Share Markets in India Open Lower; GAIL & ONGC Drag

Fri, 5 May 09:30 am

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Asian equity markets are trading on a mixed note today. The Shanghai Composite is off 1.09%, while the Hang Seng is down 0.92%. The US Stocks ended flat in the previous trading session amid mixed earnings and after the House of Representatives passed a healthcare overhaul.

Meanwhile, share markets in India have opened the day on a negative note. The BSE Sensex is trading lower by 135 points while the NSE Nifty is trading lower by 25 points. The BSE Mid Cap index opened down by 0.3% while BSE Small Cap index has opened the day flat.

Sectoral indices have opened the day on a mixed note with metal stocks and FMCG stocks leading the losses. While consumer durables stocks and realty stocks are witnessing buying interest. The rupee is trading at 64.21 to the US$.

Oil & gas stocks are witnessing selling pressure as oil prices plunged to five-month lows amid record trading volume in Brent crude, as OPEC and other producers appeared to rule out deeper supply cuts to reduce the world's persistent glut of crude.

Mining stocks are trading on a negative note with MMTC Ltd and Ashapura Minechem leading the losses. As per an article in a leading financial daily, Coal India Ltd (CIL) is considering a listing on the London Stock Exchange (LSE) and has had early discussions with the LSE.

In this regard, CIL is holding overseas roadshows as part of plans to dilute a 10% stake. The cabinet committee on economic affairs had agreed to the plan in November 2015.

The development comes ahead of the listing of NTPC's masala bonds at LSE and Singapore Stock Exchange this month. A listing by Coal India would be a boost for the LSE as it looks to attract companies following Britain's vote to leave the European Union, the reports noted.

However, CIL is looking at spending Rs 85 billion on capital expenditure in the ongoing fiscal. The PSU has taken various measures for full utilisation of capex during 2017-18 financial year. Further, Coal India accounts for over 80% of the domestic coal production and is eyeing 1 billion tonnes of production by 2020.

In one of our editions of The 5 Minute WrapUp, we have spoken about how Indian firms are looking to tap cheap funds from the overseas market through masala bonds. With firms increasingly looking to tap funds through masala bonds, the success of these bonds is likely to come to the rescue of these firms stuck in a debt trap. This, in turn, will provide the much-needed leg-up to investments in the country.

Coal India share price opened the day up by 1.4%

Moving on to the news from stocks in pharma sector. Wockhardt share price plunged 3% after it reported widening of its consolidated net loss to Rs 1.75 billion during the fourth quarter ended March 31, mainly on account of Brexit and subdued business in the US, UK markets.

Further, consolidated net sales of the company stood at Rs 40.15 billion for the fiscal year ended March 2017. It was Rs 44.53 billion for the previous fiscal.

While, sales in the domestic market declined 4% during the quarter due to the impact of a government move on demonetisation.

Wockhardt has been grappling with quality control issues raised by the US Food and Drug Administration (USFDA) for the past four years. Its formulations units at Chikalthana and Waluj in Maharashtra have been under the USFDA's import alert since 2013 for violations of manufacturing standards.

In the meanwhile, Wockhardt has got board approval to raise up to Rs 22 billion through equity and debt instruments.

The company plans to raise up to Rs 12 billion through the issuance of non-convertible debentures (NCDs) on a private placement basis and up to Rs 10 billion through equity instruments, including qualified institutional placement (QIP) of shares.

Speaking of pharma space in India, according to a report by The Hindu Business Line, in spite of the prevailing challenges in the Indian pharma sector is expected to grow up to 45% by 2025 and 58,000 additional employment opportunities are likely to be created in the industry amid the job crisis in India.

Indian Pharma Revenue Growth Accelerates

Despite the capping of prices, notebandi and GST implementation, all of which are perceived to impact the pharma sector adversely, the industry will continue to grow. In fact, by 2020, the pharma market will be touching US$ 55 billion, with a CAGR of about 15.9%.

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