Sensex, Nifty Continue to Trade in Green; Bank Stocks Rally

Fri, 13 Oct 01:30 pm

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Indian share markets, bonds and the rupee continued to trade positively after data showed inflation held steady, instead of accelerating as expected. Gains were largely seen in bank stocks, metal stocks and realty stocks.

The BSE Sensex is trading higher by 264 points and the NSE Nifty is trading higher by 75 points. Meanwhile, the BSE Mid Cap index is trading up by 0.2% & the BSE Small Cap index is up by 0.5%. The rupee is trading at 65.10 to the US$.

Pharma stocks are trading on an optimistic note with Ajanta Pharma share price and IPCA labs share price leading the gains.

As per an article in a leading financial daily, Sun Pharmaceuticals Industries will acquire an additional 8.3% stake in its arm Ranbaxy Malaysia for MYR 2.8 million (US$ 678,000).

Ranbaxy Malaysia Sdn Bhd. is a subsidiary of the company, and the total shareholding of Sun Pharmaceutical Industries, along with its wholly owned subsidiary is 71.2%, prior to this proposed purchase of shares.

With this, Sun Pharma's stake in the company will increase to 79.5%.

Post completion of this purchase of shares, the total holding of the company along with its wholly owned subsidiary will increase from 71.2% to 79.5% in Ranbaxy Malaysia Sdn Bhd.

Interestingly, the Indian pharma majors have been on an acquisition spree over the past few years. The value of M&As that took place in 2016 were at US$ 69.75 billion. This even beats the previous record of US$ 66.96 billion set in 2007.

However, at the end of the day, whether the company is able to derive value from the acquisitions and augment the overall performance will be the key thing to watch out for.

Sun Pharma share price was trading down by 0.9% on the BSE.

Indian pharma companies catering to the US markets are breathing a sigh of relief. After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past three years, there has been a sharp pick-up in new drug approvals in FY17.

With an aim to lower the overall healthcare costs in the country, the US Food and Drug Administration (FDA) approved a record 763 generic drugs for the financial year ending 30th September. As per Mint Analysis, Indian pharma companies received 295 approvals accounting for 40% of the overall approvals during the year.

Generic Drug Approvals Hit The Roof

Even the total filings of abbreviated new drug applications (ANDAs) for generic drugs rose to 1,292 in FY17 from 852 in the previous year. While, faster approvals expedite the commercialisation of product pipelines of domestic pharma companies spurring growth.

At the same time however, it has raised the intensity of competition resulting in pricing pressures. The price erosion has been further compounded by a consolidation among US distributors and the decline in the number of products going off-patent over the past few years.

Moving on to the news from the economy. With softening prices of vegetable and cereal, India's retail inflation eased to 3.3% in September 2017, as compared to 4.4% in the same month previous year and 3.4% in August 2017.

The rate is below the Reserve Bank of India's (RBI) medium-term target of 4%, while the August inflation has been revised downwards to 3.3% from 3.4%. The inflation data also showed that the Consumer Food Price Index (CFPI) - an indicator for food prices - came down to 1.3% in September from 1.5% in August.

According to the data, vegetables prices softened to 3.9% in September as compared with 6.2% in August. Cereals prices also came down to 3.7% in September from 3.9% in August. Food and beverages during the month under consideration came at 1.8% from 4.1% in the same month last year.

However, fuel inflation rose 5.6% in September, as compared with 3.1% in the September 2016 and 4.9% in August 2017. Similarly, housing inflation grew 6.1% in September, other notable categories such as milk-based products became dearer by 3.9% and meat and fish recorded a rise of 3.2%.

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