Sensex Opens Flat; Lupin Down 1.6%

Thu, 12 Jan 09:30 am

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Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.89% while the Hang Seng is down 0.02%. The Shanghai Composite is trading up by 0.14%. Stock markets in the US & Europe ended their previous session on a firm note.

Meanwhile, Indian share markets have opened the trading day on a flattish note with positive bias. The BSE Sensex is trading higher by 43 points while the NSE Nifty is trading higher by 9 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day up by 0.2%. The rupee is trading at 68.23 to the US$. Barring FMCG and <>pharma stocks, all sectoral indices have opened the day in green with IT, PSU, oil & gas stocks witnessing maximum buying interest.

According to an article in a leading financial daily, Bharat Petroleum Corporation Ltd.'s (BPCL) indirect wholly owned subsidiary BISPL (BPRL International Singapore Pte. Ltd.) has launched an issue of US$600 million in the international debt capital markets. The Notes, which are of 10 years' tenor carry a coupon rate or 4.375% per annum payable semi-annually.

The total demand for BPCL's bonds were at US$1.7 billion from about 160 global investors. Of these, 75% of the investors were from Asia and 22% from Europe. This was the first foreign bond offering by an Indian corporate in 2017. Also the rate of interest was the lowest in the last 11 years when measured in terms of spread over 10-year US government bills.

The funds raised will be used by BPCL to repay high-cost loans it had taken to buy assets in Russia, jointly with Indian Oil and Oil India.

Meanwhile, NTPC is also planning to sell foreign currency denominated bonds worth at least 500 million euros within the next two weeks. NTPC is expected to spend as much as US$8 billion on capital expenditure over the next two years as it gears up to bid for ultra-mega power plants.

The bonds will be offered as part of a programme to borrow US$4 billion to meet funding requirements. Also, with bond yields falling in line with policy rate changes, raising funds via NCDs has become a cheaper source.

Loans Raised Through NCDs Highest in Last Seven Years

The chart above illustrates the total funds mobilised by Indian companies through NCDs during the first six months of this fiscal is just mind boggling. The loans raised have increased multifold times in just the first six months of FY17. It's the highest in at least seven years. However, we believe that the NCD route may look attractive, but one must take a decision on case to case basis keeping the risk of the issue into consideration.

BPCL's share price opened the day up by 0.4%.

Moving on to the news from stocks in banking sector. According to an article in The Economic Times, Lupin Limited announced that it has received final approval for its Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% from the United States Food and Drug Administration (USFDA).

The cream is a generic equivalent of Taro Pharmaceuticals' Topicort LP Emollient Cream, 0.05% and Taro Pharmaceuticals, Inc's Topicort Cream, 0.25%. It is used for treatment of skin disease. As per IMS MAT September 2016 data, Topicort LP emollient cream had US sales of US$33 million, while Topicort cream had US sales of US$17 million.

Recently, in one of our editions of The 5 Minute WrapUp, we have spoken about the USFDA crackdowns faced by the Indian Pharma in the recent times and how they have been constantly investing towards R&D. We believe pharma companies that are upgrading and keeping facilities compliant, and have niche product pipelines in place will see sustained revenue growth.

Our pharma sector analyst, Bhavita Nagrani, is of the opinion that Lupin was able to insulate its growth despite rising pressures in the sector. She has recently shared a detailed view on the company and valuations in the recommendation report of The India Letter.

Lupin's share price opened the day down by 1.6%.

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

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