Sensex Opens Marginally Up; Healthcare & Realty Stocks Gain

Thu, 7 Feb 09:30 am

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Asian stock markets are in a muted mood today and looked set for a sleepy session with China still on holiday and no major economic data on the diary. While, the US stocks edged lower on Wednesday as videogame makers gave disappointing revenue forecasts and investors awaited developments on US-China trade relations.

Back home, India share markets opened marginally higher. The BSE Sensex is trading up by 93 points while the NSE Nifty is trading up by 12 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.1%.

Sectoral indices have opened the day on a mixed note with healthcare stocks and realty stocks witnessing maximum buying interest. While, telecom stocks and consumer durables stocks have opened the day in red.

The rupee is currently trading at Rs 71.69 against the US$.

In the news from the telecom sector. Vodafone Idea on Wednesday reported its second straight quarterly loss since Vodafone Plc merged its Indian operations with Idea Cellular in August last year where the loss after tax was Rs 50.1 billion in the quarter ended December 31.

The company said the quarterly numbers were not comparable on account of the merger last year.

Competition in the country's telecom industry has ramped up since Reliance Jio Infocomm that entered the market in 2016, leading to huge price cuts across the industry which resulted in lower average revenue per user (ARPU) and rising debt.

While Jio reported a 65% jump in quarterly profit, rival Bharti Airtel posted a 72% profit decline.

The shake-up led to consolidation, with Vodafone Plc merging its Indian operations with Idea Cellular last year in a deal worth US$23 billion.

Earlier this year, Vodafone Idea announced its intention to raise Rs 250 billion through a rights issue.

Revenue from operations in the third quarter was Rs 117.7 billion, while its average revenue per user (ARPU) came in at Rs 89.

The Mumbai-based company said its total expenses for the quarter were Rs 182.3 billion, offset in part by a Rs 20 billion tax gain.

Total income of Vodafone Idea stood at Rs 119.8 billion during the reported quarter. The income increased by 52% compared to Rs 78.8 billion in the previous July-September quarter.

The books of Vodafone Idea recorded comprehensive loss of Rs 12.8 billion in the same quarter a year ago. However, the year-on-year figures are not comparable as the merger between Vodafone and Idea completed on 31 August 2018. The loss, however, widened on sequential quarter basis.

Vodafone Idea share price opened on a flat note.

Moving on to the news from pharma sector. In the latest development, Glenmark Pharmaceuticals on Wednesday announced that its Swiss subsidiary, Glenmark Specialty SA, has entered into an exclusive licensing agreement with Grandpharma (China) Co Ltd for commercialising its novel nasal spray Ryaltris in China.

The agreement with Grandpharma is Glenmark's third regional licensing deal for Ryaltris after Australia, New Zealand and South Korea.

Under the agreement, Glenmark will manufacture and supply Ryaltris, while Grandpharma will do regulatory filing and commercialisation of the product in China.

Reportedly, Glenmark will receive an upfront payment, regulatory filing, regulatory approval and commercial milestone payments as well as royalties from Grandpharma.

To know more about the company, you can access to Glenmark Pharma's latest result analysis and Glenmark Pharma's Stock Analysis on our website.

Glenmark Pharma share price opened on a flat note.

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