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Sensex Opens Flat; Axis Bank & Tata Steel Top Gainers

Tue, 31 Oct 09:30 am

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Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.36% while the Hang Seng is down 0.11%. The Shanghai Composite is trading down by 0.28%. Overnight US stocks closed lower as investors weighed tax reform.

Back home, Indian share markets opened the day on a flattish note. The BSE Sensex opened lower by 60 points while the NSE Nifty opened down by 13 points. The S&P BSE Mid Cap and  S&P BSE Small Cap are trading up by 0.3% & 0.2% respectively. The rupee was trading at Rs 64.93 against the US$.

Sectoral indices opened the day on a mixed note with information technology stocks and energy stocks leading the losses. While, consumer durables stocks & capital goods stocks have opened in green.

Axis Bank share price surged 3.4% in the early trade on the reports that Bain Capital is in advanced talks with the Bank to invest between US$750 million and US$1 billion in what could be one of the largest private equity investments in the Indian banking sector.

Pharma stocks opened the day on a mixed note with Indoco Remedies and Orchid Pharma leading the losses. As per article in a leading financial daily, Zydus Cadila received approval from the US health regulator to market Clobetasol Propionate ointment. The ointment is used to treat a range of skin conditions.

The company has received final approval from the US Food and Drug Administration (USFDA) to market its product in the American market.

The ointment will be manufactured at the company's Ahmedabad-based facility.

Notably, the Zydus group has now more than 165 product approvals.

One shall note that, 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.

Generic Drug Approvals Hit The Roof

With an aim to lower the overall healthcare costs in the country, USFDA 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.

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.

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Cadila Healthcare share price opened up by 0.7%.

Moving on to the news from steel sector. Tata Steel on Monday posted a consolidated net profit of Rs 10.2 billion for the quarter ended 30 September 2017. The company had reported a consolidated net loss of Rs 494 million in the July-September quarter a year ago.

Total income during the second quarter increased to Rs 327.2 billion as against Rs 272.3 billion in the year-ago period.

During July-September 2017, total expenses of the company were also higher at Rs 305.7 billion as compared to Rs 268.7 billion a year ago.

Further, deliveries from India operations grew 17% year-on-year to 3.1 million tonnes in the quarter despite subdued market conditions. Wider product range enabled entry into new segments.

Consolidated quarterly total steel deliveries were up 15% to 6.5 million tonnes, with Indian deliveries contributing about 48% of the total.

During the quarter finished steel demand grew by just 4% QoQ. This was primarily due to subdued demand driven by the GST related issues, slower economic activity, the reports noted.

Reportedly, Tata Steel, which has reportedly shown an interest in the distressed assets of <>Essar Steel and Electrosteels Steel, is banking on the Thyssenkrupp arrangement in Europe to deliver its balance sheet.

Meanwhile, the company remains positive on the outlook for India as government reforms are expected to facilitate domestic investment and growth. The thrust on tax reforms and transparency will facilitate the formalisation of economy and serve as tailwind to players like Tata Steel.

Tata Steel share price opened the day up by 0.6%

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