Sensex Opens Marginally Up; Metal & Energy Stocks Gain

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Asian equities are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.4% while the Hang Seng is up 0.2%. The Shanghai Composite is trading down by 0.4%. Meanwhile, the S&P 500 inched nearer to a record high on Tuesday, lifted by Amazon, Alphabet and Microsoft, and by a strong second-quarter earnings season that fuelled optimism about the US economy's strength.

Back home, Indian share markets have opened the day marginally up. The BSE Sensex is trading higher by 44 points while the NSE Nifty is trading higher by 12 points. The BSE Mid Cap Index and BSE Small Cap index both opened the day up by 0.1%.

Sectoral indices have opened the day on a mixed note with metal stocks and energy stocks leading the gainers. While, IT stocks and realty stocks opened the day in red. The rupee is trading at 68.80 to the US$.

Pharma stocks opened the day on a mixed note with Cadila Healthcare & J.B. Chemicals witnessing maximum buying interest. As per an article in a leading financial daily, Glenmark Pharmaceuticals has entered into an exclusive license agreement with biopharmaceutical firm Harbour BioMed to develop, manufacture and commercialise the former's novel oncology molecule (GBR 1302) for China.

Reportedly, the exclusive license agreement is potentially worth more than US$120 million (around Rs 8.2 billion), in addition to royalties.

This would give access to the Greater China market (China, Hong Kong, Macau and Taiwan) to Glenmark where it is not present at the moment.

As such there is a shortage of affordable oncology molecules in China and Indian drugmakers are working on plans to tap one of the largest regulated markets in the world.

It is significant because Glenmark is probably the only Indian company to have done a deal with Chinese company for an innovative asset. Through this, Glenmark will indirectly get access into China, the second-largest pharmaceutical market in the world, and also get access to Chinese patient pool data.

GBR 1302 is a clinical stage molecule and Harbour BioMed will lead the clinical development and commercialisation of GBR 1302, with the option to manufacture GBR 1302 for the Greater China market. The companies will collaborate on the generation of clinical data to support the registration of GBR 1302 in their respective territories

With a stringent regulatory environment in China, not many Indian companies have been able to conduct clinical trials in that market.

Notably, Glenmark has a pipeline of seven innovative molecules, which includes two new chemical entities, four new biological entities (three in oncology space, one in dermatology), and a biosimilar candidate, in various stages of clinical development, focused in the therapeutic areas of oncology, dermatology and respiratory.

Speaking of Indian pharma sector, the leading therapy segments in terms of brand launches during FY13 to FY17 were dermatology, anti-infectives, cardiology, and gastroenterology. Anti-diabetics have also been growing in double-digits for the past five years.

However, with the government bringing a number of essential drugs under price control, prescription drugs are witnessing sluggish growth. Therefore, pharma companies are now focusing on the over-the-counter (OTC) medicines.

Domestic Pharma Market in a slow lane

Thus, while pricing controls keep the operating environment tough in the domestic market, pharma companies with strong brands in the OTC category are better placed to ride the slowdown.

Glenmark Pharma share price opened the day up by 0.1%.

Moving on to the news from the economy. In the latest development, India doubled the import tax on more than 300 textile products to 20% on Tuesday as the world's biggest producer of cotton tries to curb rising imports from China.

It was the second tax hike on textiles in as many months after an increase on other products including fiber and apparels last month.

The moves are expected to provide relief to the domestic textile industry, which has been hit by cheaper imports. India's total textile imports jumped by 16% to a record US$7 billion in the fiscal year to March 2018. Of this, about US$3 billion were from China.

The government did not disclose details of the 328 textile products that will be subject to the duty increase announced on Tuesday.

Rising imports sent India's trade deficit with China in textile products to a record high US$1.54 billion in 2017-18, alarming industry officials as India had been until recently a net exporter of textile products to China.

Meanwhile, India's trade differences with the United States have also been rising since President Donald Trump took office.

India, the world's biggest buyer of US almonds, in June decided to raise import duties on almonds and some other US imports by 20%, joining the European Union and China in retaliating against Trump's tariff hikes on steel and aluminum. The increased tariff on US goods will be applicable from 18 September.

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