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Sensex Opens Up 160 Points; Tata Steel Gains 0.8%
Tue, 10 Jan 09:30 am

Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.03% while the Hang Seng is down 0.52%. The Shanghai Composite is trading down by 0.07%. Stock markets in the US ended their previous session on a positive note.

Meanwhile, Indian share markets have opened the trading day marginally higher. The BSE Sensex is trading higher by 160 points while the NSE Nifty is trading higher by 41 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day up by 0.5%. The rupee is trading at 68.19 to the US$. All sectoral indices have opened the day in green with PSU, auto and oil & gas stocks witnessing maximum buying interest.

According to an article in Livemint, Tata Steel has inaugurated the second phase of Cold Rolling Mill (CRM) Complex BARA at Jamshedpur on 5 January 2017.

During Phase I the reversing mill were installed to meet the full hard cold rolled (FHCR) requirement of Tata Blue Scope Ltd (TBSL) at CRM, Bara, which is of 0.25 MTPA capacity. In the current ramp-up of TBSL, the unutilized capacity of the reversing mill is being used to produce Hot Rolled Pickled and Oiled products (HRSPO). To meet the increased demand of HRSPO in the automotive sector, a 0.3 MTPA hot rolled skin passing facility has been installed.

Reportedly, the phase II expansion facilities boast of automation system designed with state-of-the-art instrumentation and programmable logic controller (PLC) to monitor and control the various parameters for safe and efficient operation.

Meanwhile, Tata Steel has posted a 13% rise in sales in April-December 2016 to 7.7 million tonne (mt) up from 6.8 mt in the same period in 2015. On the back of surge in automotive steels and branded products in its portfolio and contribution from its new greenfield steel plant at Kalinganagar in Odisha, the sales rose during the period.

Tata Steel's Stock Performance

For the global commodity market, the year 2016 was the comeback year with domestic steelmakers being the major beneficiaries. On a year-to-date basis, shares of Tata steel surged nearly 50.6%.

On a sequential basis, Tata Steel saw sales jump 14% in the third quarter this year over Q2FY17 due to ramp up in capacity at Kalinganagar. The company's quarterly sales performance was boosted by a 20% increase (year on year) in auto grade steel, a 13% rise in branded product sales and a 37% jump in value added products.

Moving on to the news from stocks in pharma sector. According to an article in the leading financial daily, Natco Pharma recently has received final US Food & Drug Administration (USFDA) nod for its generic version of Bendamustine Hydrochloride powder used in injections, 25mg/Vial and 100 mg/vial.

Reportedly, the company is planning to launch this drug in November 2019 through its marketing partner Breckenridge Pharmaceutical, Inc., in the US market.

Notably, Cephalon sells Bendamustine Hydrochloride powder for injection, 25 mg/Vial and 100 mg/Vial (Singe-Dose Vial) under the brand name Treanda in the US market. The dosage treats patients with chronic lymphocytic leukemia (CLL) and non-hodgkin's lymphoma.

Recently, in one of our editions of The 5 Minute WrapUp, we have spoken about the USFDA crackdowns faced by the Indian Pharma in the recent times and how they have been constantly investing towards R&D. We believe pharma companies that are upgrading and keeping facilities compliant, and have niche product pipelines in place will see sustained revenue growth.

Natco pharma's share price opened the day flat.

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Jul 27, 2017 (Close)

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