Sensex Finishes Flat; Realty & Energy Stocks Fall

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Indian share markets witnessed some selling pressure in the final hours of trade to finish on a dull note amid subdued global cues. At the closing bell, the BSE Sensex closed marginally higher by 21 points, whereas the NSE Nifty finished higher by 11 points. The <>S&P BSE Midcap finished the day down by 0.2% & the S&P BSE Small Cap finished up by 0.2%.

The rupee was trading at 66.58 to the US$ at the time of writing, while oil prices were trading at US$ 49.6.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 1.45%, while the Hang Seng & the Nikkei 225 fell 0.42% and 0.23% respectively. European markets are mixed today. The DAX is up 0.22% while the FTSE 100 gains 0.07%. The CAC 40 is even.

As per an article in a leading financial daily, Dr Reddy's Laboratories has forayed into the Colombian market to sell cancer drugs.

Reportedly, company's initial focus would be to provide access to affordable cancer medicines to patients through its proven portfolio of oncology products.

The company currently operates in 26 countries, being the second largest generic oncology injectable company by value in the US and a leading generic oncology company in India. Whether its entry in the Columbian market will widen its footprint in this space will be the key thing to watch out for going forward.

In another development, it was reported that, The National Pharmaceutical Pricing Authority (NPPA) has slashed the prices of over 30 essential medicines. In a bid to make several cancer medicines and antibiotics cheaper, the body has cut the prices by as much as 55%, the reports noted.

Further, the price of anti-cancer drug Imatinib has been capped at Rs 72.03 per capsule. According to NPPA, the medicine was earlier sold for up to Rs 85.50 per capsule. Similarly, prices of essential drugs including, anti-viral drug and a few antibiotics have been revised.

Shares of Dr Reddy's ended the day up by 0.9%.

Moving on to news from HYPERLINK "https://www.equitymaster.com/stockquotes/sector.asp?sector=energy" stocks in oil & gas sector. As per an article in Livemint, Oil India plans to undertake 20 development drilling wells in Jaisalmer district of Rajasthan at an estimated cost of Rs 2.2 billion.

Reportedly, Oil India had discovered natural gas in Jaisalmer sub-basin of Tanot fields and heavy oil in the Bikaner-Nagaur sub-basin in early nineties. Now, the company has received the green nod for development drilling of 20 wells in Baghewala mining lease block in Jaisalmer district.

Further, about one million metric standards cubic meter per day of gas is expected to be produced from these blocks. Later, it will be processed at the Dandewala gas processing complex. Oil India has over one lakh sq km of petroleum exploration licence or mining lease areas. These areas account for its majority of crude oil and gas production.

In another development, shares of Cairn India advanced as much as 3% today despite reporting a fall in its oil & gas production. The company reported a 4.34% drop in oil and gas production for the second quarter FY 2016-17 at 18.1 million barrels of oil equivalent as compared to 18.9 barrels of oil equivalent in the same quarter last year.

However, gross production from Rajasthan was marginally higher by 0.45% quarter-on-quarter. Encouraging results from Mangala EOR, driven by enhanced well productivity and new wells coming online, increased the EOR contribution to production from 42 kboepd in Q1 FY17 to 52 kboepd in Q2 FY17.

In oil & gas sector, government is looking to merge 13 state oil companies to create a giant corporation. The idea is that the creation of such a giant firm will catapult India into a much bigger league. Whether this highly ambitious plan will be successfully executed remains the big question.

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