Sensex Opens Flat; Tata Steel & Dr. Reddy's Top Losers

Wed, 23 May 09:30 am

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Asian share markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1.3% while the Hang Seng is down 1%. The Shanghai Composite is trading down by 0.8%. US stocks ended lower on Tuesday, weighed down by lingering uncertainty over the outcome of trade talks between the United States and China and declines in energy and industrial shares.

Back home, India share markets opened the day on a flattish note. The BSE Sensex is trading down by 20 points while the NSE Nifty is trading down by 12 points. The BSE Mid Cap index and BSE Small Cap index opened the day on a flat note.

Sectoral indices have opened the day on a mixed note with information technology stocks and healthcare stocks witnessing maximum buying interest. While, realty stocks and metal stocks opened the day in red. The rupee is trading at 68.02 to the US$.

State Bank of India (SBI) reported its largest ever quarterly loss of Rs 77.2 billion for January-March 2018 on Tuesday - more than double the Rs 34.4-billion loss reported for Q4FY17. SBI share price surged 3.2% in the opening trade.

Pharma stocks opened the day on a mixed note with Panacea Biotech & Biocon leading the gainers. In the latest development, Sun Pharma and Churchill Pharmaceuticals have announced that one of Sun Pharma's wholly owned subsidiary has received USFDA approval for Yonsa (abiraterone acetate and ultramicrosize).

Yonsa is a novel formulation in combination with methylprednisolone. It is indicated in the treatment of patients with metastatic castration-resistant prostate cancer (mCRPC).

As per the commercialization agreement for Yonsa, Churchill is eligible to receive upfront and sales-linked milestone payments, and royalties on sales from Sun Pharma in the US.

Reportedly, Yonsa was filed as a New Drug Application (NDA) under the 505(b)(2) regulatory pathway and will be promoted as a branded product in the US

Yonsa is an addition to Sun Pharma's growing oncology portfolio. Yonsa represents a new potential treatment option for the around 30,000 men diagnosed annually in the US with mCRPC.

To know more about the company, you can view Sun Pharma's latest quarterly result & Sun Pharma stock analysis here.

Speaking of pharma sector, did you know the BSE Healthcare Index is down 20% over the past three years? During the same period, the BSE Sensex is up 21%.

The BSE Healthcare Index has underperformed the Sensex

And this was a sector they called 'evergreen'.

Have Investors boarded a plane that's about to crash? Or is it just turbulence on the way to a smooth and safe landing?

It's important to understand the core issues. Regulatory problems for pharma companies have increased over the past few years. The frequency of visits as well as quality expectations have increased a lot.

While we expect the pain to continue in the short-term, the long-term picture still looks bright.

Stricter norms and pricing pressure will ensure only quality players remain. Companies with strong R&D facilities and quality compliant plants will have an edge over the others.

Sun Pharma share price opened the day up by 0.8%.

Moving on to the news from the oil & gas sector. HPCL share price opened the day down by 1.6% after the company reported a 3.9% drop in net profit at Rs 17.5 billion for the quarter ended March 2018 on a standalone basis as compared to Rs 18.2 billion posted in the corresponding quarter previous fiscal.

Total income of the company during the three months' period ended March, however, rose 13% to Rs 669.8 billion from Rs 591.8 billion reported in the same quarter previous financial year.

For the full financial year ended March 2018, the company's net profit rose by a marginal 2.4% to Rs 63.6 billion as compared to Rs 62.1 billion in the previous fiscal.

Total income of the company during the last fiscal (2017-18) increased 14% to Rs 2459.3 billion as against a total income of Rs 2153.2 billion reported for 2016-17.

HPCL announced its Gross Refining Margin (GRM) last financial year stood at US$7.4 per barrel as compared to GRM of US$6.2 per barrel in 2016-17.

The company also informed it provided for budgetary support of Rs 7.6 billion towards under-recovery on sale of subsidized Kerosene as compared to Rs 12.7 billion provided in the previous fiscal.

A major highlight of the fourth quarter was the acquisition of 51.11% stake in paid up equity capital of HPCL from the Government of India by Oil and Natural Gas Corporation (ONGC).

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