Of RBI's Monetary Policy, Upcoming IPOs, and Top Stocks in Focus Today

Thu, 5 Oct Pre-Open

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   09:30 am   

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Indian share markets continued to trade higher and finished their session on a positive note for fourth consecutive session yesterday.

At the closing bell yesterday, the BSE Sensex closed higher by 174 points and the NSE Nifty finished up by 55 points. The S&P BSE Mid Cap finished up by 0.4% while S&P BSE Small Cap finished up by 0.8%.

Gains were largely seen in pharma stocks, FMCG stocks and energy stocks. Meanwhile, metal stocks and software stocks witnessed majority of the selling activity.

Top Stocks in Focus Today

Reliance Communications share price will be in focus today. The stock of the company is witnessing selling pressure as after the company called off its merger with Aircel and its tower due to delays caused by legal and regulatory uncertainties. Reliance Communications also blamed high level of competition as one of the reasons for termination of the merger talks. Last year in September, RCom and Aircel had signed binding agreements for the merger of mobile business.

Cadila Healthcare share price share price will be in focus today. The stock of the company witnessed buying interest yesterday after the company said Zydus Cadila received final approval from the US FDA for Desmopressin Nasal spray solution USP.

Market participants will also keep tabs on Oil & gas companies as the government has cut excise duty on petrol and diesel by Rs 2 per litre.

RBI Monetary Policy

The Reserve Bank of India (RBI) kept repo rate unchanged at 6% yesterday as it anticipates upside risks to retail inflation. It also slashed its growth projections for the current fiscal and raised its inflation projections.

The six-member monetary policy committee (MPC) kept the repurchase rate-the rate at which the central bank infuses liquidity in the banking system-unchanged at 6%. The central bank maintained its neutral policy stance but acknowledging sluggish economic activity, lowered its FY18 projection for gross value added, a growth metric, to 6.7% from 7.3% earlier.

On growth, the RBI reiterated the need to revive sluggish private sector investment in order to give a fillip to the economy as well as improve demand for overall credit.

From the IPO Space...

State-run reinsurer General Insurance Corporation of India is set to raise around Rs 113.7 bn from the primary markets next week. This would make it the second biggest IPO since Coal India's share sale in 2010. The company has set a price range of Rs 855-912 a share for the IPO which will run from October 11th till October 13th.

Meanwhile, MAS Financial Services IPO will be open for public subscription from the 6th to 10th October. The company has fixed a price band of Rs 456-459 per share for its initial share sale offering, through which it is estimated to raise Rs 4.6 billion.

We'll soon review the above IPOs and release their recommendation notes. You can check the same on our IPO page.

Also, if you want to know more about IPOs and whether they are right for you, you can download our free special report - How to Get Rich with IPOs.

The Next SBI Chairman

The government has named Rajnish Kumar as the new Chairman of State Bank of India, for a three-year term. Kumar will be succeeding Arundhati Bhattacharya on completion of her term this Friday. State Bank of India share price will be in focus today on the back of this development.

Natco Pharma Receives USFDA Approval

Natco Pharma share price will be in focus today as the company's marketing partner Mylan received US drug regulator's approval for generic version of Copaxone in strengths of 40 mg/mL and 20 mg/mL.

The company said that the launching plan for the above products will be communicated after concurring with its partner Mylan. The drugs are indicated for the treatment of patients with relapsing forms of multiple sclerosis (MS), a chronic inflammatory disease of the central nervous system.

The sales for the 20 mg/mL dose was approximately US$ 700 million and for the 40 mg/mL dose was approximately US$ 3.6 billion for the 12 months ending July 31, 2017, Quintiles IMS stated.

Owing to the above development, Natco Pharma share price surged around 20% yesterday.

One shall note that USFDA alerts on Indian pharma companies have increased over the past few years. If that wasn't enough, increasing pricing pressure in the generics segment has dented realisations.

However, the recent development of USFDA expediting the drug approval process can bring some respite for Indian pharma companies. This comes as drug approvals for Indian companies have gone up 50% in the period from January to June 2017 compared to the same period last year.

While short-term pain is expected, companies with strong R&D capabilities and compliant plants will do well over the long term. The uncertainties make it important to be stock specific in the sector. It is important to look for companies that have the competence and staying power to overcome the challenges.

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

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