Sensex Opens Lower After North Korea's Nuclear Test; Sun Pharma Opens Down by 1.3%

Mon, 4 Sep 09:30 am

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Asian stock markets are lower today as tensions elevated on the Korean Peninsula early after North Korea said it tested a hydrogen bomb over the weekend. The Shanghai Composite is off 0.1% while the Hang Seng is down 0.45%. The Nikkei 225 is trading down by 0.86%.

Back home, Indian share markets have opened the day marginally lower. The BSE Sensex is trading lower by 52 points while the NSE Nifty is trading lower by 18 points. The BSE Mid Cap and BSE Small Cap index opened the day on a flat note.

Sectoral indices have opened the day on a mixed note with metal stocks and auto stocks leading the pack of gainers. While, bank stocks and FMCG stocks have opened the day in red. The rupee is trading at 63.98 to the US$.

Sun pharma share price opened the trading day down by 1.3% on the BSE after the company said its short-term outlook continues to be challenging and expects a single-digit decline in consolidated revenues for 2017-18.

As per Livemint, increased competitive intensity and customer consolidation is leading to pressure on pricing for the company; while continued delay in approvals from the Halol facility is also impacting the company's working.

On US Food and Drug Administration (FDA) inspection, Shanghvi said on completion of re- inspection, the USFDA issued nine observations for the Halol facility and the company is currently in the process of implementing the requisite remediation steps.

The company also plans to invest in enhancing product pipeline for emerging markets and other non-US developed markets.

Moving on to news from the aluminium sector. As per an article in The Livemint, Aditya Birla Group has earmarked at least US$3 billion for acquisitions in its aluminium business Hindalco Industries Ltd.

The funds will be used to acquire assets in the aluminium space with an eye on increasing focus on the downstream sector which is a shift from the midstream business that Hindalco currently operates in.

The company made its biggest downstream investment in 2007 when it acquired US-based aluminium cans and packaging material maker Novelis Inc. for around US$6 billion. Reportedly, the company is also valuating possible bids for Constellium NV and Aleris Corp. as Birla seeks to grow its aluminium operations overseas.

Earlier in March, Hindalco raised around Rs 33 billion through a qualified institutional placement (QIP) offering, which it planned to use for acquisition opportunities and debt repayment. The stock price of Hindalco has gained more than 50% since the start of 2017.

Hindalco share price opened the day on a flat note.

In news from IPO sector, Dixon Technologies and Bharat Road Network-are headed to the market with their initial share sale offers this week to raise an estimated Rs 12 billion. The initial public offerings of both will be open for subscription during 6-8 September.

Dixon Technologies, a consumer electronics manufacturer, has fixed a price band of Rs 1,760-1,766 per share for its IPO, through which it aims to raise about Rs 6 billion. Meanwhile, Bharat Road Network, a Srei Infrastructure Finance initiative, has fixed price band of Rs 195-205 per share for its IPO and also aims to raise Rs 6 billion.

2017 Set to be Record Year for IPOs

Fundraising through initial public offerings (IPOs) is set to hit a record high this calendar year, as fifteen companies have already raised more than Rs 125 billion (till July), with much bigger offerings in the pipeline.

Five insurance company offerings are expected to raise a whopping Rs 400 billion collectively by the end of the year. State-owned General Insurance Co of India and New India Assurance Ltd, which have both filed their draft red herring prospectus (DHRP) with the regulators, are expected to raise a mammoth Rs 100 billion each. Similar offerings from SBI Life Insurance, ICICI Lombard General Insurance, and HDFC Standard Life Insurance are set to raise around Rs 70 billion, Rs 50 billion, and Rs 75 billion, respectively.

These five offerings themselves are set to make 2017 the biggest IPO year ever - even bigger than 2010, when 64 companies raised a collective Rs 375 billion through their IPOs.

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