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Sensex Closes at Record High; Coal India & Yes Bank Top Gainers

Tue, 9 Jan Closing

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Indian share markets settled at new closing highs for a third straight session today. At the closing bell, the BSE Sensex finished higher by 90 points. While, the NSE Nifty finished higher by 13 points. Meanwhile, the S&P BSE Midcap Index ended down by 0.4% while S&P BSE Small Cap Index ended up by 0.1% respectively.

Sectoral indices ended the day on a mixed note with realty stocks and consumer durables stocks leading the gainers. While, power stocks and healthcare stocks ended the day in red.

Overseas, Asian stock markets finished higher today with shares in Japan leading the region. The Nikkei 225 is up 0.57% while Hong Kong's Hang Seng is up 0.36% and China's Shanghai Composite is up 0.13%. European markets are higher today with shares in France leading the region. The CAC 40 is up 0.49% while London's FTSE 100 is up 0.31% and Germany's DAX is up 0.21%.

The rupee was trading at Rs 63.47 against the US$ in the afternoon session.

Coal India share price rallied over 5.6% in the opening trade on the reports that it has raised prices of thermal coal by an average 9%. The decision was taken at a board meeting held on Monday while revised prices would be effective from today. It will make power generation costlier by a similar percentage. Cost of cement and fertiliser production is also expected to rise as a result.

In another development, rating agency, CRISIL in its latest report has maintained its projection of India's economic growth in 2018-19 to 7.6% on the low base.

The rating agency attributed the continuing slowdown to the after-effects of the demonetisation exercise, the Goods and Services Tax (GST) implementation and weakness in agriculture.

The CRISIL note comes days after the Central Statistics Office (CSO) came out with its First Advance Estimates of National Income, 2017-18, in which it stated that Indian economy is expected to grow at a four-year low of 6.5% in the current fiscal year 2017-18, as against 7.1% in the fiscal year 2016-17.

The rating agency has stated that given the low base and the expected waning of the GST impacts going ahead, they retain their forecast of 7.6% real GDP growth in fiscal 2019, with private consumption leading the recovery.

It noted that private consumption is expected to grow 6.3% in FY18, as against 8.7% a year before, and will remain the largest contributor to the country's GDP at 55.7%.

Further, it said that in FY19 as well, growth will continue to be consumption-led as inflation will be under control and interest rates are expected to be soft. It also said that increase in government employees' salaries with the implementation of the seventh pay panel recommendations will also help. It added that the government's focus on spending towards agriculture and rural themes will also be of help.

According to the report, the government's ambitious Rs 2.11 trillion recapitalisation plan over two years will ensure that the state-run banks are well positioned to support the growth. It also observed that support to growth will also come from the external sector where the global recovery should help exports, which had faced some headwinds after the GST implementation.

In the news from the pharma sector. Orchid Pharma share price soared over 4.9% after it received the Establishment Inspection Report (EIR) from US Food and Drug Administration (USFDA).

Reportedly, USFDA successfully completed inspection for the Post-Marketing Adverse Drug Experience reporting inspection (PADE) conducted in Tamil Nadu, India.

The facility was inspected by USFDA in the month of June 2017.

One shall note that, as per the Indian Pharmaceutical Alliance, the pace of drug approvals has gained momentum after they complained to FDA about delays last year.

Approvals for drugs have also picked up after USFDA concerns at some of the manufacturing units were addressed. Companies such as Divi's Laboratories, Cadila Healthcare, Sun Pharmaceuticals and Dr Reddy's Laboratories got regulatory clearances for some of their plants during the year. But several companies are still grappling to resolve FDA concerns.

However, FDA's move to speed up generic drug approvals in a bid to reduce healthcare costs is likely to provide some earnings relief to domestic pharma companies.

After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past three years, there has been a sharp pick-up in new drug approvals in FY17.

Generic Drug Approvals Hit The Roof

With an aim to lower the overall healthcare costs in the country, USFDA approved a record 763 generic drugs for the financial year ending 30th September. As per Mint Analysis, Indian pharma companies received 295 approvals accounting for 40% of the overall approvals during the year.

Even the total filings of abbreviated new drug applications (ANDAs) for generic drugs rose to 1,292 in FY17 from 852 in FY16.

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