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Sensex Slips 500 Points to Breach 37,000-Mark; Vedanta & Tata Motors Top Losers

Thu, 1 Aug 12:30 pm

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Share markets in India have extended their losses amid weakness in global markets after the US Federal Reserve lowered interest rates by 25 basis points and signaled it may not need to do more. The US Fed lowered interest rates for the first time in a decade.

All sectoral indices are trading on a negative note with stocks in the metal sector, IT sector and capital goods sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 501 points (down 1.3%), while the NSE Nifty is trading down by 112 points (down 1.3%). The BSE Mid Cap index is trading down by 0.7% and the BSE Small Cap index is trading down by 0.9%.

The rupee is trading at Rs 69.05 against the US$.

Market participants are tracking Bharti Airtel share price, Godrej Consumer share price, Raymond share price, and Cera Sanitary share price as these companies are set to announce their June quarter (Q1FY20) results later today.

You can read our recently released Q1FY20 results: Jagran Prakashan, Hero MotoCorp, UPL, Axis Bank, IOC, Vinati Organics.

In news from the pharma sector, Sun Pharma has filed an application for manufacturing and marketing authorization of Tildrakizumab for moderate-to-severe psoriasis and psoriatic arthritis with the Pharmaceuticals and Medical Devices agency (PMDA), Japan.

Reports state that the recent acquisition of Pola Pharma in Japan will help the company leverage strong presence in the dermatology segment to commercialize Tildrakizumab post regulatory approval. The company had acquired Pola Pharma in January 2019.

Meanwhile, the United States Food and Drug Administration (USFDA) has conducted inspection at Unichem Laboratories' Goa formulation facility from July 22 to July 31, 2019.

The inspection was a routine GMP surveillance and post approval inspection for the ANDAs submitted from this facility.

At the end of inspection, the facility received 4 observations, with no repeat observations and are mostly procedural in nature.

To know more, you can read Unichem Lab's annual report analysis on our website.

Sun Pharma share price and Unichem Lab share price are presently trading down by 1.7% and 1.2%, respectively.

Moving on, CARE Ratings share price is witnessing selling pressure today after the rating agency reported 46% decline in its consolidated net profit at Rs 135 million.

Shares of the company fell 19% to hit their respective 52-week lows, on back of the above news.

Consolidated operational revenues slipped 17% at Rs 4,990 million against Rs 6,000 million in the corresponding quarter of previous fiscal. Operating profit margin during the quarter contracted to 20.1% from 45.6% in the previous year quarter.

The company informed exchanges that the Board of Directors at its meeting held on July 31, 2019, declared the 1st Interim Dividend of Rs 3 per equity share of face value of Rs 10.

Last month, the rating agency was in focus after it sent managing director and chief executive Rajesh Mokashi on leave after an anonymous complaint was filed against him to the regulator.

Note that rating companies have been facing criticism amid a series of defaults over the past eight months.

This is not the first time that rating agencies have been in the spotlight for wrong reasons. They have been often accused for failing to red flag financial catastrophes in the rated companies.

At Equitymaster, we have been writing about the fact that an AAA rating is hardly a guarantee of financial health since 2009. Not just in India, but globally, the big rating agencies have been too powerful. Most of them escaped untouched ever after the massive US subprime crisis of 2008.

And in India, be it in the case of Amtek Auto or Kingfisher Airlines, rating agencies have time and again been caught on the wrong foot. More recently, in the case of Zee and DHFL too, the rating agencies were caught napping.

Even then, investors continued to remain in awe of the rating companies. The stocks fetched steep valuations.

One, because the two largest rating agencies in India are subsidiaries of global giants S&P and Moody's.

Two, because they corner a massive chunk of the rating market share.

Three, because the cash rich companies have immense potential to pay out or multiply shareholder wealth.

High Cash Levels in the Books of Rating Agencies

Here's what co-head of research at Equitymaster, Tanushree Banerjee wrote in one of the edition of The 5 Minute WrapUp:

• India's debt market remains at a nascent stage. So, the rating agencies have immense potential to grow as the market matures.
  
  Therefore, there is no denying that the business of rating agencies is not withering away anytime soon.
  
  The only risk is stricter regulation and accountability. Both of which could be benign for the long term.
  
  The stocks of rating agencies are not completely immune to such crisis.
  
  The last time this big rating agency was as cheap and out-of-favor as it is today, the stock had corrected by 40% in six months. But then, it went on to move up 400% in the next three years.
  
  The cleanup in India's financial sector is far from over. And like the auditors, the rating agencies will continue to remain a part of the cleanup.

She believes a few of these companies could lead India's financial sector revival. They could be the catalysts of what she calls the Rebirth of India. And go on to create massive wealth.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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