Indian Markets Continue Their Rally

Fri, 29 Jan 01:30 pm

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After opening the day on a positive note, the Indian indices continued to rise in the post noon trading session. Sectoral indices are trading on a positive note with stocks from the energy, consumer durables and metal sectors leading the gains.

The BSE Sensex is trading up 274 points (up 1.1%) and the NSE Nifty is trading up 92 points (up 1.2%). The BSE Mid Cap index is trading up 1.3% while the BSE Small Cap index is trading up by 0.7%. Gold prices, per 10 grams, are trading at Rs 26,579 levels. Silver price, per kilogram is trading at Rs 34,731 levels. Crude oil is trading at Rs 2,324 per barrel. The rupee is trading at 67.86 to the US$.

Pharma stocks are trading on a positive note with Elder Pharma and J.B. Chemicals witnessing maximum buying interest. As per a leading financial daily, Sun Pharmaceuticals has put a bundle of Ranbaxy brands on the block. These include brands that are either low priority in its domestic market strategy or may overlap with its own products. The brands, that the company is looking to sell, generates about Rs 1,150 million in annual sales with their expected valuation to be around 2.5x or Rs 2,500-2,700 million.

The deal has been in the market for over two months. However, the response for the same was tepid as some drugs on offer are witnessing declining sales. Moreover, as per the company's management, the bigger hurdle to the deal is that the products belong to a wide range of segments. Among the products on Sun Pharma's sale list are Fortwin, Romilast and Insucare.

It should be noted that Sun Pharmaceuticals acquired Ranbaxy last year as a part of a US$ 4 billion all-stock deal. Broadly, Ranbaxy's brands in the cardiovascular and diabetes segment saw sales of Rs 210 million last year, while orthopedic drugs brought in Rs 520 million. Sale of drugs in the respiratory, urology, oncology and dermatology segments stood at Rs 190 million, Rs 80 million, Rs 90 million and Rs 35 million, respectively.

On a separate note, during last week, the Competition Commission of India (CCI) cleared Strides Shasun's Rs 1,650-million deal to acquire two divisions of Sun Pharma that deal in neurology products.

On the basis of 12-month moving annual turnover, the market size of India's pharmaceutical industry was nearly Rs 970 billion at the end of 2015. Of this, Sun Pharma topped the list of drug makers with sales of Rs 84.7 billion, or 9.2% market share.

We believe that the restructuring in Ranbaxy's operations by exiting from low margin and loss making businesses will prove out as a key performance driver for the Sun Pharma in the long run. Presently the stock of the company is trading up by nearly 3%.

Most of the stocks in the automobile space are trading on a positive note with Hero Motocorp and Escorts leading the gains. TVS Motor Company reported its results for the quarter ended December 2015. The company posted 20% increase in its net profit during the period on a YoY basis. The profit growth was aided by better operating performance on the back of robust topline growth and rise in other income.

Net sales grew by 12% YoY to Rs 29 billion driven by strong scooter volumes. Total two-wheeler sales of the company grew by 8% YoY during the quarter. Motorcycle sales grew by 5% YoY, while scooter volumes grew by 25% YoY during the concerned period.

On a separate note, the company's board of directors have approved an investment of a sum not exceeding 10 million Hong Kong dollars for establishment of a wholly owned subsidiary of the company in Hong Kong. The decision comes as the company is aiming to widen its potential in the export market and strengthen its supply chain management in the overseas countries.

TVS Motor Company is the one of the largest two-wheeler manufacturer in India and one among the top ten in the world. Presently its stock is trading down by 0.7%.

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