Escalating Geo-political Tensions, Rising Gold Prices & Other Top Cues in Action Today

Tue, 5 Sep Pre-Open

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Indian stock markets ended the previous session lower amidst rising geopolitical tensions. The BSE Sensex closed lower by 190 points while the NSE Nifty finished lower by 62 points. All BSE sectoral indices ended the day in negative zone. Among them, realty index fell 1.4%, followed by information technology sector (1%) and banking sector (0.8%).

This was after North Korea conducted its sixth and most powerful nuclear test on Sunday. This will further escalate the probability of a military response from the United States if it feels itself or its allies threatened.

Top Stocks in Focus

Lupin share price is expected to be in focus after the pharma major announced the launch of its Olmesartan Medoxomil tablets, 5 mg, 20 mg and 40 mg having received an approval from the United States Food and Drug Administration (FDA) earlier.

Lupin's Olmesartan Medoxomil tablets, 5 mg, 20 mg and 40 mg are the AB rated generic equivalent of Daiichi Sankyo Inc.'s Benicar® tablets. It is indicated for the treatment of hypertension, alone or in combination with other antihypertensive agents, to lower blood pressure.

Benicar® tablets had US sales of USD 681 million (IMS MAT July 2017).

Ajanta Pharma is likely to be in focus today after the company announced that it has received final ANDA (abbreviated new drug application) approval from the US Food and Drug Administration (USFDA)for Entacapone Tablets. This new approval is part of a portfolio of products that the company has developed for the US market.

The tablets are a bioequivalent generic version of Comtan 1 Tablets and are used for the treatment of Parkinson's disease.

In total, Ajanta Pharma has 35 ANDAs of which it has final approvals for 20 ANDAs; tentative approvals for 2 ANDAs; and 13 ANDAs are under review with USFDA.

IPO Buzz

In the news from IPO sector, Apex Frozen Foods made a strong debut on the bourses yesterday. The company, which ran its IPO between August 22-24, got listed at Rs 199.90 on BSE today. This represents around 14% premium over its issue price of Rs 175. It ended the day at 209.85 on BSE, a gain of 20% over its issue price.

Apex Frozen Foods is an integrated producer & exporter of shelf stable quality aquaculture products. The company supplies its ready-to cook products to a diversified customer base consisting of food companies, retail chains, restaurants, club stores and distributors spread across the developed markets of USA, UK and various European countries.

To know more about the company, you can read our IPO note on Apex Frozen Food Ltd.

Speaking of IPOs, two IPOs viz. Dixon Technologies and Bharat Road Network are headed to the market with their initial share sale offers this week. The initial public offerings of both these companies will be open for subscription during 6th-8th 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.

Foreign Institutional Investor (FIIs) Net Sellers in August

FIIs pulled out US $2 billion from Indian Stock markets in response to the global uncertainty. FIIs have normally been seen to be sensitive to global cues and in this case have moved their money from emerging markets to debt instruments.

The interesting part is that Domestic institutions pumped in US$ 1.5 billion in the markets. This more than compensated for the FII selling.

Usually, when FIIs would sell, the market would tank but not these days. The huge amounts of money coming into the market from mutual funds, insurance companies, and pension funds has kept the market afloat.

Gold Near to its Yearly High Levels

Investors rushed to buy safe haven assets amidst the escalating geopolitical tensions between North Korea and the United States. Spot gold was up by 0.9% at US $1336 per ounce, after touching its highest levels at US $1339.47 since September last year.

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