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Indian Indices Surge 1% Higher; FMCG Stocks Top Gainers

Fri, 27 Jul Closing

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After opening the day in green, share markets in India witnessed positive trading activity throughout the day and ended the day in green, at a new all-time high close. Sectoral indices too ended the day in green, with stocks in the FMCG sector and stocks in the consumer durables sector leading the gains.

At the closing bell, the BSE Sensex stood higher by 352 points (up 1%) and the NSE Nifty closed up by 111 points (up 1%). The BSE Mid Cap index ended the day up 1%, while the BSE Small Cap index ended the day up by 0.9%.

Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was up by 0.1% and the Shanghai Composite was down by 0.3%. The Nikkei 225 was up by 0.6%. Meanwhile, European markets were trading on a positive note. The FTSE 100 was up by 0.5%, The DAX, was up by 0.4% while the CAC 40 was up by 0.2%.

The rupee was trading at Rs 68.73 against the US$ in the afternoon session. Oil prices were trading at US$ 74.8 at the time of writing.

In news from stocks in the pharma sector. Ajanta Pharma share price is among top gainers today as the company said that the US Food and Drug Administration (USFDA) inspected its Dahej facility and issued no observations for the same.

The USFDA, after the completion of an inspection of the facility, did not issue any observations in form 483 to the company.

As per USFDA, observations are made in Form 483 when investigators feel that conditions or practices in the facility are such that products may become adulterated or render injuries to health.

The USFDA carried out inspection of the company's Dahej, Gujarat facilty from 23-27 July.

Ajanta Pharma share price ended the day up by 6.2%.

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 telecom sector. Idea Cellular share price was in focus today after it was reported that the department of telecommunications (DoT) has given the final nod to the merger of Vodafone India with Idea

While DoT gave a conditional nod to the merger, however, before the two telecom giants begin to operate as one entity, the DoT insisted on a Rs 72 billion towards one-time spectrum charges from the entities.

The DoT had asked for a bank guarantee of Rs 33.4 billion from Idea Cellular, while Vodafone has to pay Rs 39.2 billion in cash in lieu of spectrum liberalization.

Both Idea and Vodafone were expecting the merger deal to create India's largest telecom company to be completed by June 30, 2018. However, the process was stalled due to regulatory approvals.

With both the parties having deposited the demanded amount, the merger has been concluded.

Notably, Vodafone India and Idea Cellular merger is set to create India's largest telecom operator, surpassing Bharti Airtel Ltd. The top operator will have a revenue market share of around 37% and over 433 million subscribers.

The two companies were set to start operating as one entity from July 1 and for that to happen, the merger proceedings must be completed this month. Idea has called an extraordinary general meeting on June 26 to consider the proposals, including changing the name of the merged entity and raising funds of Rs 150 billion through debentures.

It will be interesting to track the progress of the new telecom leader, and whether it can sustain the pole position, in the hyper-competitive telecom industry.

Idea share price ended the day down by 1%.

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