Indian Markets Dip Further

Wed, 18 Nov 11:30 am

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   09:30 am   

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After opening the day marginally lower, the Indian Indices booked further losses to trade in the red. Sectoral indices are trading on a mixed note with IT stocks leading the losses and consumer durables stocks leading the gains.

The BSE-Sensex is trading down 60 points (down 0.2%) and the NSE-Nifty is trading down 19 points (down 0.2%). The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.4%. The rupee is trading at 66.11 to the US$.

Stocks in the automobile space are trading on a mixed note with Eicher Motor and Tata Motors leading the gains. As per an article in Economic Times, rating agency ICRA Ltd has forecast domestic tractor volumes to decline by 7-8% for the fiscal year 2016. Going by record, this will be the second consecutive year of decline for the domestic tractor market, after a 13% decline seen in financial year 2015.

The reason behind this trend, as stated by the agency, is the weak monsoon that has brought up more pain to the already sluggish demand environment. The factors behind this weak demand environment were reported as the weakened farm sentiment post the unfavorable kharif harvest in 2014 and significant crop damage caused by bouts of heavy and unseasonal rainfall over various parts of the country in Feb-Mar 2015.

In a recent earnings conference the market leader Mahindra & Mahindra (M&M) said, this season's rain is the worst seen in 30 years. Further, the decline in sales in the first half is the lowest seen in the last 15 years.

These weak sentiments have led to a dip in the enquiry levels in the domestic market and thereby led to a continued contraction in volumes. While the short-term forecast remains a big challenge, ICRA maintains a compounded annual growth rate of 8-9% for the tractor industry over a long term.

Pharma stocks are trading mixed with Dishman Pharma and IPCA Laboratories witnessing maximum buying interest. As per a leading financial daily, Dr Reddy's Laboratories has completed the purchase of worldwide exclusive intellectual property rights for Fondaparinux sodium, its generic anti-coagulant drug from its Australian partner, Alchemia. The company had earlier signed a term sheet for this transaction in September 2015.

Alchemia's shareholders at the company's annual general meeting held on November 10, 2015 approved the sale of Fondaparinux. Pursuant to this, Dr Reddy's and Alchemia executed a purchase and sale agreement, together with various patent assignment deeds.

Alchemia has received US$ 17.5 million from Dr Reddy's as consideration for the sale. The agreement is said to be effective from July 2015.

The company announced its 2QFY16 results recently. The company has reported 11.2% YoY growth in sales and 25.7% YoY growth in net profits. Here is our detailed analysis of the results (subscription required). Presently its stock is trading down by 1.6%.

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