Markets Continue Their Uptrend

Wed, 30 Mar 11:30 am

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After opening the day on a positive note, the Indian Markets have added to their early gains. Sectoral indices are trading on a positive note with stocks from the oil & gas and realty sectors leading the gains.

The BSE Sensex is trading up 238 points (up 0.9%) and the NSE Nifty is trading up 77 points (up 1%). The BSE Mid Cap index is trading up by 1.2% while the BSE Small Cap index is trading up 1.4%. The rupee is trading at 66.41 to the US$.

PSU banking stocks are trading on a positive note with Corporation Bank and Syndicate Bank witnessing maximum buying interest.

As per an article in Economic Times, Finance Minister Arun Jaitley has announced that the government will provide sufficient funds to recapitalise public sector banks (PSUs) to ensure that they play a significant part in boosting growth.

The announcement made in the Union Budget 2016-17 was an allocation of Rs 250 billion towards the recapitalization of PSU banks. Apart from this, Rs 100 billion each will be infused in 2017-18 and 2018-19 by the government for the recapitalisation of PSU banks.

The rising bad loans has been a serious concern for the Indian PSUs. According to RBI's website, the Indian public sector banks account for 72% of total banking sector assets, but they accounted for only 42% in total profits during 2014-15. In one of our editions of The 5 Minute Wrap Up Premium we had highlighted what the budget holds for the future of PSU banks (subscription required).

Also, while announcing the above developments, Arun Jaitley stressed that the banks have to play an important role in achieving the higher growth rate in the country.

With all these developments one can say that the government is using its mandate as a great opportunity to unlock the untapped value from its PSU assets. If the government succeeds, then PSU shareholders could multiply their wealth in such stocks. Only time will show if these reforms will be successful.

Stocks in the pharmaceuticals space are trading on a positive note with Piramal Enterprises and Orchid Chemicals leading the gains.

Drug major Lupin has reported that it has received a total of three observations relating to violation of production norms at manufacturing facilities at Mandideep, Madhya Pradesh from the US Food and Drug Administration (USFDA).

In particular, the active pharmaceutical ingredient (API) and formulations units of the plant in Madhya Pradesh have received two observations each.

Estimates suggest the Mandideep unit could be contributing US$ 200 million in revenues for Lupin. The unit is the second largest revenue contributor to the company's US business after its Goa plant.

However, the company's management said that the observations were minor in nature and would not lead to any disruption of product supply from the location.

The company's Mandideep facility is engaged in the manufacturing of APIs as well as dosage forms which produces sterile and non-sterile pharmaceutical products. It mainly caters to the US and Europe markets.

Earlier this month, the company had received nine observations relating to inadequacy and adherence to operating norms for manufacturing plant in Goa from the USFDA. As we had stated in our result analysis report of the company (subscription required) ... 'The company continues to work with the US regulators for the clearance of 483s on its Goa plant. We have already seen major Pharma biggies facing pressures from the USFDA on this front. Hence, any negative development would impact the company.'

Presently the stock of Lupin is trading up by 3.4%.

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