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Sensex Opens Flat; Energy & Pharma Stocks Rally
Tue, 4 Jul 09:30 am

Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai composite is off 0.47% while the Hang Seng is down 0.19%. The Nikkei 225 is trading up by 0.43%. US equities finished mostly higher on Monday as bank stocks climbed.

Meanwhile, Indian share markets have opened the day on a flat note. BSE Sensex is trading higher by 49 points and NSE Nifty is trading higher by 24 points. Meanwhile, S&P BSE Mid Cap and S&P BSE Small Cap are trading up by 0.3% and 0.5% respectively. Gains are largely seen in energy stocks, metal stocks and realty stocks.

The rupee is trading at 64.75 against the US$.

In news from IPO space, leading cable TV and broadband services provider GTPL Hathway, which has concluded a Rs 4.85 billion initial public offer (IPO), will make a debut on stock exchanges today.

The IPO was subscribed 1.53 times during the offer period from June 21-23. The IPO comprised fresh issue of shares worth Rs 2.4 billion and an offer for sale of up to 14.4 million shares, with a price band of Rs 167-170 a share.

Proceeds from the IPO will be utilised towards repayment of loan and other general corporate purposes.

In news from pharma sector, Sun Pharmaceutical Industries has entered into a strategic long-term manufacturing agreement with Samsung BioLogics for Tildrakizumab.

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The agreement was entered into by Sun Pharma's wholly-owned subsidiary and Samsung BioLogics. According to the agreement, Sun Pharma has appointed Samsung BioLogics to manufacture Tildrakizumab, an investigational IL-23p19 inhibitor being evaluated for the treatment of moderate to severe plaque psoriasis.

Filings for this novel investigational biologic has been accepted for review by the US Food and Drug Administration (USFDA) and the European Medicines Agency (EMA). As per the reports, the approximate value of the contract will be US$55.5 million.

Sun Pharma share price opened the trading day up by 0.4% on the BSE.

Meanwhile, Wockhardt has received final approval from USFDA for its ANDA for 0.1% ophthalmic solution of Olopatadine HCI. The eye drop Olopatadine HCI 0.1% ophthalmic solution is a generic version of Patanol, marketed at US by Alcon, a subsidiary of Novartis.

The product will be manufactured at USFDA approved contract manufacturing organization based in Montreal, Canada.

Wockhardt share price opened up by 1.1%

In another development, as per an article in the Economic Times, Dr Reddy's Laboratories expects the first quarter of the ongoing fiscal to witness a temporary decline in sales in India due to de-stocking by trade on the implementation of Goods and Services Tax (GST).

The company, however, expects to grow at low double digits in FY2018 and for the foreseeable future in the domestic market.

The pharma sector, once considered a safe haven for investors has been on a steady decline over the past two years.

'Safe Haven' Pharma Sector in Decline since 2 Years

Facing pricing pressures in the domestic and export markets, currency fluctuations, as well as manufacturing issues related to their plant, there is a transformation happening in the overall sector as to how business is done and will be done in the future.

Recent disclosure of shareholding pattern at the end of March 2017 indicates the pessimism towards the sector. FII's have reduced their stake in giants like Sun Pharma, Lupin, Dr Reddy's and Cipla. These behemoths have seen a combined market cap erosion of around Rs 9,815.2 billion over the last one year.

As per an article in The Economic Times, Hero Motocorp has decided to put a complete halt on royalty payments to its former joint venture partner Honda. Since the termination of the Hero Honda joint venture in end 2010, the company has forked out a total of Rs 3.88 billion to Honda in annual royalties.

The two-wheeler giant will now tap its in-house R&D unit - the Centre of Innovation and Technology (CIT) in Jaipur, Rajasthan - for all technology requirements. As per the reports, Hero has revamped its entire product portfolio with its own products, designed and developed in-house at CIT.

Hero has also consolidated its product range with clearly positioned brands in all segments. Going forward, the company will have enhanced focus on the premium segment and scooters, with a slew of launches lined up over the next 8-12 months.

Hero plans to strengthen its international operations by going beyond exports to manufacturing in select markets. For instance, it is the only Indian two-wheeler company to have a manufacturing plant in Latin America. The new facility, at Vila Rica in the Cauca province of Colombia that became operational in 2015, is slated to be a manufacturing hub for expanding Hero's operations in the Andean countries.

Meanwhile, Maruti Suzuki and Hero MotoCorp, leaders in the country's four-wheeled and two-wheeled vehicle markets, were the first to drop prices after the 1 July midnight adoption of GST.

Hero Motocorp share price began the trading day down by 1.3% on the BSE.

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Jan 16, 2018 03:03 PM