Markets Remain Under Pressure

Tue, 9 Feb 01:30 pm

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The Indian equity markets continued to extend losses during the noon session on capital outflows by foreign funds and heavy selling by retail investors. All sectoral indices are trading below the dotted line with IT and metal sector witnessing majority of the selling activity.

The BSE Sensex is trading lower by 278 points (down 1.1%) and the NSE Nifty is trading lower by 98 points (down 1.3%). The BSE Mid Cap index and the BSE Small Cap index are trading lower by 1.9% and 1.6% respectively. The rupee is trading at 67.82 to the US$.

Stocks in the pharma space are trading on a negative note with Elder Pharma and Aurobindo Pharma leading the losses. Cadila Healthcare has reported its results for the third quarter ended December 31, 2015. The company has posted 38% rise in its consolidated net profit at Rs 3.9 billion during the quarter on a YoY basis. The surge in profit was on the back of robust sales by the company in the US market. Revenue during the quarter increased 10% YoY to Rs 24 billion.

Operating profit (EBITDA) grew by 29.5% YoY and margins saw a massive 340 basis points expansion at 23% during the quarter. Other income surged 155% YoY and finance costs declined 22% YoY while tax expenses saw an increase of 45% during the period.

During the quarter, the company's business in the US posted sales of Rs 10 billion, registering a growth of 20% over the same period of previous year. It shall be noted that the company had filed 20 abbreviated new drug applications (ANDAs) with the US Food and Drug Administration (USFDA) during the quarter. In Brazil, the company had received the regulatory approval for two products during the quarter. Further, the company launched 12 new products, including line extensions, in the domestic market.

We believe that Cadila's growth going forward will be driven by the US and India. Apart from this, ramp up in JVs (joint ventures) too are important growth drivers. Presently the stock of the company is trading up by 0.2%.

As per a leading financial daily, India's economic growth slowed to 7.3% in the third quarter (Q3FY16). This was as against a revised 7.7% growth in the preceding September quarter. The fall was attributed to a deceleration in farm output and electricity generation. Further, it was noted that investment activity stood muted due to low capacity utilization in several manufacturing sectors, highly leveraged balance sheets of infrastructure companies and stretched balance sheets of banks.

During the third quarter, agriculture output contracted 1% while mining and manufacturing sectors accelerated to grow at 6.5% and 12.6%, respectively. However, electricity sectors decelerated to 6% in the third quarter and construction sector grew at 4%. Among the services sectors, trade, hotels and transportation sector grew at double digits at 10.1% while financial, professional services grew 9.9% and public administration and other services grew 7.5%.

The overall growth in 2015-16 is now expected at 7.6% against the government's expectation of below 7.5%. The revision got support from a favourable base effect, as GDP in Q3FY15 grew by 6.6%. Domestic demand witnessed during the festival season supported growth during the quarter. This was seen despite the global headwinds that have had an adverse impact on manufacturing and exports.

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