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Sensex Opens Firm; HDFC Bank Gains on Good Q2 Result
Mon, 22 Oct 09:30 am | Rini Mehta, TM Team

Asian stocks are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 3.8% while the Hang Seng is up 1.9%. The Nikkei 225 is trading down by 0.3%. The US benchmark S&P 500 index edged lower on Friday as strong earnings from Procter & Gamble Co were offset by ongoing concerns about rising interest rates and tensions over trade policy denting economic growth.

Back home, India share markets have opened the day on positive note. The BSE Sensex is trading up by 188 points while the NSE Nifty is trading up by 50 points. The BSE Mid Cap index opened the down by 0.7% while BSE Small Cap index opened the day up by 0.2%.

Barring information technology stocks and realty stocks, all sectoral indices have opened the day in green with FMCG stocks and metal stocks witnessing maximum buying interest.

The rupee is trading at Rs 73.37 against the US$.

Pharma stocks opened the day on a mixed note with Orchid Pharma and Biocon Ltd leading the gainers. As per an article in a leading financial daily, the European Medicines Agency (EMA) has adopted a positive opinion recommending marketing authorisation of Lupin product NaMuscla. It is used for the symptomatic treatment of non-dystrophic myotonic (NDM) disorders.

Reportedly, the Committee for Medicinal Products for Human Use (CHMP), the scientific committee of the EMA, has adopted a positive opinion recommending the marketing authorisation of NaMuscla (mexiletine hydrochloride).

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NaMuscla is a product of Lupin Neurosciences, a specialty pharma division of the company.

The CHMP's positive opinion will now be reviewed by the European Commission (EC), which has the authority to approve medicines for the European Union (EU).

If approved, NaMuscla will be the first treatment licensed throughout the EU for the symptomatic treatment of myotonia in adults with NDM disorders.

According to IQVIA, a pharma consulting and research company, the largest proportion of new medicines launched in the last five years has been speciality drugs.

Here's an excerpt of what Research Analyst, Kunal Thanvi wrote about this segment recently,

  • "Going forward, speciality medicines will drive spending in developed markets.

    Indian pharma companies have been investing in their global speciality business for the last few years.

    Through this initiative, the pharma industry is trying to gradually move up in the value chain.

    However, this will entail significant front-ended investments. The corresponding revenue will accrue over a period of time."

Lupin share price opened the day up by 1.5%.

To know more about the company, you can access to Lupin's Q1FY19 result analysis and Lupin's 2017-18 Annual Report Analysis on our website.

Moving on to the news from banking sector. HDFC Bank's second-quarter FY19 net profit rose 20.6% on the back of higher net interest income and other income.

The bank posted a net profit Rs 50.1 billion for the three months ended 30th September, compared with Rs 41.5 billion in the year-ago period.

Net interest income increased 20.6% to Rs 117.6 billion, from Rs 97.5 billion in the corresponding period last year.

Other income, which includes core fee income, rose 11.4% to Rs 40.2 billion during the period, from Rs 36.1 billion a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 1.33% in the September quarter, against 1.33% in the June quarter and 1.26% a year ago.

Provisions during the quarter increased 23.3% to Rs 18.2 billion, against Rs 14.8 billion in the year-ago quarter. In the April-June quarter, the bank had set aside Rs 16.3 billion in provisions.

Post-provision, the net NPA ratio was at 0.40% against 0.41% in the April-June quarter, and 0.43% in the year-ago quarter.

Interestingly, HDFC Bank has enjoyed the distinction of being the bank with the most premium valuation for nearly two decades. For over 60 quarters, the bank has declared results which showed loan book growing over 18% YoY, net interest margins between 3.8% and 4.2% and net NPAs below 1%.

Irrespective of the rate of GDP growth, inflation and interest rates, the bank never bothered to bring big variations in operating performance.

Consistency in Valuations Over Two Decades

It happily let go of market share in risky assets and never appeased big corporate borrowers. The consistency in the valuations of the bank is something investors will have to be watchful about in coming years.

HDFC Bank share price opened the day up by 1.5%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

Read the latest Market Commentary

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