Sensex Ends Day Strong; Realty Stocks Top Gainers

Fri, 17 Nov Closing

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After opening the day in green, share markets in India witnessed buying activity throughout the day and ended the day on a strong note, albeit off the day's high. Gains were seen across most sectors with stocks in the realty sector and stocks in the metal sector, leading the gains. While stocks in the IT sector lost the most.

At the closing bell, the BSE Sensex stood higher by 236 points (up 0.7%) and the NSE Nifty closed up by 69 points (up 0.7%). The BSE Mid Cap index ended the day up by 1%, while the BSE Small Cap index ended the day up by 0.8%.

Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was up by 0.6% and the Shanghai Composite was down by 0.5%. The Nikkei 225 was up by 0.2%. European markets were trading in red. The FTSE 100 was down by 0.3. The DAX was higher by 0.1% while the CAC 40 was down by 0.2%.

The rupee was trading at Rs 65.01 against the US$ in the afternoon session. Oil prices were trading at US$ 56.13 at the time of writing.

In news from stocks in the pharma sector. Cipla share price was in focus today.

The surge came after Cipla announced that it that it received final approval from the US Food and Drug Administration (USFDA), for Budesonide Inhalation Suspension. a suspension product used

Budesonide Inhalation Suspension is used for treatment of asthma, and is a generic version of AstraZeneca's Pulmicort Respules. Pulmicort Respules are indicated for maintenance treatment of asthma and as prophylactic therapy in children of 12 months to 8 years. Cipla added that the product is available for shipping immediately.

Citing IMS Health data, Cipla said Pulmicort Respules and generic equivalents had US sales of approximately US$ 825 million for the 12 months to September 2017.

This is the 127th Abbreviated New Drug Application (ANDA), including 23 tentative approvals, to be approved out of Unit VII formulation facility in Hyderabad, used for manufacturing oral products.

Cipla share price closed the day up by 0.6%.

The Indian pharmaceutical industry has come under a lot of regulatory pressure in the past few years.

The sector has faced great volatility over the years.

We had written about the current predicament of Indian pharma companies in one of the premium editions of the 5 Minute WrapUp:

• Over the past few years, risk in the US markets has increased. The US Food and Drug Administration has become stricter on products entering US borders. Surprise inspections have increased and companies are being issued warning letters. This has impacted the business and earnings of Indian pharma players, causing major volatility for the sector.

Is the Worst Over for all the Pharma Stocks?

The list of pharma sector woes is long. So, is there light at the end of the tunnel? Girish Shetty, Research Analyst thinks there is.

As per him, it doesn't make sense to paint all pharma stocks with the same brush. The leaders of the industry will certainly survive this phase. There are interesting, niche pharma stocks that are worth your attention.

Facing pricing pressures in the domestic and export markets, currency fluctuations, as well as manufacturing issues related to their plant, there is a transformation happening in the overall sector as to how business is done and will be done in the future.

Moving on to news from the banking sector. According to a leading financial daily, The Reserve Bank of India (RBI) is likely to come up with a fresh list of around 50 loan accounts that are either under stress or close to being classified as non-performing assets (NPAs). The regulator may set a March 31 deadline for banks to find a resolution on these or commence bankruptcy proceedings against the borrowers.

These accounts are in addition to the 41 that the central bank has already identified, including several against which banks have now started bankruptcy proceedings.

This new list of accounts had come up during discussions on the recapitalisation of state-run banks. These assets identified by the RBI have been accounted for in the Rs 2.1-trillion bank recap plan announced last month, and so will not bloat the capital requirement of lenders beyond what has been estimated.

Of the 41 accounts identified by the RBI, lenders have already classified most as bad loans and commenced steps for a time-bound resolution.

In May, the RBI identified 12 stressed accounts, each having more than Rs 50 billion of outstanding loans and together accounting for 25% of the total NPAs of banks for immediate referral for resolution under the bankruptcy law.

If the trend of rising bad loans continues, there's a painful road ahead for the banking sector. The RBI expects the average GNPA ratio to increase to 10.2% by March 2018. It indicated that if macroeconomic conditions worsen, this number could go up.

Although RBI is showing urgency in tackling the NPA issue, a lot more needs to be done by lenders too to stop the rot.

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