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Indian markets open in red
Tue, 10 Nov 09:30 am

Barring the stock market in China (up 0.3%), major Asian stock markets have opened the day on a disappointing note. Stock markets in Korea (down 1.5%) and Hong Kong (down 1%) are the top losers in the pack. Major stock indices in Europe and US ended their previous session on a dismal note. The rupee opened trading at 66.33 per US$.

Meanwhile, Indian stock markets have opened the day on a negative note owing to weak global cues. The BSE-Sensex is trading lower by 130 points (down 0.5%) and NSE- Nifty is trading lower by 35 points (down 0.4%). BSE Mid Cap is trading marginally lower by 0.08%. However, BSE Small Cap is trading higher by 0.2%. Majority of the sectoral indices have opened the day on a weak note too. Stocks from oil & gas and telecommunication sector are witnessing maximum selling pressure.

Tata Power reported its results for the quarter ended September 2015. The company reported a growth in consolidated revenues by 7% on a YoY basis. The revenues expanded on the back of increase in generation of electricity which grew by 6.6% YoY.

The losses from the Ultra Mega Power Project (UMPP) in Mundra reduced significantly by 73% to Rs 740 m for the quarter ended September. This was largely due to fall in the prices of coal.

The operating profits of the company reported a growth of 19% owing to lower fuels costs and higher output. The company reported a profit of Rs 2473 m in this quarter as compared to a loss of Rs 777 m in the year ago period.

Going forward, delay in the order for the compensatory tariff for the Mundra plant and the stake sale from the Arutmin coal mine in Indonesia will be the key things to watch out.

The stock of Tata Power is trading up by 2%.

Dr Reddy's had recently received a Warning letter from the USFDA regulator on its three facilities. As reported in a financial daily, among the various concerns highlighted by the USFDA, it also expects the company should increase the scope of work from the third party. A third party audit is conducted when the regulator does not have comfort about a company's internal procedures. The special audit is ordered, just few days after the company has received a warning letter from the regulator stating violation of its manufacturing standards at three of its plants in India. The violation in the manufacturing standards was in relation to inadequate quality control in documentation and lab testing procedures.

The warning would mean that the company will not receive any approvals for the new drugs at the above three plants until it fixes the problems, while it can continue to manufacture and supply existing products in the US market. The company is taking various remedial measures, including site transfer of its products that are being manufactured in these facilities. Quite recently, Bhavita Nagrani our in-house Pharma Analyst had written an interesting piece on the growing regulatory issues, in one of our 5 Minute Premium edition(subscription required). Here she has discussed in-depth about the changing regulatory landscape, and challenges that companies like Dr Reddy's are facing. Read on to know more about them.

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Jun 28, 2017 03:37 PM

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