Of CPI Inflation, Key Q3FY19 Results, and Top Cues in Focus Today

Thu, 14 Feb Pre-Open

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Indian share markets witnessed most of the selling pressure during closing hours yesterday and ended their trading session marginally lower. Barring IT sector and realty sector, all sectoral indices ended on a negative note with oil & gas stocks, capital goods stocks, and energy stocks losing the most.

At the closing bell yesterday, the BSE Sensex stood lower by 120 points (down 0.3%) and the NSE Nifty closed down by 38 points (down 0.4%). The BSE Mid Cap index ended the day down 0.5% and the BSE Small Cap index ended the day down by 0.4%.

Top Stocks in Focus Today

From the pharma sector, Sun Pharma share price will be in focus today as the company yesterday reported net profit at Rs 12.4 billion in the third quarter ended December 2018.

Revenues from operations gained 17% to Rs 79.3 billion as compared to last year's Rs 67.8 billion.

The EBITDA margin of the company stood at 27.8%. The US sales grew by 8% on a quarter-on-quarter (QoQ) basis to US$ 370 million. This growth was led by market-share gains in generic products.

Sales in the US came in at US$ 362 million for the quarter, a growth of 10% over the same period last year and accounted for 34% of total sales.

Reportedly, the numbers were higher from the estimates by a wide margin helped by a strong recovery of US generics business.

To know more about the company you can read Sun Pharma's Latest Result Analysis on our website.

Strides Pharma Science share price will also be in focus today as the company's wholly owned subsidiary - Strides Pharma Global, Singapore, has received approval for Triamcinolone Acetonide Cream USP, 0.025%, 0.1% and 0.5% from the United States Food & Drug Administration (USFDA).

The product is a generic version of Triamcinolone Acetonide Cream of Mylan Pharmaceuticals Inc.

Reportedly, the US market for Triamcinolone Acetonide Cream USP, 0.025%, 0.1% and 0.5% is approximately $55 million.

Coal India share price will be in focus today as the company reported its net profit at Rs 54.7 billion for third quarter ended December 31, 2018 as compared to Rs 1.2 billion for the same quarter in the previous year.

Total income of the company reported over 16-fold jump at Rs 56.9 billion for Q3FY19 as compared Rs 3.5 billion for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 50.1% in its net profit at Rs 45.7 billion for the quarter under review as compared to Rs 30.4 billion for the same quarter in the previous year.

Recently, the company had announced that it would raise about Rs 10.6 billion by selling shares to its subsidiaries MCL (Mahanadi Coalfields Limited), SECL (South Eastern Coalfields Limited) and NCL (Northern Coalfields Limited).

This will be the company's second buyback in two years. Coal India had gone for a buyback in 2017, when the government raised about 26.4 billion from the buyback.

CPI Inflation Eases to 18-Month Low

Moving on to the news from the macroeconomic space, retail inflation eased to an 18-month low at the start of the new year.

Also, industrial output growth picked up in December from a 17-month low in November.

Data released by the statistic department showed that inflation, as measured by the Consumer Price Index (CPI), cooled to 2.05% in January 2019 compared with a revised 2.11% in December 2018. The previous low for consumer inflation was 1.46% in June 2017.

As per the data, the drop in retail inflation in January came on the back of falling food and fuel prices. The inflation rate for services like education and health also fell, bringing down the level of core inflation, after excluding volatile items like food and fuel.

Going by the individual components, CPI food inflation stood at -2.17% in January compared to -2.51% in December.

Housing inflation stood at 5.2% compared to 5.32% in December.

Fuel and light inflation stood at 2.2% as against 4.54% in December.

Inflation in the households goods and services segment rose to 6.45% compared with 6.38% in December 2018.

Clothing and footwear inflation was at 2.95% compared to 3.52% in December 2018.

Inflation in the transport and communication segment came in at 3.44%, lower than 4.30% in December 2018. Health inflation fell to 8.93% in January compared to 9.02% in December 2018. And inflation in the education segment fell to 7.99% compared to 8.38% last month.

Axis Bank OFS Subscribed Over 2.5 Times

In the news from the banking sector, market participants will be tracking Axis bank share price as the offer for sale (OFS) by the bank was subscribed over 2.5 times by retail investors so far.

According to an article in The Economic Times, the strong response by small investors came a day after the issue got an overwhelming response from non-retail investors in the previous session.

Here's an excerpt from the article:

• The issue had retail received bids for 1.98 crore shares, which was 2.58 times the total size of 77.09 lakh shares. The portion for retail category was fixed at 10%.
  
  On Tuesday, the quota set for non-retail investors was subscribed 2.56 times wherein, with the portion receiving non-retail bids for 11.69 crore shares against the total size of 4.56 crore shares.

With this OFS, the Centre is seeking to raise around Rs 53.2 billion by selling its 3% stake in the private lender, held through the Specified Undertaking of the Unit Trust of India (SUUTI).

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