Indian Share Markets Open Flat; Banking & PSU Stocks Drag

Wed, 11 Apr 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.63% while the Hang Seng is up 0.63%. While, the Nikkei 225 is trading down by 0.20%. US stocks rallied on Tuesday as Wall Street breathed a sigh of relief after China's president said he would work to "open" the country's economy, easing trade war fears.

Back home, India share markets opened the day on a flattish note. The BSE Sensex is trading lower by 6 points while the NSE Nifty is trading lower by 5 points. The BSE Mid Cap index and BSE Small Cap index opened the day up by 0.1% & 0.2% respectively.

Sectoral indices have opened the day on a mixed note with metal stocks and information technology stocks witnessing buying interest. While, bank stocks & PSU stocks are trading in red. The rupee is trading at 64.94 to the US$.

Pharma stocks have opened the on a mixed note with Aarti Drugs & J.B. Chemicals witnessing maximum selling pressure. In the latest development, Dr Reddy's Laboratories has received establishment inspection report from the US health regulator for its Cuernavaca facility in Mexico.

Reportedly, the audit of its active pharmaceutical ingredient (API) Cuernavaca plant in Mexico by the United States Food and Drug Administration (USFDA) was completed with zero observations.

One shall note that, Dr. Reddy's subsidiary Industrias Quimicas Falcon De Mexico, which contributed Rs 3.8 billion (2.6% of consolidated revenue) in FY17 and Rs 0.2 billion in PAT (1.6% of consolidated PAT), operates this unit.

In 2010, the USFDA had inspected this facility and issued a warning letter in 2011. Subsequently, USFDA also issued an import alert on this plant. In 2012, the import alert was lifted. The plant underwent inspection in July 2017 and received zero observations.

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.

In such an environment, it makes sense for investors to be selective while buying stocks. Focus on value and the underlying fundamentals of the business. Then, they need not worry about the market.

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Dr. Reddy's Lab share price opened the day up by 0.6%.

Moving on to the news from the oil & gas sector. As per an article in a leading financial daily, India's Oil and Natural Gas Corp Ltd and Reliance Industries Ltd have started discussions with buyers to sell natural gas from their fields in the Bay of Bengal that are expected to start production over the next three years.

The plan is to transport the gas from the east coast to the industrial heart belt of western India.

ONGC plans to use Reliance Industries' 1,375 km pipeline connecting Kakinada on the east coast to Bharuch in Gujarat in the west.

Further, ONGC will bring east coast gas onstream by 2019 onwards and ramp up production to around 15 million standard cubic metres per day (mscmd).

One shall note that, Reliance built the pipeline in 2009, but has been operating at very low capacity utilisation for several years due to a drastic fall in output from the company's venture in the Krishna-Godavari basin in the Bay of Bengal.

Billionaire Mukesh Ambani-controlled Reliance Industries and partner BP Plc, which together own three natural gas fields next to ONGC's in the east coast, has also started discussions with customers to market the natural gas, the reports noted.

Notably, Prime Minister Narendra Modi has set a target to increase the share of gas in India's energy mix to 15% by 2030 from below 6.5% now.

India's current total consumption of natural gas at end of March 2018 stood at 145 mscmd.

Energy stocks opened the day on a mixed note with Hindustan Oil Exploration & Chennai Petroleum leading the gainers.

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