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Sensex Finishes on a Flat Note; Tata Stocks Rally
Tue, 19 Sep Closing | Karan Janani, TM Team

Indian share markets continued to trade range bound in afternoon session with market participants awaiting the US Federal Reserve's policy statement this week for fresh hints on the possible pace and timing of further US monetary tightening.

At the closing bell, the BSE Sensex closed lower by 21 points and the NSE Nifty finished down by 6 points. The S&P BSE Mid Cap finished up by 0.1% while S&P BSE Small Cap finished up by 0.4%. Metal stocks and capital goods stocks witnessed majority of the selling pressure. Meanwhile, gains were seen in realty stocks and energy stocks.

Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.96%, while the Hang Seng & the Shanghai Composite fell 0.38% and 0.18% respectively. European markets are mixed. The FTSE 100 is higher by 0.28%, while Germany's DAX is off 0.05%. Shares in France are unchanged.

The rupee was trading at Rs 64.18 against the US$ in the afternoon session. Oil prices were trading at US$ 50.73 at the time of writing.

Tata Motors share price surged 4.6% on the reports that Tata Sons has offered to buy nearly 1.7% of Tata Motors shares in a block trade worth Rs 20 billion at a premium of 4% over Monday's closing price.

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Meanwhile, Tata Chemicals Ltd share price and Tata Global Beverages share price also rose 2.3% and 1.3% respectively after a huge block deal.

ONGC share price finished the trading day on an encouraging note (up 0.3%) after the company's overseas subsidiary - ONGC Videsh (OVL) and its consortium partners in Azerbaijan have entered into an agreement with Azerbaijan Government and its State Oil Company of the Azerbaijan Republic (SOCAR) for extension of the duration of the Production Sharing Agreement for AGC oil fields until December 31, 2049.

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OVL holds a participating interest in ACG oil fields in the Azerbaijan sector of Caspian Sea. The other partners in the consortium are BP, Chevron, INPEX, Statoil, ExxonMobil, TPAO and ITOCHU. The agreement is subject to ratification by Parliament (Milli Majlis) of the Republic of Azerbaijan.

OVL agreed to pay US$3.6 billion in bonus to the government and higher stake in the fields to the state oil firm of the Central Asian nation.

Meanwhile, as per an article in The Economic Times, the oil ministry is finalising a policy that envisages offering control to private players in several producing fields that were given to ONGC in the past without an auction. Players promising higher production will get majority interest in the so-called nomination fields while ONGC will retain minority interest.

Last year, the government auctioned ONGC's 63 small discovered fields which it had not developed. It's planning to take away another 20 idling fields this year for the next auction. A draft policy issued by DGH last month proposed an exit of ONGC from six fields where the company is not finding it viable to pay the full cess and royalty.

As per the reports, the oil ministry stated that the measures were needed to raise national oil and gas output that has stagnated for years.

Hindustan Petroleum Corporation Ltd (HPCL) share price finished up by 2.7% on reports of planning to add up to 5 million tonnes (mt) of petrochemical production capacity over the next five years. The company will invest a significant portion of its planned Rs 610 billion capital expenditure for that period.

Besides this, the state-owned oil refiner is in talks with the Andhra Pradesh government to set up a 1.3 mt petchem plant in Kakinada along with GAIL. Additionally, the licensor has been selected for the company's existing refinery in Bhatinda, Punjab, to set up petchem capacity of 1.3 mt in the next couple of years.

Moving on to news from mining sector. Coal India share price plunged 2.5% in today's trade after it was reported that the company's subsidiary Mahanadi Coalfields may face a penalty of over Rs 200 billion following a Supreme Court order that rendered illegal all mineral production in violation of environmental laws.

The Odisha government is evaluating the company's liability after the top court in its August 2 verdict ordered the state to recover the value of all minerals produced without or in excess of caps under environment, forest laws, pollution control rules and mining plans.

Notices have been issued to 152 lessees which include Orissa Mining Corporation, Tata Steel and Aditya Birla company Essel Mining for recovery of Rs 175.76 billion by the Odisha Directorate of Mines.

Glenmark Pharmaceuticals Ltd share price rose 1.4% following the company's announcement that it has received approval from the US Food and Drug Administration (USFDA) for generic version of Desonide ointment.

The company plans to file close to 25 product applications annually over the next five years, the company's chairman has said. The firm also expects to launch nearly 20 products annually.

As per a leading financial daily, over the next three years, generics will continue to fuel the company's growth. The company's pipeline of specialty products, to be rolled out over the next 3-4 years, is expected to act as a defence against generic price erosion and increase in competition, and boost profitable growth.

The BSE Healthcare Index has been going through more than a blip. Domestic and export markets have both been challenging. Government regulations on branded generics have proved a roadblock in domestic markets. In developed markets, stringent USFDA checks on manufacturing plants along with price erosion in generics have eroded profitability.

Price to Earnings Ratio (PE) of Top Pharma Companies

There is a structural change taking place in the pharma sector overall as to how business is done and will be done in the future.

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Mar 21, 2018 (Close)