Sensex Opens in Green; Bharti Airtel & Axis Bank Top Gainers

Fri, 3 Nov 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.37% while the Hang Seng is up 0.35%. The Nikkei 225 is trading up by 0.53%. US equities closed mostly higher on Thursday after the details of the tax-reform plan proposed by Republicans and President Trump's nomination of Jerome Powell, Federal Reserve Governor, to be the next head of the central bank.

Back home, India share markets have opened the day on a firm note. The BSE Sensex is trading higher by 100 points while the NSE Nifty is trading higher by 23 points. The BSE Mid Cap and BSE Small Cap index opened the day up by 0.4% & 0.5% respectively.

All sectoral indices have opened the day in green with consumer durables sector, realty sector and metal sector leading the pack of gainers. The rupee is trading at 64.59 to the US$.

Bharti Airtel share price surged 2.7% in the early trade on the reports that Bharti Telecom, the promoter and holding company of Bharti Airtel will buy 4.6% stake in India's largest telecom operator from a group company -Indian Continent Investment Ltd (ICIL) - at Rs 435.37 per share, instead of the earlier stated Rs 417.35 apiece.

Pharma stocks are witnessing buying interest today with only Cipla, Panacea Biotech and Piramal Enterprises trading in red. As per an article in a leading financial daily, Dr Reddy's Laboratories has launched generic Azacitidine for injection, a cancer treatment drug, in the Canadian market.

The company's product, which is a generic equivalent of Vidaza, has been approved by Health Canada.

One shall note that, the Hyderabad-based firm is first to market with this Azacitidine for injection in Canada.

Meanwhile, Lupin has launched Doxycycline Hyclate tablets USP, used for treating various infections in the American market.

The 75 mg and 150 mg tablets were launched after receiving the approval for the from the United States Food and Drug Administration (USFDA).

They are generic versions of Aqua Pharmaceuticals, LLC's Acticlate tablets in the same strengths. As per the IMS MAT June 2017 data the tablets had annual sales of approximately US$ 263 million in the US.

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.

In such an environment, it makes sense for investors to be selective while buying stocks. Focus on value and the underlying fundamentals of the business. Then, they need not worry about the market.

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Dr Reddy's Lab share price & Lupin share price opened up by 1.7% & 0.8% respectively.

Moving on to the news from power sector. Power Grid Corporation of India Limited reported a 14.4% rise in net profit during the second quarter of financial year 2017-2018 compared to the corresponding quarter of the last financial year.

The net profit for the quarter under consideration stood at Rs 21.4 billion for the country's Central Transmission Utility. Comparably, PGCIL reported a net profit of Rs 18.7 billion in the same quarter of the last financial year.

Revenue from transmission business rose to Rs 70.6 billion during the second quarter of the current financial year. This is 13.6% higher than the Rs 61 billion revenue this business earned in the same quarter of the financial year 2016-2017.

Further, total income for the quarter stood at Rs 74.9 billion, 15.6% higher than the Rs 64.8 billion topline reported for the corresponding quarter of the last fiscal.

Power Grid Corp share price opened the day down by 0.4%.

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