Sensex Opens in Red; IT & Metal Stocks Drag

Fri, 4 May 09:30 am

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Asian shares were steady while the Japanese yen held onto overnight gains in the early trade today as financial markets turned their attention to the looming US payrolls data for fresh catalysts. Shares in Hong Kong are lower today as the Hang Seng falls 0.4%. While Shanghai Composite is trading down by 0.2%. Overnight US stocks closed slightly lower.

Back home, India share markets opened the day on a negative note. The BSE Sensex is trading down by 62 points while the NSE Nifty is trading down by 17 points. The BSE Mid Cap index and BSE Small Cap index both opened the day on a flat note.

Sectoral indices have opened the day on a mixed note with realty stocks and consumer durables stocks witnessing maximum buying interest. While, information technology stocks and metal stocks have opened the day in red. The rupee is trading at 66.61 to the US$.

In the news from the pharma sector. As per an article in a leading financial daily, Glenmark Pharmaceuticals Ltd is under regulatory scrutiny for alleged misconduct in carrying out clinical trials recently in Jaipur.

The Central Drugs Standard Control Organisation (CDSCO) has allegedly found that fake identities were used in clinical trials, as well as evidence of substantial departures from good clinical practice (GCP).

This could be the latest blow to India's drug-testing industry, which has run into a series of problems with international regulators in recent years.

The alleged misconduct on the part of the company has triggered a tough response from India's apex drug regulatory authority, which has sent a show cause notice to the company for failing to ensure that clinical trial was conducted in accordance with the Drug and Cosmetics Act, 1940 and Rules 1945, GCP guidelines.

The regulatory body has sought an explanation about the alleged irregularities within 10 days. Glenmark has, however, denied any wrongdoing.

The company came under the scanner following reports that several people were deceived into participating in an ongoing trial for pain medication to treat osteoarthritis at Malpani Multispeciality Hospital in Jaipur. A total of 38 kits were supplied by the company, of which only three were issued to the enrolled patients on 6 April. Glenmark has suspended the trials at the site.

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opened the day up by 0.3%.

Moving on to the news from . As per an article in The Economic Times, Bharti Airtel is planning to raise as much as US$1.5 billion by diluting about a fourth of its stake when it lists the holding company for Africa operations, Bharti Airtel International (Netherlands) BV (BAIN BV), in early 2019.

Reportedly, the money will help bolster the telco's efforts to stay competitive in the Indian market, where Bharti has just declared its first quarterly loss in contrast with profits in Africa.

Work on the listing has picked up pace and is slated for early next year on the London Stock Exchange, leveraging financial improvements in the past few quarters.

Africa operations have started to make profits about seven years after the Indian telco entered the continent in 2010.

The Netherlands-based wholly-owned unit of Bharti Airtel is the holding company of telecom operations in 14 African markets - Nigeria, Chad, Congo-Brazzaville, Democratic Republic of Congo, Gabon, Madagascar, Niger, Kenya, Malawi, Seychelles, Tanzania, Uganda, Zambia and Rwanda.

One shall note that, the situation has reversed, with the India operations reporting its first loss in 15 years - RS 6.5 billion in the January-March quarter - dragged down by the continuing price war triggered by the entry of Reliance Jio Infocomm.

Africa is likely to ensure Airtel remains profitable at the consolidated level going forward as well amid fears that the tariff war in India is set to continue.

Further, global listing for the holding company will help Airtel get better value for its Africa operations in contrast with India, where free voice and cheap data tariffs have eroded profits and driven down average revenue per user for most carriers. The fundraising will provide Airtel with "significant ammunition" to fight price wars in India, one of them said.

The listing could also help Bharti Airtel deleverage its balance sheet, the reports noted. Overall debt was Rs 950 billion at the end of March.

Notably, one of the biggest and most resilient telecom companies in India, Bharti Airtel, has been the victim of loss of pricing power in the sector.

Bharti Airtel's Sliding Valuations

Sliding operating margins had a direct impact on the company's return on equity over the past decade. And the poor operating numbers apart from debt heavy balance sheet weighed on the valuations.

Bharti Airtel share price opened the day up by 3.1%.

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