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Indian Share Markets Open Flat; Yes Bank Top Gainer

Fri, 19 Jan 09:30 am

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Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.31% while the Hang Seng is up 0.07%. The Shanghai Composite is trading up by 0.35%. Meanwhile, Wall Street closed its Thursday session with slight losses amid political concerns.

Back home, India share markets opened the day on a flattish note. The BSE Sensex is trading higher by 81 points while the NSE Nifty is trading higher by 2 points. The BSE Mid Cap index and BSE Small Cap index both opened the day up by 0.1%.

Sectoral indices have opened the day on a mixed note with FMCG stocks and healthcare stocks witnessing maximum buying interest. While, metal stocks and information technology stocks opened the day in red. The rupee is trading at 63.84 to the US$.

Yes Bank share price surged 2.6% in the opening trade after it reported a 22% increase in net profit at Rs 10.8 billion in the third quarter ended 31 December 2017, as against Rs 8.8 billion in the year-ago period.

Pharma stocks have opened the day on a mixed note with Alembic Pharma and Biocon Ltd being the most active stocks in this space. As per an article in a leading financial daily, Biocon Ltd. has signed a deal to develop copycat versions of biologic drugs with a unit of Novartis AG.

This comes as Biocon's latest move to become a global player in the next generation of generic medicines after a similar partnership with Mylan NV delivered a recent success.

Reportedly, the tie-up with Novartis's generics unit Sandoz will focus on developing copies, or biosimilars, of biologic drugs in immunology and oncology. The two will share cost and profit globally, with Sandoz responsible for commercialization in North America and the European Union, and Biocon in the rest of the world.

Biocon's strategy has been to offer its development and manufacturing expertise in collaboration with multinational drug makers.

One shall note that, another partnership to develop and market six biosimilars that Biocon signed with Mylan saw the pair win the first US approval for a version of Roche Holding AG's blockbuster breast cancer drug Herceptin in December.

One shall note that, Biosimilars and Biologics are burgeoning sectors. Also, major scientific and technological advances, coupled with socio-demographic changes and increasing demand for medicines will revive the pharma industry's fortunes in another 10 to 20 years.

But given the complexity of biologics, will Indian companies be able to break some ground in this space? (Subscription Required). Going forward, whether the monetization of biosimilars prove to be a big growth driver for the company will be the key thing to watch out for.

Biocon share price opened the day up by 2.2%.

Moving on to the news from . Bharti Airtel reported a 39% drop in its consolidated net profit for the quarter ended 31 December. This comes mainly on the back of reduction in domestic interconnection charges and a pricing war triggered by the entry of Reliance Jio Infocomm Ltd.

Bharti Airtel's net profit fell to Rs 3.1 billion in the three months ended 31 December from Rs 5 billion in the year earlier.

Further, revenues dropped 12.9% to Rs 203.2 billion in the December quarter from Rs 233.4 billion in the year earlier. Pricing pressure is evident from the fact that Airtel's mobile data traffic rose more than five-fold to 1.18 billion megabytes (MBs) in the quarter.

Airtel's December quarter revenues from India fell 11.3% year on year to Rs 152.9 billion on an underlying basis, adjusted for the impact in reduction of domestic termination rates.

While, performance of the company's African unit has saved the company some blushes. In constant currency terms, Africa revenues grew by 5.3% year-on-year, led by strong growth in data and Airtel Money transactions.

Notably, telecom operators, already reeling from a fierce price war that started with the entry of Reliance Jio in September 2016, were hit hard by the telecom regulator's decision to slash interconnection usage charges (IUC) levied by mobile networks handling incoming calls from rival networks.

The Telecom Regulatory Authority of India (Trai) cut IUC from 14 paise a minute to 6 paise effective 1 October.

Furthermore, TRAI has proposed phasing out the IUC by 2020. This move is said to affect Indian telecom companies as India has one of the lowest IUC rates in the world, as can be seen from the chart below:

India has the Lowest Interconnect Usage Charge

The reduction will also mean big blow to some of the established domestic telecom players.

Going forward, whether these companies will be able to enjoy additional revenues from having a large subscriber base or their profitability and debt servicing capability gets impacted will be the key thing to watch out for.

Bharti Airtel share price opened the day down by 0.2%.

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