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Indian Stock Markets Open Flat; Tata Group Stocks in Focus

Thu, 19 Dec 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.3% while the Hang Seng is down 0.6%. The Nikkei 225 is trading down by 0.4%. The US stocks closed mixed as investors digested a batch of corporate news.

In historic step, Donald Trump on Wednesday became the 3rd US president to be impeached as the House of Representatives formally charged him with abuse of power and obstruction of Congress that will inflame partisan tensions across a deeply divided America.

Back home, India share markets opened flat. The BSE Sensex is trading down by 63 points while the NSE Nifty is trading down by 16 points. Both, the BSE Mid Cap index and BSE Small Cap index opened the day on a flat note.

Sectoral indices have opened the day on a mixed note with automobiles stocks and IT stocks witnessing buying interest. Capital goods and realty stocks are trading in red.

The rupee is currently trading at 71.09 against the US$.

Speaking of the Indian stock markets, how expensive is the Sensex? What has the trend been in recent years?

It would be interesting to see how the valuation of the index has moved over the last five years.

The chart below maps the price to earnings ratio of the Sensex from October 2014 to now.

How Pricey Is the Sensex Now?

Here's what Ankit Shah wrote about this in one of the editions of The 5 Minute WrapUp...

• It is worth noting that the Sensex has gained 44% over the last five years, compounding at an annual rate of 7.6% (excluding dividends).
  
  Not quite impressive.
  
  During the same period, the Sensex price to earnings ratio has mostly been in a rising trend, except some intermittent declines.
  
  Between October 2014 and now, the gain in the Sensex price to earnings ratio is 42%. That means that the gains in the index have mostly come from expansion in the valuation multiple, and just meagerly from increases in earnings.

So, before taking the current market bullishness for granted, do weigh in the fact that the Sensex is quite expensively priced.

Meanwhile, smallcap analyst Richa Agarwal talks about the ongoing economic slowdown, an upcoming rebound in the small cap space, and her number 1 stock pick for 2020 in the video below.

Tune in to find out more...

Tata group stocks opened the day on a mixed note with Tata Sponge and Tata Communications leading the gainers. In a big setback to the Tata group, the National Company Law Appellate Tribunal (NCLAT) on Wednesday restored former Tata Sons chairman Cyrus Mistry as the chairman of the group.

In October 2016, Mistry, the 6th chairman of Tata Sons, had been removed by the company's board in a surprise move, and group patriarch Ratan Tata had been appointed the chairman.

The NCLAT also held the appointment of N Chandrasekaran, the current chairman of Tata Sons, as executive chairman as illegal. Chandrasekaran had been appointed the chairman of Tata Sons in February 2017.

The appellate tribunal on Wednesday gave four weeks to implement its order.

A two-member NCLAT Bench pronounced its judgement over the petitions moved by Mistry and the two investment firms challenging his removal from the group. The appellate tribunal had reserved its order in July this year, after completing its marathon hearing over the issue.

Soon after the appointment of Chandrasekaran in February 2017, Tata Sons had sought shareholders' consent to convert itself as a private company in September 2018 which would have reduced the minority shareholders' rights to sell their shares.

The Mistry family holds 18.5% stake in the company. The conversion into a private company was also held illegal. Mistry had opposed the move and earlier moved the NCLT, which had dismissed his petition, ruling in favour of Tata Sons.

In August 2018, Mistry had accused Tata Sons of mismanagement and oppression of minority shareholders' rights in the NCLAT by turning itself into a private company.

Now, how this pans out for the Tata group going forward remains to be seen. Meanwhile, we will keep you updated on the developments from this space.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Aleor Dermaceuticals (Aleor), a 60:40 Joint Venture (JV) between Alembic Pharma and Orbicular Pharmaceutical Technologies (Orbicular), has received Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA).

It is for the inspection carried out by them at Aleor's formulation facility at Karakhadi, Gujarat, India during the period from 16 September 2019 to 20 September 2019.

Alembic has a cumulative total of 109 ANDA approvals (96 final approvals and 13 tentative approvals) from the USFDA.

Alembic Pharma share price opened the day down by 0.4%.

In another development, Lupin's subsidiary, Nanomi B.V. has completed the divestiture of the entire stake (99.8%) in Kyowa Pharma to Unison, pursuant to the satisfactory completion of all customary closing conditions.

The divestiture which valued Kyowa at an Enterprise Value of Japanese Yen 57,361 million, was announced on 11 November 2019 and approved by Lupin's shareholders.

Lupin share price opened the day down by 0.2%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

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