Indian Markets Fall

Fri, 12 Feb 11:30 am

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After opening the day flat, the Indian indices booked losses and are trading in the red. Most sectoral indices are trading on a discouraging note with stocks from the realty, metal and, capital goods sector witnessing maximum selling pressure.

The BSE Sensex is trading down 134 points (down 0.6%) and the NSE Nifty is trading down 44 points (down 0.6%). The BSE Mid Cap index is trading down by 2% and the BSE Small Cap index is trading down by 2.8%. The rupee is trading at 68.43 to the US$.

Stocks in the pharma space are trading on a negative note with Wockhardt and Orchid Chemicals leading the losses. Natco Pharma has reported its results for the quarter ended December 31, 2015. The company has posted a 159% jump in its consolidated net profit during the quarter on a YoY basis. Total income from operations during the quarter grew 41% YoY at Rs 2.7 billion. A steep increase in sales from its formulation business primarily contributed to the revenue upside as well as to the profits.

On a standalone basis, the company has posted a 162% YoY jump in its net profits at Rs 435 million. Total income on a standalone basis increased 44% YoY at Rs 2,516 million during the quarter (subscription required).

On a separate note, the Board of Directors of the Company has recommended payment of an interim dividend of Rs 1.25 on each equity share of Rs 2 each for the year 2015-2016.

The company had announced in January that it has signed a nonexclusive, royalty free licensing agreement with the Medicines Patent Pool (MPP) and Bristol-Myers Squibb to manufacture and sell generic versions of Bristol-Myers Squibb's chronic hepatitis C medicine- Daclatasvir Dihydrochloride (Daclatasvir). The agreement will allow Natco to expand access to these chronic hepatitis C medicines in 112 developing countries (subscription required). Under the license, Natco can set its own price for the generic products it produces. The company stated that it will market generic Daclatasvir under its own brand NATDAC, and through its strategic partners in India.

Natco Pharma is a contract manufacturer for reputed companies like Ranbaxy and Parke Davis. The company's products cover three main markets; international formulations, domestic formulations and APIs (active pharmaceutical ingredients). Within these areas the company is leader in generics oncology and is taking steps to expand its therapeutic segments with a continued focus on niche products. Presently the stock of the company is trading down by 5.2%.

Stocks in the engineering space are trading on a mixed note with Opto Circuits and BHEL leading the losses. Air-conditioning and commercial refrigeration major Blue Star is planning to set up two new greenfield plants in Jammu and the Sri City facility located in Andhra Pradesh. This is in order to meet the company's growing requirement and add a new line of products. The setting up of these two manufacturing units will take the total number of manufacturing plants in the company's fold to seven.

Apart from investing Rs 2,150 million in setting up manufacturing plants, the company is planning to invest over Rs 300 million on new product development and research and design in FY17.

Further, keeping in view the increasing demand for marketing and advertisement spend, the company plans to spend about Rs 400 million next fiscal.

Blue Star is India's leading central air-conditioning and commercial refrigeration company. The company delivers cooling requirements and provides end-to-end solutions as a manufacturer, contractor and after-sales service provider to corporate, commercial, institutional and residential customers. Presently its stock is trading down by 4.8%.

By the way, if you are interested in the engineering sector, here's our recent analysis report on the same.

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

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