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Banking Stocks Out of Favor
Tue, 12 Jan 01:30 pm

After trading flat during the morning session, the Indian Indices went on to book losses and are presently trading on a negative note. Sectoral indices are trading on a negative note with stocks from the realty, telecom and banking sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 227 (down 0.9%) and the NSE Nifty is trading down by 65 points (down 0.9%). The BSE Mid Cap index is trading down by 1% while the BSE Small Cap index is trading down by 0.8%. Gold prices, per 10 grams, are trading at Rs 25,883 levels. Silver price, per kilogram, is trading at Rs 33,544 levels. Crude oil is trading at Rs 2,061 per barrel. The rupee is trading at 66.96 to the US$.

Stocks in the pharma space are trading on a mixed note with Orchid Chemicals and Wockhardt leading the gainers. As per an economic daily, Cadila Healthcare has reported that it has received Establishment Inspection Report (EIR) for Baddi manufacturing plant from the US health regulator. The same was granted after a successful inspection closure.

Establishment Inspection Report is given to an establishment after the completion of the inspection by the FDA. The company has said that the approval will pave the way for further approval of products from the Baddi manufacturing facility.

Cadila Healthcare has recently been in news after the company received a warning letter from US regulators. The announcement dragged the stock of the company down by almost 15% in a single day. However, to what extent can this warning impact Cadila's future growth? One of our premium editions of The 5 Minute WrapUp answers this question. You can read it here (subscription required).

On a separate note, Zydus Cadila has introduced a breast cancer drug in India under the brand Vivitra. The drug is a copy of Swiss giant Roche's product Herceptin. Moreover, the company also recently expanded its animal health business with the acquisition of some select brands and a Haridwar-based manufacturing facility of Zoetis, a global animal health company, for an undisclosed amount. Presently the stock of the company is trading up by nearly 2%.

Stocks in the engineering space are trading on a mixed note with ABB India leading the gains and Voltas leading the losses. As per a leading financial daily, Larsen & Toubro's (L&T) construction arm- L&T Constructions has won orders worth Rs 12.5 billion across various businesses. Under buildings & factories business, the company has secured a turnkey order worth Rs 9.8 billion. The same is from a global information technology major for the construction of IT Park in Bengaluru. The scope of work for this includes civil, structural, mechanical, electrical, plumbing, high-end finishes, data center and other associated works. The project is scheduled to be completed in 30 months.

Furthermore, under power transmission & distribution business, the company has bagged an international order worth Rs 2.5 billion. Larsen & Toubro (Oman) LLC, a subsidiary of the company, has bagged an order valued at OMR 16.03 million from Oman Electricity Transmission Company (OETC) for the construction of new 132kV grid stations on an engineering, construction and procurement basis.

Presently the stock of L&T is trading up by 0.5%.

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