FMCG Stocks Lead the Gains

Tue, 1 Mar 01:30 pm

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After opening the day in the green, the Indian indices moved up higher. Most of the sectoral indices are trading firm with banking, auto, IT and FMCG sector stocks leading the gains.

The BSE Sensex is trading up 616 points (up 2.7%) while the NSE Nifty is trading up 186 points (up 2.7%). The BSE Mid Cap index is trading up 2.2%, while the BSE Small Cap index is trading up by 2.3%.

Gold (10 grams) is trading at levels of Rs 29,640. Silver (per kilogram) is trading at Rs 36,220. Crude oil is trading at Rs 2,342 per barrel. The rupee is trading at 68.07 to the US$.

Stocks in the pharma space are trading on a positive note with Dishman Pharma and Elder Pharma leading the gains. As per a leading financial daily, drug major Lupin has announced that its wholly owned Japanese subsidiary - Kyowa - is planning to set up a manufacturing plant in Japan. This development comes as a part of the company's expansion plan for Japan. The board of Kyowa has proposed to set up a two billion tablets capacity plant at Tottori. The plant would be designed to efficiently handle mass volume products and provide flexibility in allowing easy future expansion.

It shall be noted that Lupin has been planning to make significant investments in Japan. The company is investing Rs 1 billion in a manufacturing facility in India which will cater to the Japanese market.

Japan is considered to be the second biggest pharmaceutical market in the world. Lupin is among few Indian companies to have established its presence there. The company witnessed a 9% YoY growth from its Japanese business for the quarter ended December 2015; which is a good jump considering growth from this region has been quite muted over the last few quarters.

The Japanese market has strict regulatory norms. And thus not many players have been able to make a significant mark in the country. Companies that have managed to make a presence are likely to benefit in the long run. The stock of Lupin is trading up by 0.5%.

In another news update, Nikkei India Manufacturing Purchasing Managers' Index (PMI), a composite single-figure indicator of manufacturing performance, indicates that India's manufacturing activity expanded for a second consecutive month in February. This was seen as price cutting boosted both domestic and foreign demand.

The Nikkei/Markit Manufacturing Purchasing Managers' Index held steady at 51.1 last month. This was recorded as its second month above the 50 mark after it fell below 50 level in December for the first time in over two years. A reading above 50 represents expansion; anything lower indicates contraction.

Incoming orders expanded at their fastest pace in five months in February. The sub-index rose to 52.3 from 51.7. Foreign demand also rose, albeit at a slower pace. However, the increase in demand failed to stoke a significant rise in overall output. The demand remained virtually unchanged from January. It was reported that employment contracted slightly in February, after hovering just above the 50-mark in the previous four months.

Input costs rose for the fifth month but, at the weakest pace, while factory gate prices fell for the first time since September.

We believe that as long as the government sticks to its reform agenda, the future is bright for the manufacturing sector. In the short term, the markets could present good opportunities for long term investors to pick up stocks in this space (subscription required).

The Union Budget announced yesterday had its focus on ease of doing business and education, skills and job creation. This bodes well for the manufacturing and employment activity in India. Finance Minister stated that 1,500 multi skill training institutes will be set up in the country. Further, 100 model career centres will be operational by the end of 2016-17 under National Career Service. As for ease of doing business, a bill for targeted delivery of financial and other subsidies, benefits and services by using the Aadhar framework is to be introduced.

We have discussed our views on the budget as well as the key takeaways from the Union Budget 2016-17 in yesterday's edition of The 5 Minute WrapUp. Make sure you go through it...

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