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Sensex Pares Gains; Metal & Healthcare Stocks Drag

Wed, 22 Nov 11:30 am

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Indian share markets trimmed some of their early gains to trade marginally higher during the morning trade. Gains are largely seen in stocks from realty sector and automobile sector. Meanwhile, metal stocks and healthcare stocks are trading in the red.

The BSE Sensex is trading higher by 49 points and the NSE Nifty is trading higher by 2 points. The BSE Mid Cap index and the BSE Small Cap index are trading up by 0.5% & 0.8% respectively. The rupee is trading at 65.04 to the US$.

All PSB stocks are trading in red with only Dena bank, Indian Bank and United Bank of India witnessing buying interest. As per an article in a leading financial daily, Bank of Baroda has received an approval to raise up to Rs 60 billion through rights issue or qualified institutions placements (QIP).

The finance committee of the bank's board approved the proposal on Tuesday.

Meanwhile, Union Bank of India has also started its roadshows in Singapore, Hong Kong, London and New York to raise Rs 20 billion.

Public sector banks are queueing up to raise funds from the equity market, especially through QIPs against the backdrop of improved investor sentiment on account of the government's bank recapitalisation plan and a recent upgrade of India's sovereign rating by Moody's Investors Service.

After the government announced the Rs 2.11 trillion bank recapitalisation plan in October, PSU banks have announced plans to raise more than Rs 130 billion through QIPs since 24 October as against a total of Rs 84.2 billion raised in the last four years.

According to Prime Database, during the current fiscal public sector banks have raised over Rs 160 billion through QIP of which SBI's issue alone was worth Rs 150 billion. Now, more banks are coming forward to tap the equity market.

However, the amount envisaged in the recapitalisation programme will not be sufficient to spur growth and the lenders would need capital over and above that announced by the government.

India Ratings and Research has pegged the overall capital requirement for PSU banks at Rs 2.5 trillion as against Rs 2.1 trillion announced by the government.

One shall note that, PSBs are in a big mess. They already have a huge amount of bad loans piled up. There is a sense of urgency towards the recapitalisation move. This is because banks have to be recapitalised by 2019 to be compliant with the Basel-III frameworks.

Recapitalisation of PSBs Over the Years

However, using recapitalisation bonds can only act as a short-term measure to the crisis afflicting Indian public sector banks today. Such a measure will not address the structural issue in the banking system, i.e. the poor standard of lending and poor governance system.

Our big picture editor, Vivek Kaul, talks about moral hazard risk arising out of recapitalization. He writes:

• "If the government bails them around this time around, the banks know that they can count on the government bailing them out the next time around as well. And this means that they can follow fairly loose standards of lending, in order to lend money quickly."

In such an environment, it makes sense for investors to be selective while buying stocks. Focus on value and the underlying fundamentals of the business. Then, they need not worry about the market.

So, what is key to identifying potential multibagger stocks? How does one pick them at the right time and ride them to their full potential? How many multibaggers do you really need to achieve the big riches that you desire?

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Bank of Baroda share price was trading down by 1.2% at the time of writing.

Moving on to the news from pharma sector. As per an article in a leading financial daily, Ajanta Pharma has launched Clonidine Hydrochloride Extended Release Tablets in the US Market through its wholly owned subsidiary Ajanta Pharma USA.

It is a bioequivalent generic version of Kapvay Tablets and company has launched the product in 0.1 mg dosage.

Clonidine Hydrochloride Extended Release Tablets is part of an ever-growing portfolio of products that Ajanta has developed for the US market.

In total, Ajanta has 39 Abbreviated New Drug Applications (ANDAs) of which it has 22 final ANDA approvals, 2 tentative approvals, and 15 ANDAs under review with USFDA. Till date, it has launched 16 products in the US market.

One shall note that, Indian pharma companies catering to the US markets are breathing a sigh of relief. After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past three years, there has been a sharp pick-up in new drug approvals in FY17.

With an aim to lower the overall healthcare costs in the country, USFDA approved a record 763 generic drugs for the financial year ending 30th September.

As per Mint Analysis, Indian pharma companies received 295 approvals accounting for 40% of the overall approvals during the year.

Even the total filings of abbreviated new drug applications (ANDAs) for generic drugs rose to 1,292 in FY17 from 852 in the previous year.

HYPERLINK "https://www.equitymaster.com/share-price/AJPH/AJANTPHARM-532331/AJANTA-PHARMA-Share-Price" Ajanta Pharma share price was trading up by 0.3% at the time of writing.

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