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Sensex Trades in Red; Bank Stocks Top Losers
Tue, 17 Oct 01:30 pm | Prasheel Vartak, TM Team

After opening the day in red, Share markets in India have traded on a volatile note and are presently trading below the dotted line. Sectoral indices are trading on a mixed note, with stocks in the capital goods sector and stocks in the realty sector witnessing maximum buying interest, while stocks in the banking sector are leading the losses.

The BSE Sensex is down up by 56 points (down 0.2%) and the NSE Nifty is trading down by 8 points (down 0.1%). Meanwhile, the BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 64.90 to the US$.

In news from stocks in the pharma sector. Aurobindo share price is in focus today.

Aurobindo Pharma announced that it that it received final approval from the US Food and Drug Administration (USFDA), to manufacture Esomeprazole Magnesium capsules.

Esomeprazole Magnesium capsules are used in treatment of frequent heartburn, and are a generic version of AstraZeneca's Nexium 24HR capsules. The company said that the product will be launched immediately.

The company added that the approved drug achieved annual sales of US$ 300 million.

This is the 127th Abbreviated New Drug Application (ANDA), including 23 tentative approvals, to be approved out of Unit VII formulation facility in Hyderabad, used for manufacturing oral products.

Aurobindo now has a total of 335 ANDA approvals (296 final approvals including 16 from Aurolife Pharma LLC and 39 tentative approvals) from USFDA

At the time of writing, Aurobindo Pharma share price was trading up by 0.6%.

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The Indian pharmaceutical industry has come under a lot of regulatory pressure in the past few years.

The sector has faced great volatility over the years.

We had written about the current predicament of Indian pharma companies in one of the premium editions of the 5 Minute WrapUp:

  • Over the past few years, risk in the US markets has increased. The US Food and Drug Administration has become stricter on products entering US borders. Surprise inspections have increased and companies are being issued warning letters. This has impacted the business and earnings of Indian pharma players, causing major volatility for the sector.

The list of pharma sector woes is long. So, is there light at the end of the tunnel? Girish Shetty, Research Analyst thinks there is.

As per him, it doesn't make sense to paint all pharma stocks with the same brush. The leaders of the industry will certainly survive this phase. There are interesting, niche pharma stocks that are worth your attention.

Facing pricing pressures in the domestic and export markets, currency fluctuations, as well as manufacturing issues related to their plant, there is a transformation happening in the overall sector as to how business is done and will be done in the future.

Moving on to news from the IPO space. HDFC Standard Life Insurance Company has received capital markets regulator's approval to raise an estimated Rs 75 billion through an initial public offering (IPO).

The insurance firm had filed draft papers with SEBI in August and obtained its "observations" on October 13, which is very necessary for any company to launch public offer.

The public issue comprises sale over 191 million equity shares, amounting to 9.5% stake, by HDFC Ltd and up to 108, scrips, or 5.4%, holding by Standard Life Mauritius, according to the draft red herring prospectus (DRHP) filed with the regulator.

Currently, HDFC owns 61.4% stake in HDFC Standard Life and Standard Life has about 34.8%, while the remaining is with employees and PremjiInvest.

Fundraising through initial public offerings (IPOs) is set to hit a record high this calendar year, as fifteen companies have already raised more than Rs 125 billion (till July), with much bigger offerings in the pipeline.

2017 Set to be Record Year for IPOs

Five insurance company offerings are expected to raise a whopping Rs 400 billion collectively by the end of the year.

These include, state-owned General Insurance Co of India and New India Assurance Ltd and SBI Life Insurance, ICICI Lombard General Insurance, and HDFC Standard Life Insurance.

These five offerings themselves are set to make 2017 the biggest IPO year ever - even bigger than 2010, when 64 companies raised a collective Rs 375 billion through their IPOs.

While all of this seems exciting to say the least, remember that in a euphoria-filled market such as this one, a rising tide lifts all boats. Only when the euphoria and optimism recede will the real victor emerge.

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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Stock Market Updates

Sensex Ends 598 Points Lower, Nifty Settles Below 15,100-Mark; HDFC and JSW Steel Top Losers (Today's Market)

Mar 4, 2021 Closing

Indian share markets end deep in the red with the Sensex down by 598 points and the Nifty ending down by 164 points.

TORRENT POWER Share Price Up by 5%; BSE POWER Index Up 0.6% (Today's Market)

Mar 4, 2021 03:12 PM

TORRENT POWER share price is trading up by 5% and its current market price is Rs 429. The BSE POWER is up by 0.6%. The top gainers in the BSE POWER Index are TORRENT POWER (up 5.2%) and ADANI POWER (up 9.9%). The top losers are POWER GRID (down 0.7%) and NTPC (down 1.2%).

DILIP BUILDCON Share Price Up by 8%; BSE CAPITAL GOODS Index Down 0.6% (Today's Market)

Mar 4, 2021 03:12 PM

DILIP BUILDCON share price is trading up by 8% and its current market price is Rs 719. The BSE CAPITAL GOODS is down by 0.6%. The top gainers in the BSE CAPITAL GOODS Index are DILIP BUILDCON (up 8.5%) and BHEL (up 6.5%). The top losers are CARBORUNDUM UNIVERSAL (down 0.1%) and HINDUSTAN AERO. (down 1.8%).

BALRAMPUR CHINI Share Price Up by 10%; BSE 500 Index Down 0.3% (Today's Market)

Mar 4, 2021 03:00 PM

BALRAMPUR CHINI share price is trading up by 10% and its current market price is Rs 213. The BSE 500 is down by 0.3%. The top gainers in the BSE 500 Index are BALRAMPUR CHINI (up 10.3%) and BALMER LAWRIE (up 13.6%). The top losers are DIVIS LABORATORIES and PIDILITE INDUSTRIES .

INDIAN ENERGY EXCHANGE Share Price Up by 7%; BSE POWER Index Up 0.9% (Today's Market)

Mar 4, 2021 02:48 PM

INDIAN ENERGY EXCHANGE share price is trading up by 7% and its current market price is Rs 319. The BSE POWER is up by 0.9%. The top gainers in the BSE POWER Index are INDIAN ENERGY EXCHANGE (up 6.6%) and ADANI POWER (up 9.9%). The top losers are POWER GRID (down 0.5%) and NTPC (down 0.8%).

ITD CEMENTATION INDIA Share Price Up by 8%; BSE REALTY Index Up 0.3% (Today's Market)

Mar 4, 2021 02:36 PM

ITD CEMENTATION INDIA share price is trading up by 8% and its current market price is Rs 93. The BSE REALTY is up by 0.3%. The top gainers in the BSE REALTY Index are ITD CEMENTATION INDIA (up 8.5%) and INDIABULLS REAL EST (up 10.3%). The top losers are PRESTIGE ESTATES and GODREJ PROPERTIES (down 0.2%).

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