Sensex Trades on a Volatile Note; Capital Goods Stocks Top Gainers

Mon, 20 Nov 01:30 pm

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After opening the day marginally higher, share markets in India witnessed volatile trading activity and are presently trading in red. Sectoral indices are trading on a mixed note, with stocks in the capital goods sector and stocks in the power sector witnessing maximum buying interest. While stocks in the IT sector are leading the losses.

The BSE Sensex is trading down by 40 points (down 0.1%) and the NSE Nifty is trading down by 10 points (down 0.1%). Meanwhile, the BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 65.05 to the US$.

L&T share price is in focus today after the company said that it's construction arm bagged orders worth Rs 86.5 billion.

The engineering conglomerate said that the Heavy Civil Infrastructure business vertical of L&T Construction bagged an order worth Rs 86.5 billion from the MMRDA for construction of Mumbai Trans Harbour Link.

The Mumbai Trans Harbour Link project involves construction of 21.8 km bridge connecting Mumbai mainland with Navi Mumbai. While L&T has secured Package 01 of the contract jointly with IHI Corporation, Japan, it will undertake work under Package 03 on its own.

The Package 01 will include building a multi-level interchange at Sewri and a 6-lane bridge from Sewri to 10.4 km into the Mumbai bay. This bridge will cross the Sewri mudflats, Pir Pau Jetty and Thane Creek channels, along with country's first of its kind orthotropic steel deck crossing other obligatory navigation channel.

The proposed Mumbai Trans Harbour Link will serve as an economic gateway to Navi Mumbai connecting to Nhava Sheva Port, the Mumbai Pune Expressway and the Mumbai Goa Highway.

At the time of writing, L&T share price was trading up by 0.8%.

Moving on to news from stocks in the pharma sector. Glenmark Pharma share price is among the top gainers today.

The surge came after the company announced that it that it received final approval from the US Food and Drug Administration (USFDA), for marketing Hailey 24 tablets in the US.

Hailey 24 tablets are contraceptive pills and are used to prevent pregnancy. They are a generic version of Allergan Pharmaceuticals' Loestrin 24 Fe tablets.

Citing IQVIATM data, Glenmark Pharma said Loestrin 24 Fe tablets and generic equivalents had US sales of approximately US$ 825 million for the 12 months to September 2017.

The company's current portfolio consists of 128 products authorised for distribution at the US marketplace and 59 abbreviated new drug applications (ANDA) pending approval with USFDA.

At the time of writing, Glenmark pharma share price was trading up by 1.6%.

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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers