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Sensex Tumbles Further; Sun Pharma Up 4% on Strong Q2 Results

Fri, 11 Nov 01:30 pm

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The Indian share markets continue to trade deep in the red during the noon trading session tracking cues from Asian markets and a caution ahead of the industrial production data, due later in the day. All sectoral indices are witnessing major selling activity with realty & consumer durable stocks leading the losses.

The BSE Sensex is trading lower by 507 points (down 1.8%) while the NSE Nifty is trading lower by 171 points (down 2.0%). The BSE Mid Cap index is trading down by 3.2% and BSE Small Cap index is trading down by 2.9%. Gold prices, per 10 grams, are trading at Rs 29,775 levels. Silver price, per kilogram is trading at Rs 44,122 levels. Crude oil is trading at Rs 2,986 per barrel. The rupee is trading at 67.01 to the US$.

Cement stocks were trading in the red with Mangalam Cement and India Cements bearing the maximum brunt. As per an article in The Economic Times, Cement manufacturers have moved to the Competition Appellate Tribunal (COMPAT) against Rs 67 billion penalty slapped by the fair trade regulator Competition Commission of India (CCI).

This move comes after CCI slapped a penalty on 11 cement firms including ACC, Ambuja, Ramco and JK Cement as well as the industry body Cement Manufacturers Association (CMA) for indulging in cartelization in August this year. Besides penalizing the CMA, CCI had directed all the firms to cease and desist from indulging in any activity relating to agreement, understanding or arrangement on prices, production and supply of cement in the market. Tribunal had also set aside fine on the 10 firms imposed earlier.

In this regard, some cement manufacturers have filed an appeal before COMPAT against CCI order. Reportedly, CCI has this time imposed a fine of Rs 11.5 billion on ACC, while penalties on Jaiprakash Associates and Ultratech is Rs 13.2 billion and Rs 11.7 billion, respectively.

Further, the fines on other firms are Rs 2.7 billion on Century, Rs 1.9 billion on India Cements, Rs 1.3 billion on J K Cements, Rs 4.9 billion on Lafarge, Rs 2.6 billion on Ramco. On ACL with Rs 11.6 billion and Binani Rs 1.7 billion. Through a separate order CMA faced a fine of Rs 7.3 million.

Also recently, the Rajya Sabha approved the amended Mines and Minerals Development and Regulation (MMDR) Bill, 2016. Rahul Shah, Co-head of Research explains how the amended law will be a big positive for cement companies. (Subscription Required)

Moving on to the news from . Wockhardt Ltd.'s share price fell 3% in morning trade after the company posted a decline of 81.59% in its consolidated net profit at Rs 170 million for the second quarter ended September on account of a dip in sales. Net profit was Rs 924.5 million in July-September a year ago

Wockhardt's total income on consolidated basis was down 13.41% during the quarter under review to Rs 10.64 billion as against Rs 12.29 billion in the year-ago period. International business contributed 59% of the total revenues during the second quarter of 2016-17.

Wockhardt's total expenses came in at Rs 10.02 billion, down 5.93%.

In another development, Wockhardt has received its board's approval for acquisition of 100% stake in Wockhardt France (Holdings) S.A.S. (WFH) (an existing step down subsidiary of the company) from Wockhardt Bio AG (WBG), a subsidiary of the company.

With this acquisition, WFH shall become a direct wholly owned subsidiary of the company from erstwhile step down subsidiary. WBG continues to be a direct subsidiary of the company. The board at its meeting held on November 10, 2016 has approved for the same.

The share price of Wockhardt has dropped more than 50% in last one year.

Meanwhile, Sun pharma's share price surged 4.4% after the company's consolidated profit shot up 90.2% YoY to Rs 24.71 billion in the quarter ended September 2016, driven by operating income and lower finance cost.

Revenue during the quarter grew by 20.2% to Rs 82.65 billion compared with Rs 68.73 billion in same quarter last fiscal. Also, revenue from US formulations, which accounted for 48% of total income, increased 9% YoY to US$ 555 million.

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