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Sensex Opens Flat; Axis Bank & Sun Pharma Top Losers

Tue, 7 Sep 09:30 am

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Asian share markets opened in green today as investors were cheered by the prospect of possible new economic stimulus under a future Japanese prime minister.

The Hang Seng is up 0.4%, while the Shanghai Composite is trading higher by 0.8%. Japan's Nikkei is up 0.7%.

US stock markets were shut on Monday for a holiday. US stock futures of all three main indices are trading on a positive note today.

Back home, Indian share markets have opened on a flat note, following the trend on SGX Nifty.

The BSE Sensex is trading down by 79 points. Meanwhile, the NSE Nifty is trading lower by 26 points.

Asian Paints and ITC are among the top gainers today. Axis Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.2%. The BSE Small Cap index is trading higher by 0.3%.

Sectoral indices are trading mixed with stocks in the FMCG sector and telecom sector witnessing buying interest.

Oil & gas stocks and realty stocks, on the other hand, are trading in red.

Shares of Mphasis and Tata Consumer hit their 52-week highs today.

The rupee is trading at 73.07 against the US$.

Gold prices are trading down by 0.1% at Rs 47,412 per 10 grams.

Meanwhile, silver prices are trading down by 0.1% at Rs 65,228 per kg.

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In news from the pharma sector, Cadila Healthcare is among the top buzzing stocks today.

Zydus Cadila's Covid vaccine, which is likely to be launched next month, may cost more than Covishield but will be comparable with those already approved.

The company and the government are currently in discussions on ZyCoV-D, the world's first DNA vaccine, and a decision on pricing is likely to be made soon.

The cost of the vaccine at private hospitals will also be within range of existing jabs.

ZyCov-D is developed with the support of the department of biotechnology (DBT) and the Indian Council of Medical Research (ICMR). It has shown 66.6% efficacy in an interim study.

The Indian drug regulator had on 20 August given emergency use authorisation (EUA) to the three-dose Covid-19 vaccine, the first in India that can be administered to all who are 12 years and above.

The three doses have to be administered 28 days apart, so vaccination will be complete in two months. The minimum interval between two doses of the Covishield vaccine is currently 84 days in India.

The government is expected to earmark a major chunk of the Zydus vaccine for children.

The government has been buying Covishield at Rs 157.50 and Covaxin at Rs 225.75 per dose each.

Zydus managing director Sharvil Patel has said that affordability will be the benchmark to pricing. However, the technology, capacity and volumes will also be the key factors.

Patel has said the company can manufacture 10 m doses by October and 40-50 m by January 2022.

Cadila Healthcare share price has opened the day down by 0.2%.

Speaking of Cadila Healthcare, have a look at the chart below to see how the company's stock has performed in the past 6 months.

For more details about the company, you can have a look at Cadila Healthcare's factsheet and quarterly results on our website.

Moving on to news from the media sector, Shobha Kapoor and Ekta Kapoor, managing director (MD) and joint MD of Balaji Telefilms have failed to obtain requisite votes on resolutions pertaining to their remuneration.

The two separate special resolutions on setting their salaries for the next years got 56.77% and 55.45% 'against' vote.

The resolutions require 75% 'for' votes to be approved.

Interestingly, the promoter group, which holds 34.34% stake in the company, abstained from voting on the transaction.

Reliance Industries, which holds 24.92% stake in Balaji Telefilms and is classified as a public shareholder, also abstained from voting.

RIL had acquired the stake for Rs 4.1 bn in 2018 at Rs 164 per share.

Advisory firm institutional investor advisory services (IiAS) had recommend its clients to cast 'for' votes on both the resolution despite issuing some concerns.

It remains to be seen if there is any clause that prevented the promoters from casting their vote on this particular resolution under the share purchase agreement, liAS added.

Balaji Telefilms share price has opened the day down by 1.1%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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