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Sensex Finishes the Week Flat; BHEL Ends Down 2.2%
Fri, 16 Dec Closing

The Indian share markets remained flat and headed for a close below the dotted line. At the closing bell, the BSE Sensex closed lower by 39 points, whereas the NSE Nifty finished lower by 13 points. The S&P BSE Midcap ended flat while the S&P BSE Small Cap finished down by 0.3%. Sectoral indices ended the day on a flat note. Metal and infrastructure stocks led the losses. While, information technology and consumer durables stocks witnessed maximum buying activity.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.66% and the Shanghai Composite rose 0.17%. The Hang Seng lost 0.18%. European markets are mixed. The DAX is higher by 0.04%, while France's CAC 40 is off 0.07%. Shares in London are unchanged with the FTSE 100 at 6,999.06.

The rupee was trading at Rs 67.78 against the US$ in the afternoon session. Oil prices were trading at US$ 50.77 at the time of writing.

According to an article in Livemint, Bharat Heavy Electricals Ltd (BHEL) has bagged a major order from Indian Railways for supply of IGBT-based traction converters. The order is for the supply of 118 sets of IGBT-based Traction Converters for 3 Phase 6,000 HP Electric Locomotives from the Railways.

Reportedly, the order is valued at Rs 2000 million and has been placed on BHEL by Chittaranjan Locomotive Works (CLW). The traction converters will be manufactured and supplied by BHEL's Electronics Division in Bengaluru. However, BHEL has already supplied 225 such IGBT-based Traction Converters, which are under operation with Indian Railways.

Notably, the company has emerged as a reliable partner for the Railways through its long-term association. Moreover, in the transportation sector, BHEL manufactures a wide range of traction propulsion equipment at its Bhopal, Jhansi and Bengaluru plants.

In this regard, BHEL has also set up Centre for Electric Transportation at its Bhopal plant and Centre of Excellence for Transportation at its Bengaluru plant. The centres are designed to act as the focal point for systems-oriented research in railway transportation.

BHEL's share price ended the day down by 2.2%

Moving on to the news from stocks in Pharma sector, Claris Lifesciences share price surged as much as 20% after the company said it will sell its global generic injectables business to US-based Baxter International Inc. for US$625 million.

Reportedly, the board of directors of both the companies have approved the acquisition, which is expected to close in the second half of 2017. Claris Lifesciences Limited intends to repatriate a significant majority of the net cash proceeds (post taxes and expenses) to the shareholders.

It must be noted that, Claris Injectables contributes nearly 78% to the total revenue of Claris Lifesciences. Moreover, the deal is among the larger transactions in the pharmaceutical space in India and comes at the end of a relatively quiet year in terms of mergers & acquisition activity.

Notably, Claris has 11 approved products in the US, around 25 filings are under review with the US FDA. Besides that, Baxter will gain access to a fully integrated research and development expertise and three manufacturing sites approved by global regulatory agencies including the US Food and Drug Administration (USFDA).

Top global pharma deals in recent times

As the M&A activity has been heating up globally, the M&A activity in the Indian pharma space has been on the rise in recent times. Rahul Shah has penned an interesting piece in one of the edition of The 5 Minute WrapUp on how generic pharma companies are benefitting from global M&A activity. Here's an excerpt:

"M&A activity among the innovators provides an opportunity for the generics to build a product portfolio by buying the product basket. For small to midsized companies, this is perhaps the quickest way to expand.

Given the high costs and even higher risks in developing a drug, the innovator companies have increasingly turned towards investing resources in the acquisition of existing drugs or promising ones already in the pipeline."

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Jan 22, 2018 03:33 PM