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Sensex Continues to Trade Firm; Bharti Airtel Continues its Weak Trend
Thu, 27 Jul 01:30 pm

Indian share markets continued to flourish in green during the noon session and were trading well above the dotted line. FMCG stocks and bank stocks traded in green. While, Losses are largely seen in metal stocks, consumer durables stocks and pharma stocks.

The BSE Sensex is trading higher by 184 points and the NSE Nifty is trading higher by 59 points. Meanwhile, the BSE Mid Cap index is trading flat & the BSE Small Cap index is down by 0.3%. The rupee is trading at 64.42 to the US$.

Indian Pharma stocks are trading on a mixed note with IPCA Labs share price and Cipla share price leading the losses.

Moving on to the news from stocks in pharma sector. As per an article in a leading financial daily, Cipla in partnership with Medicines for Malaria Venture (MMV) has launched a drug used for the treatment of severe malaria in young children.

The company introduced 100 mg Artesunate Rectocaps/Rectal Artesunate Suppositories (RAS), a life-saving, pre-referral intervention for the management of malaria in children.

One must note that, the company's RAS 100 mg was recently added to the Global Fund expert review panel's list of quality-assured medicines, while the process of WHO.

Meanwhile, Strides Shasun is another Indian drug maker developing RAS 100 with MMV. The company has submitted for WHO prequalification in 2015 and is still awaiting approval.

As the M&A activity has been heating up globally, the M&A activity in the Indian pharma space has been on the rise in recent times. At the end of the day, whether the company is able to derive value from the acquisitions and augment the overall performance will be the key thing to watch out for going forward.

To know more about the company's financial performance, subscribers can access to Cipla's latest result analysis and Cipla stock analysis on our website.

Expediting Drug Approval Process to be a Positive for Industry

The BSE Healthcare Index is down in two years. This is a mighty fall compared to the benchmark index, which is up 11% during the same period. A downgrade in the earnings estimates has led to a selloff in the pharma space, which has led to a contraction in the price to earnings ratio (PE) of the pharma index.

The PE ratio of the Nifty Pharma Index for a five-year period stands at 46 times. This ratio has contracted to 35 times currently. The headwinds being faced by this sector, have led to such lethal contraction.

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In this dull scenario, there appears to be some respite as the USFDA has expedited the drug approval process. Drug approvals for Indian companies have gone up 50% in the period from January to June 2017 compared to the same period last year.

In news from telecom sector, as per a leading financial daily, the government defending the ongoing consolidation among telecom operators has said that it will result in efficient use of spectrum for better services, and six players in each service area will have adequate competition.

Sinha further added that Mergers and Acquisitions (M&As) among operators do not cause fragmentation of spectrum but rather its consolidation for providing better services by efficient utilisation of the radiowaves.

The entry of Reliance Jio Infocomm led to market faster than expected consolidation with merger proposal of Telenor India and Bharti Airtel, acquisition of telecom business of Sistema Shyam Tele Services by Reliance Communications and the planned merger of two of the biggest telecom companies Vodafone India and Idea Cellular.

The declining sales revenue of the telecom players is also expected to have an adverse impact on government revenue collection in the form of spectrum usage charges and licence fee in the current financial year.

Telecom stocks are trading on a weak note with Tata teleservices share price and Idea share price leading the losses.

Bharti airtel share price continues to trade weak is trading down by 3% on the BSE. The company reported its smallest profit in 18 quarters as a price war sparked by an upstart carrier weighed on earnings. The company's net profit fell 75% to 3.67 billion rupees (US$57.01 million) during the June quarter.

The pricing disruption in the Indian telecom market caused by the entry of a new operator has led to industry revenue declines and created further stress on sector profitability, cash flows and leverage.

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