Sensex Trades on a Volatile Note; Energy Stocks Witness Buying

Tue, 22 Aug 11:30 am

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After opening the day in green, Share markets in India witnessed volatile trading activity and are presently trading marginally above the dotted line. Sectoral indices are trading on a mixed note with stocks in the energy sector and pharma sector witnessing maximum buying interest. Realty stocks and auto sector are trading in the red.

The BSE Sensex is trading up by 75 points (up 0.3%) and the NSE Nifty is trading up by 30 points (up 0.3%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 64.24 to the US$.

In news from stocks in the pharma sector. Lupin share price is in focus today after the US drug regulator issued an Establishment Inspection Report (EIR).

As per an article in a leading financial daily, Lupin received notification that the inspection carried out by the US Food and Drug Administration (USFDA) in April 2017 at its Aurangabad facility is now closed.

The US regulator issued an EIR which closes all outstanding USFDA inspections at Lupin's Aurangabad facility.

One must note that, the plant contributes around 10-15% to the company's US sales and has several abbreviated new drug applications (ANDAs) pending approval.

Lupin's management has a proven history of dealing with regulatory challenges and making niche launches.

However, Lupin has been facing heat from USFDA for some months now. The US regulator had recently given observations on the company's Goa plant, the most important with respect to exports to the US, in April. In May, the Indore unit of the pharmaceutical manufacturer received six observations from USFDA.

US Remains Key Growth Driver

Lupin derives 43% of its global revenues from the US. The US continues to be a principle growth driver for the company. Lupin enjoys a strong brand equity in the US and is the 5th largest pharmaceuticals company by prescriptions in the country.

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

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At the time of writing, Lupin share price was trading up by 2%.

Moving on to the news from the economy. Foreign direct investment (FDI) in India zoomed 37% during the first quarter (April-June) of fiscal year 2017-18 to touch US$ 10.4 billion.

According to the figures of the Department of Industrial Policy and Promotion (DIPP), India had received US$ 7.6 billion FDI during April-June 2016-17.

The main sectors which attracted the highest foreign inflows include services, telecom, trading, computer hardware and software and automobile. Bulk of the FDI came in from Singapore, Mauritius, the Netherlands and Japan.

FDI equity inflow in manufacturing sector grew by 31% to US$ 4.2 billion during April-June this fiscal.

In addition, since the launch of 'Make in India' initiative (October 2014 - June this year), foreign inflows jumped 64% to US$ 110.1 billion from US$ 67.3 billion in the same period last year, the reports noted.

The government has announced several steps to attract foreign inflows.

The measures include liberalisation of FDI policy and improvement in business climate.

Foreign investments are considered crucial for India, which needs around US$ 1 trillion for overhauling its infrastructure sector such as ports, airports and highways to boost growth.

A strong inflow of foreign investments will help improve the country's balance of payments situation and strengthen the rupee value.

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