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Sensex Opens 99 Points Down; Vedanta & Coal India Top Losers
Tue, 19 Jun 09:30 am | Rini Mehta, TM Team

Asian share markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.9% while the Hang Seng is down 2%. The Shanghai Composite is trading down by 2.7%. The Dow and S&P were modestly lower on Monday, having recovered from earlier lows, as gains in energy shares helped curb declines stemming from trade war concerns after China's retaliation to US tariffs.

Back home, India share markets opened the day on a negative note. The BSE Sensex is trading down by 99 points while the NSE Nifty is trading up by 33 points. The BSE Mid Cap index and BSE Small Cap index both opened down by 0.3%.

All sectoral indices have opened the day in red with metal stocks and energy stocks witnessing maximum selling pressure. The rupee is trading at 68.02 to the US$.

Pharma stocks opened the day on a mixed note with Aarti Drugs & Divis Laboratories leading the losses. As per an article in a leading financial daily, Glenmark Pharmaceuticals announced that the US Food & Drug Administration (USFDA) provided its first supplemental Abbreviated New Drug Application (sANDA) approval for the company's manufacturing facility in Monroe, North Carolina.

The approval covers: Atovaquone and Proguanil Hydrochloride Tablets, 250 MG/100 MG and 62.5 MG/25 MG.

It is a generic version of GlaxoSmithKline's Malarone (atovaquone and proguanil hydrochloride) Tablets1.

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Note that, the Monroe, North Carolina facility is Glenmark's first manufacturing site in the US, designed to manufacture a variety of fixed dose pharmaceutical formulations.

Glenmark has invested more than US$100 million into the facility with plans for further expansion in the coming years.

At peak capacity, the site is anticipated to produce 300-400 million tablets and capsules, 20-25 million vials and pre-filled syringes and 25-30 million ampoules for inhaled formulations.

Globally, Glenmark has 16 manufacturing facilities in Europe, India and the US, operating under Good Manufacturing Practices (GMP) to ensure quality and safety.

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.

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

Moving on to the news from the bank sector. In the latest development, Sandeep Bakhshi has been appointed whole-time director and chief operating officer (COO) designate by the board of ICICI Bank Ltd after a long meeting on Monday.

The private bank's managing director and chief executive Chanda Kochhar will be on a long leave till an independent investigation into an alleged conflict of interest matter in lending to the Videocon Group concludes.

Reportedly, Mr Bakhshi's appointment as COO will be for five years, subject to regulatory approvals. He will take over as the COO from today, or on the date of regulatory and other approvals, whichever is later.

Mr Bakhshi will be responsible for handling all the businesses and corporate centre functions at the private bank. All executive directors on the board of ICICI Bank and the executive management will report to him, the bank stated.

He will report to Chanda Kochhar, who will continue in her role as MD and CEO of ICICI Bank. However, during the period of her leave, Mr Bakhshi will report to the board.

Sandeep Bakhshi has been the managing director and CEO of ICICI Prudential Life Insurance Company since 1 August 2010.

Before this role, Mr Bakhshi was the deputy managing director of ICICI Bank. In this role, he headed the retail and subsequently the wholesale business at the private bank.

Before moving to the bank, Sandeep Bakhshi was the MD and CEO of ICICI Lombard General Insurance. Under his leadership, ICICI Lombard grew to be a leading private general insurance company in India, ICICI Bank stated.

ICICI Bank share price opened the day down by 0.8%

To know more about the company, you can access to ICICI Bank's latest result analysis and ICICI Bank stock analysis on our website.

To get more updates on share market, click here.

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