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Sensex Remains Range Bound; Metal Stocks Drag
Fri, 10 Mar 01:30 pm

After opening the day strong, share markets in India witnessed selling and are trading marginally above the dotted line. Sectoral indices are trading on a mixed note with stocks in the consumer durables and telecom sector leading the gains, while stocks in the oil & gas and metals sectors are trading in the red.

The BSE Sensex is trading up by 52 points (up 0.2%), and the NSE Nifty is trading up by 16 points (up 0.2%). Meanwhile, the BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading up by 0.4% The rupee is trading at 66.66 to the US$.

In news from stocks in the metals sector, India's largest zinc producer, Hindustan Zinc unveiled plans to invest Rs 5.7 billion to commission its first zinc fumer plant.

Hindustan Zinc aims to use the plant to extract metals from the production waste, and to boost volumes. The company loses about 27,000 MT of metal per annum in this waste. Globally, the zinc-lead mining industries have been facing challenge towards recovery of metals from waste.

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Hindustan Zinc has placed formal order to China non-ferrous metal industry's Foreign Engineering & Construction Co and it is expecting to commission the first zinc fumer plant at Chanderiya by the middle of 2018, the company said in a statement.

The plant, once operational will improve recovery of zinc from 96.8 % to 97.5% and would add about 3000 tonnes of zinc from just one smelter per annum. It will also increase lead production by about 4700 tonnes and silver by 33 tonnes per annum.

At present, Hindustan Zinc has an overall capacity to produce about 825,000 tonnes of Zinc, 180,000 tonnes of Lead and about 500 tonnes of Silver.

In related news, Hindustan Zinc made changes to its key personnel with two high level appointments. The company appointed a Chief Operating Officer and a Deputy Chief Finance Officer to support the expansion in its operations.

Pankaj Kumar will be the company's new Chief Operating Officer (Smelters) subsequent to the movement of the incumbent - Vikas Sharma in an elevated role as CEO of BALCO.

Hindustan Zinc also brought in former CFO of Lafarge India, Sonal Shrivastava as deputy CFO.

At the time of writing, Hindustan Zinc share price was trading down by 1.9%.

Meanwhile, steel exports in February registered a growth of 150%.

No Takers For Domestic Steel

No Takers For Domestic Steel

The quantum jump in exports comes at a time when the government is providing extensive support to the domestic steel industry by way of trade remedial measures, including anti-dumping.

But the bigger concern is the weak consumption growth. The consumption data over the past few months clearly show that there are no takers for domestic steel.

We do not think the trend is sustainable. And unless domestic consumption picks up, steel producers may have to take price cuts to utilize their capacities

Moving on to news from stocks in the pharma sector. Cadila share price was in focus today after the pharma major announced that it had settled a patent litigation.

Cadila Healthcare said that it had inked a pact with Supernus Pharmaceuticals to settle patent litigation regarding Trokendi XR extended-release capsules, used for treatment of seizures.

Under the terms of the pact, Supernus grants a license to market Zydus' generic version of Trokendi XR (topiramate) extended-release capsules beginning on January 1, 2023, or earlier, under certain circumstances.

Both companies, however did not disclose the terms of the settlement.

In related news, Cipla has been stopped from selling copies of Onbrez, a respiratory drug owned by Swiss pharmaceutical firm Novartis by the Delhi High Court.

Novartis holds the patent for the drug in question and Cipla has been battling Novartis since 2014 over whether it can sell its version of Indacaterol, the generic version of the drug, to cater to what it says is an unmet need.

According to the judgment, Cipla had claimed that 10 tablets of Onbrez cost Rs 677 as opposed to its own drug priced at Rs 130.

Novartis' patent for Indacaterol in India expires in 2020.

At the time of writing, Cipla share price was trading flat.

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Jan 19, 2018 (Close)