand at 1,43,24,430 contracts with a turnover of Rs.10,46,886.87 crore.

It would be interesting to see whether or not bulls manage to hold on to the budget session low of (11,798). If they manage to hold above this level, the pullback options would remain open towards the levels of 11,880-11,940. However, failure to hold the support level of 11,798 would result in a prolonged correction towards the next important support level of 11,726, which is 50-DMA. Stocks in news: India Grid Trust, PNB Housing, PNB, Indian Hume Pipe, JSW Energy, Zuari Agro Chemicals, Yes Bank, Quick Heal Technologies, Tata Power, JSW Steel, Maruti Suzuki.