Sensex Opens Day Flat; Pharma Stocks Top Gainers

Wed, 13 Jun 09:30 am

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Asian share markets are mixed today as Chinese and Hong Kong shares fall. The Nikkei 225 is up 0.4% while the Hang Seng is down 0.6%. The Shanghai Composite is trading down by 0.8%.

Back home, India share markets opened the day on a flat note with a positive bias. The BSE Sensex is higher by 52 points while the NSE Nifty is trading up by 28 points. The BSE Mid Cap index and BSE Small Cap index both opened the day up by 0.2% & 0.3% respectively.

Sectoral indices have opened the day on a mixed note with pharma stocks and stocks in the consumer durables sector witnessing maximum buying interest. The rupee is trading at 67.35 to the US$.

In news from stocks in the pharma sector. Sun Pharma share price is among the most active stocks today as the company' received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA).

The company received the establishment inspection report (EIR) for its for its critical Halol facility in Gujarat indicating a closure of inspection.

As per USFDA, after the completion of an inspection of a facility, an EIR is issued to a company detailing inspection findings.

Sun Pharma's Halol plant was issued form 483 with 23 observations way back in 2014. Further re-inspections also ended with warning letters and a form 483. Finally, after the most recent inspection of the company's Halol plant from 12-23 February 2018 the US regulator awarded a 'voluntary action initiated' (VAI) last week, and the EIR followed subsequently.

Sun Pharma share price opened the day up by 3%.

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 three years, there has been a sharp pick-up in new drug approvals in FY17. With an aim to lower the overall healthcare costs in the country, the US Food and Drug Administration (FDA) 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.

Generic Drug Approvals Hit The Roof

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. While, faster approvals expedite the commercialisation of product pipelines of domestic pharma companies spurring growth. At the same time however, it has raised the intensity of competition resulting in pricing pressures. The price erosion has been further compounded by a consolidation among US distributors and the decline in the number of products going off-patent over the past few years.

In other words, acceleration in generic drug approvals is like a double-edged sword. The growth boost can be quickly offset by the ensuing pricing pressures. Pharma companies that invest in creating a pipeline of complex generics or building competencies in alternative dosage forms are better equipped to tackle the changing dynamics in the US generics market.

Therefore, despite a lot of pessimism surrounding pharma stocks on regulatory uncertainty, we have stocks in open positions in StockSelect and have remained bullish on pharma stocks in our long term service, ValuePro.

Moving on to news from stocks in the auto sector. Bharat Forge share price is in focus today after the company along with its wholly owned subsidiary Bharat Forge International UK purchased a stake in UK-based Tevva Motors.

Notably, Teeva provides electric powertrain solutions for trucks and buses, and currently provides EV solutions to the 7.5 -14 tonne weight commercial vehicle category. This is soon to be extended for the development of new commercial vehicles.

Bharat Forge along with its subsidiary picked up a stake of 35.26% in Teeva Motors for around £10 million. This is Bharat Forge's third major initiative in the EV space, and comes shortly after the start of the Engineering and Development Centre at MIRA, UK and the investment in Tork Motorcycles India (an electric drivetrain company, mainly focused on electric two wheelers).

Bharat Forge share price opened the day up by 1.8%.

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