NMDC's Capex Plan, Cadila Healthcare's Vaccine Update, and Buzzing Stocks Today

Wed, 8 Sep Pre-Open

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Indian share markets ended on a flat note yesterday amid muted investor sentiment across global markets.

At the closing bell yesterday, the BSE Sensex stood lower by 17 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 16 points (down 0.1%).

Bharti Airtel and HDFC were among the top gainers.

Sun Pharma and BPCL, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.2% and 0.4%, respectively.

Sectoral indices ended on a mixed note with stocks in the realty sector, IT sector and oil & gas sector witnessing most of the selling pressure.

Telecom and consumer durables stocks, on the other hand, witnessed buying interest.

Shares of Linde India and Voltas hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 47,250 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani discusses why he believes the future is bright for the stock market in the long-term, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Cadila Healthcare.

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.

Welspun India share price will also be in focus today.

Welspun India share price rose nearly 10% on the BSE yesterday after the company received USFDA approval for its 3-ply surgical mask.

It becomes the first Indian company to receive one of the stringent and most recognized quality approval i.e. US Food and Drug Administration (FDA) 510 (k) clearance for its 3-ply surgical mask.

Certified by BIS and CE already, this product from Welspun India has got all required certifications to supply to global markets including critical medical uses.

Dipali Goenka, MD and CEO of Welspun India said,

• Welspun has always pioneered innovation and aimed to set global benchmarks for excellence. I am delighted that Welspun India is the first Indian Company to receive US FDA 510(k) clearance for its 3 Ply Surgical Masks.
  
  This is a remarkable validation of our philosophy of keeping 'people ahead of everything' and we will channelize the momentum to further take the quality of healthcare products a notch higher at the global stage.

The company said that its 3-ply surgical masks are made with 100% polypropylene and offer 98% protection against bacterial load.

Simultaneously, the WN-95 FFP 2 respiratory masks have been CE certified, enabling exports to global markets including Europe, Asia Pacific, Middle East, and Africa amongst others.

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NMDC Draws Up Capex of Rs 37.5 bn

NMDC is planning a capital expenditure of Rs 37.5 bn for the financial year 2022 and an iron ore output of 44 MT (million tonnes), up from 35 MT achieved during 2021.

The state-owned iron ore mining major has registered strong volume growth and revenue growth during the first five months of this fiscal ended August 2021 and expects to sustain this growth.

At an investor meet, Sumit Deb, CMD, NMDC, said,

• We have targeted iron ore output of 44 MT this fiscal. And we are drawing up a big capex plan so that we can achieve a target of 100 MT per annum of iron ore output within 4-5 years.

A large chunk of the capex, Rs 21.5 bn, is for the 3 MTPA (million tonnes per annum) Nagarnar Steel plant and the rest, Rs 16 bn is for other projects including the slurry pipeline and its trading plant at Kirandul.

Apart from that the company will be spending some money in the coal blocks, which are in the nature of strategic payments.

Healthium Medtech Files Draft Papers

Healthium Medtech, the country's second largest medical consumables and surgical sutures company, has filed draft papers with the market regulator to raise funds via initial public offering (IPO). Healthium Medtech is promoted by Apax Partners.

In June 2018, the London-based private equity fund acquired close to 100% stake from the then existing shareholders including TPG Growth, CX Partners and founding shareholders for around Rs 19.5 bn. TPG Growth owned around 73% while CX Partners held a 12% stake in the firm.

The IPO comprises fresh issue of equity shares worth Rs 3.9 bn and an offer for sale (OFS) of up to 39.10 million shares by existing shareholders and promoters.

The OFS will see sale of up to 39 million shares by Quinag Acquisition (FDI) and up to 1 lakh shares by Mahadevan Narayanamoni. Currently, Quinag Acquisition FDI holds 99.79% stake in the firm.

ICICI Securities, CLSA India, Credit Suisse Securities India and Nomura Financial Advisory and Securities India are lead managers to the issue.

Proceeds from the issue, worth Rs 500.9 m, will be used to repay debt, while Rs 1.8 bn will be invested into its arm Sironix, Clinisupplies and Quality Needles and Rs 580 m will be used for acquisition and other strategic initiatives.

Healthium Medtech focusses on products used in surgical, post-surgical and chronic care. It operates across India, the UK and rest of the world and four focus areas, namely, advanced surgery, urology, arthroscopy and wound care.

How the IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

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

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