Sensex Opens Higher; ONGC & Sun Pharma Top Gainers

Thu, 22 Mar 09:30 am

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Asian stocks are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.38% while the Hang Seng is down 0.77%. The Shanghai Composite is trading down by 0.81%. US stocks ended slightly lower on Wednesday, with major indices giving up gains in choppy trade after the Federal Reserve raised US interest rates, while a strong gain in the energy space helped limit losses.

Back home, India share markets opened the day on a positive note. The BSE Sensex is trading higher by 75 points while the NSE Nifty is trading higher by 25 points. The BSE Mid Cap index and BSE Small Cap index opened the day up by 0.2% & 0.3% respectively.

Barring bank stocks, all sectoral indices have opened the day in green with energy stocks and consumer durables stocks witnessing maximum buying interest. The rupee is trading at 65.22 to the US$.

In the news from the pharma sector. Sun Pharmaceutical Industries Ltd. has announced its first US approval for an innovative medicine, marking a milestone in the company's bid to diversify out of generic drugs by building a portfolio of novel ones protected by patents.

Reportedly, Sun's drug Ilumya was approved by the US Food and Drug Administration (USFDA) to treat adults with moderate to severe cases of the skin condition plaque psoriasis, who are also candidates for systemic therapy or phototherapy.

The approval comes as Sun's core business making copies of other companies' medicines has been squeezed by a wave of competition in the US, putting pressure on prices for these generic drugs.

Sun has been particularly exposed because its ability to offset the price declines with new revenue has been hampered by a US sanction preventing new product launches from a key plant in India, the reports noted.

The roll out of innovative medicines has been seen not only as a new revenue stream, but one that will deteriorate less quickly because other generic firms won't be able to copy them until the patents expire.

Sun licensed Ilumya from Merck & Co. in 2014, agreeing to fund Merck's efforts to complete the Phase 3 trials and get it approved, and then take over the commercialization and regulatory upkeep after. Merck is eligible for milestone payments and royalties on the drug.

One shall note that, Indian pharma companies catering to the US markets are breathing a sigh of relief. After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past, there was a sharp pick-up in new drug approvals in FY17.

Generic Drug Approvals Hit The Roof

With an aim to lower the overall healthcare costs in the country, USFDA approved a record 763 generic drugs for the financial year ending 30th September.

As per Mint Analysis, Indian pharma companies received 295 approvals accounting for 40% of the overall approvals during the year. Even the total filings of abbreviated new drug applications (ANDAs) for generic drugs rose to 1,292 in FY17 from 852 in the previous year.

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opened the day up by 1.8%.

Moving on to the news from the . As per an article in a leading financial daily, JSW Steel Ltd may bid in Essar Steel auction after lenders to the bankrupt steel maker rejected the two bids that had been received and invited fresh bids for the distressed asset.

On shall note that, the committee of creditors (CoC) to Essar Steel at its meeting rejected the resolution plans submitted by steel major ArcelorMittal India and Numetal Mauritius.

Further, five firms had submitted resolution plans for Essar Steel. Apart from ArcelorMittal and Numetal, the other firms which participated in the first round of bidding were Nippon Steel, Tata Steel and Vedanta Group.

If JSW Steel enters the new round of bidding for Essar Steel, it will be the fourth distressed steel asset that the Sajjan Jindal-led company has set its eyes on since the debt resolution process under the insolvency and bankruptcy code began.

JSW Steel has partnered with at least two private equity funds, Aion Capital and Bain-Piramal fund, to bid for distressed steel assets.

Notably, JSW Steel is looking to set up a platform for acquiring distressed assets and is open to various options, including partnering with financial sponsors as it looks for inorganic growth and opportunities in the distressed assets space where a number of large steel companies are facing bankruptcy.

JSW Steel share price opened the day up by 0.2%.

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