Sensex, Nifty choppy; ITC gains 3%, Infosys slips 3%

Moneycontrol Bureau11:50 am Raghuram Rajan: Quashing fears that the new kid on the block — payment banks — will pose a threat to universal banks, Reserve Bank of India chief Raghuram Rajan said they will not compete but act as feeder to their bigger peers. The RBI on Wednesday gave in principle nod to 11 entities for setting up payment banks . In a conversation between Rajan and State Bank of India ( SBI ) chairperson Arundhati Bhattacharya, the former said payment banking is one of the most exciting space in the system which will reduce the cost of accessing banks. He also announced the possibility of issuing licences to smaller banks next month.11:30 am Buzzing: Shares of Lupin surged 8 percent intraday as  it got approval for key anti-cholesterol drug from US Foods and Drugs Administration (FDA). Lupin has received approval for Fenofibrate 160mg & 54mg tablet approval from Goa plant. 

It alleviates concerns over Lupin's Goa plant as the drug approval has come from that unit. Lupin's Goa plant underwent US FDA audit and got a 483 with 9 observations. Lupin's Goa unit makes formulations for supplies to US, EU and Japan.

Brokerage firm Citi says the US FDA approval of cholesterol drug Fenofibrate is positive as it is filed from its Goa plant and it vindicates management commentary that the observations received by the regulator in July are not disruptive.

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