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Sensex Opens 100 Points Down; PSU & Banking Stocks Lose

Wed, 14 Mar 09:30 am

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Asian stocks are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.54% while the Hang Seng is down 1.22%. The Nikkei 225 is trading down by 1.03%. US stocks fell in choppy trade Tuesday after tech shares pulled back amid concerns trade tensions between the US and China could increase.

Back home, India share markets opened the day on a negative note. The BSE Sensex is trading lower by 100 points while the NSE Nifty is trading lower by 30 points. The BSE Mid Cap index and BSE Small Cap index opened the day down by 0.3% & 0.2% respectively.

Sectoral indices have opened the day on a mixed note with capital goods stocks and information technology stocks witnessing maximum buying interest. While, PSU stocks and metal stocks are trading in red. The rupee is trading at 64.96 to the US$.

Punjab National Bank share price fell 3.4% in the opening trade on the reports that it has uncovered additional exposure of about Rs 9.4 billion (US$145.2 million) in connection with a huge alleged fraud.

Pharma Stocks opened the day on a mixed note with Orchid Pharma & Indoco Remedies leading the gainers. As per an article in a leading financial daily, Torrent Pharma Ltd is likely to raise at least Rs 15 billion by selling shares to institutional investors, as it prepares a bid for the generic drugs unit of France's Sanofi.

Reportedly, Torrent Pharma is readying Euro 2 billion (Rs 160 billion) binding bid for Sanofi's unit Zentiva NV. It has tied up funding from several banks for the bid, the deadline for which ends on 28 March.

The proposed fundraising will help the pharma company strengthen its balance sheet as it looks to absorb yet another major asset.

Torrent's acquisition of Zentiva, if it happens, will be the biggest outbound transaction by an Indian drug maker. As on date, the record for the largest outbound acquisition stands in the name of Lupin Ltd, which in 2015 acquired Gavis Pharmaceuticals Llc. and Novel Laboratories Inc. for US$880 million.

Sanofi had acquired Zentiva in 2009 for close to US$2.6 billion. It is currently the third-largest generics company in Europe and sells medicines for cardiovascular, gastrointestinal, anti-inflammatory, pain management, metabolic and blood disorders, among others.

Torrent Pharma share price opened the day down by 0.4%.

Moving on to the news from the finance stocks. In the latest development, Housing Development Finance Corporation, a mortgage lending firm, has decided to offload a little over 4% of its holding in its subsidiary HDFC Asset Management Company through an initial public offering (IPO).

HDFC currently holds 57.5% in HDFC AMC, while Standard Life Investments has 38.2% stake. HDFC AMC owns HDFC Mutual Fund.

HDFC had approved the IPO of HDFC AMC and offer-part of its shares to the public in one or more tranches so that its holding remains at least 50.01% in the AMC arm.

Last October, the first IPO of the MF industry was made by Reliance Nippon Life AMC and it received tremendous response with the issue getting subscribed 81 times. It received subscription for Rs 1.03 trillion against the offer to raise Rs 15.42 billion.

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With buoyant capital markets and the mutual fund industry on a roll, asset management companies are eager to unlock value through initial public offerings.

However, India has the lowest mutual fund penetration globally. The total Assets under Management (AUM) to GDP ratio of India stands at a mere 10%, way below the global average of 55%. Countries like Australia and the US have AUM to GDP ratios of over 100%. So, the mutual fund industry in the country provides huge scope for growth and development.

India Fares Poorly in Mutual Fund Penetration

Real estate and gold have become less attractive forms of investments post notebandi. Even the reduction in bank deposit rates in the past year has led to a shift in investment to mutual funds and the stock markets.

The mutual fund industry has grown at an annual rate of 18% in the past decade, and is expected to grow by 20% over the next five years.

HDFC share price opened the day down by 0.4%.

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