Sensex Opens in Green; Pharma Stocks Rally

Thu, 14 Sep 09:30 am

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Asian equities are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.04% while the Hang Seng is down 0.38%. The Shanghai Composite is trading down by 0.25%. Overnight, Wall Street edged up to a record high on Wednesday as gains in consumer discretionary and energy stocks offset losses in technology heavyweight Apple Inc.

Back home, share markets in India have opened the day on a positive note. The BSE Sensex is trading higher by 72 points while the NSE Nifty is trading higher by 26 points. The BSE Mid Cap Index and BSE Small Cap index both opened the day up by 0.8%.

Barring metal stocks and information technology stocks, all sectoral indices have opened the day in green with energy stocks and healthcare stocks leading the pack of gainers. The rupee is trading at 63.98 to the US$.

All Pharma stocks are witnessing buying interest today with only Panacea Biotech and Orchid Pharma trading in red. As per an article in a leading financial daily, Lupin has received US health regulator's nod to market generic version of Flagyl tablets in the American market.

The drug is used to treat bacterial infections. The company has received final approval from the US Food and Drug Administration (US FDA) to market metronidazole tablets in strengths of 250 mg and 500 mg.

The Mumbai-based company's product is a generic version of G D Searle LLC's Flagyl tablets which are indicated in the treatment of a wide variety of bacterial infections.

As per IMS MAT sales June data, Flagyl tablets had sales of US$ 44.1 million in the US market.

One shall note that, USFDA alerts on Indian pharma companies have increased over the past few years. Regulators used to visit the plants every two years. Now they come every eight months.

Increasing inspections has led to a total of 41 import alerts in the past eight years. This clearly signifies increased USFDA scrutiny on Indian pharma firms. If that wasn't enough, increasing pricing pressure in the generics segment has dented realizations.

Expediting Drug Approval Process to be a Positive for Industry

In this dull scenario, there appears to be some respite as the USFDA has expedited the drug approval process. Drug approvals for Indian companies have gone up 50% in the period from January to June 2017 compared to the same period last year.

Lupin share price opened up by 1.5%.

Moving on to the news from IPO space. The initial share-sale offering of construction firm Capacit'e Infraprojects was over-subscribed 1.3 times on the first day of the three-day bidding process.

Capacit'e Infraprojects' Rs 4 billion IPO received bids for 1,48,15,320 shares against the total issue size of 1,14,28,572 shares.

Meanwhile, Matrimony.com was oversubscribed 4.41 times on the last day of bidding on Wednesday.

The IPO, with an aim to raise over Rs 5 billion, received bids for 1,24,09,980 shares against the total issue size of 28,11,280 shares.

We have released our IPO note on both the above IPOs. You can access the same in our IPO section.

With so many new IPOs set to hit the market, it is prudent to be ready with a strategy to take advantage of the frenzy.

It's good to be very selective when investing in IPOs. Carefully analyse each company for its own merits and don't give in to the hype surrounding the public offering.

That's Ankit Shah's approach at Equitymaster Insider. He keeps a sharp eye on developments in the IPO space and keeps his readers up to date on the big-ticket IPOs.

Ankit and his team of researchers constantly reference this handbook on investing in IPOs. You can download a copy for yourself. It's free. Just click 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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