Sensex Trades Strong; Infosys up 4%

Mon, 28 Aug 01:30 pm

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After opening the day in green, Share markets in India have continued the momentum and are presently trading above the dotted line. Sectoral indices are trading on a positive note, with stocks in the IT sector and the realty sector witnessing maximum buying interest.

The BSE Sensex is trading up by 180 points (up 0.6%) and the NSE Nifty is trading up 57 points (up 0.6%). Meanwhile, the BSE Mid Cap index is trading up by 0.8%, while the BSE Small Cap index is trading up by 0.9%. The rupee is trading at 63.88 to the US$.

Infosys share price continued its positive momentum after its former CEO Nandan Nilekani reutrns to take charge as non-executive chairman.

In news from stocks in the pharma sector. Dr Reddy's Lab share price is in focus today after a law firm representing an investor in the company filed a class action lawsuit against the company, its CEO and CFO alleging violations of US federal securities laws.

The pharma giant said that a class action lawsuit has been filed against it on behalf of shareholders, alleging that the company misled investors causing them to lose money on their investments.

In a regulatory filing, the drug maker said that the lawsuit alleges that the company made materially false and/or misleading statements or omissions in connection with its corporate quality system, and specifically in connection with a warning letter from the US Food and Drug Administration dated November 6, 2015, and a letter from the Regierung von Oberbayern in Germany dated Aug 10, 2017.

However, the company said that it believes the claims to be without merit and that it would respond to the allegations when it may be required to do so by the courts.

The case was filed on Aug 25 in the United States District Court for the District of New Jersey.

At the time of writing, Dr Reddy's share price was trading down by 2%.

The Indian pharmaceutical industry has come under a lot of regulatory pressure in the past few years.

The sector has faced great volatility over the years.

We had written about the current predicament of Indian pharma companies in one of the premium editions of the 5 Minute WrapUp:

• Over the past few years, risk in the US markets has increased. The US Food and Drug Administration has become stricter on products entering US borders. Surprise inspections have increased and companies are being issued warning letters. This has impacted the business and earnings of Indian pharma players, causing major volatility for the sector.

The list of pharma sector woes is long. So, is there light at the end of the tunnel? Girish Shetty, our research analyst thinks there is.

Is the Worst Over for all the Pharma Stocks?

As per him, it doesn't make sense to paint all pharma stocks with the same brush. The leaders of the industry will certainly survive this phase. There are interesting, niche pharma stocks that are worth your attention.

Facing pricing pressures in the domestic and export markets, currency fluctuations, as well as manufacturing issues related to their plant, there is a transformation happening in the overall sector as to how business is done and will be done in the future.

In news from stocks in the telecom sector. Idea Cellular share price is in focus today after the Telecom Regulatory Authority of India ordered the telecom major to deposit Rs 29.7 million for overcharging its subscribers.

The amount is to be deposited in the Telecom Consumers Education and Protection Fund as Idea is unable to refund its customers as there is no availability of rated call records.

The issue dates back to 2005 when the Department of Telecom (DoT) amended licences to permit inter-service area connectivity among telecom operators within four states - Maharashtra, West Bengal, Tamil Nadu and Uttar Pradesh.

As per the amendment, calls within each of these states were treated as intra-service area (or local) calls for the purpose of call routing and levy of access deficit charge.

The regulator said that despite the amendment, several private GSM operators were charging higher rates for calls terminating on network of state-run firms BSNL and MTNL compared to calls made on network of private operators within the boundary of these states.

The Telecom Regulatory Authority of India in February 2006 directed mobile service providers to differential rates being levied by them on subscribers. It asked operators to refund excess amount that they charged to their customers.

At the time of writing, Idea Cellular share price was trading up by 0.5%.

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