Positive Start to the Week

Mon, 15 Feb 09:30 am

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Barring China, major Asian stock markets have opened the day on an encouraging note with stock markets in Japan and Hong Kong trading higher by 5.2% and 2.7% respectively. Major indices in Europe and US ended their previous session on a positive note. The rupee is trading at 68.43 per US$.

Indian stock markets have opened the day on a strong note after last week's sharp plunge. The BSE Sensex?is trading higher by 270 points (up 1.2%) and NSE Nifty?is trading higher by 92 points (up 1.3%). Both, BSE Mid Cap?and BSE Small Cap?are trading higher by 1.2% and 1.5% respectively. Sectoral indices have opened in green with stocks from oil & gas and capital goods sectors witnessing maximum buying interest.

Bank of Baroda reported its results for the quarter ended December 2015. The country's second largest public sector bank reported a loss of Rs 33.4 billion as compared to a net profit of Rs 1.2 billion in the preceding quarter.

The gross non-performing assets (NPA) surged by 64% QoQ to Rs 389.3 billion during the quarter. The gross NPA ratio surged to 9.68% from 5.56% in the preceding quarter. The NPA rose on account of Reserve Bank of India's (RBI) directive to vouch for visible stressed assets in their books.

A spurt in bad loans subsequently led to higher provisioning. The provisions grew by 225% to Rs 61.6 billion which in-turn dragged down their net profits. However, company has recorded the entire chunk of visible bad loans during the quarter itself, thus reducing the uncertainty to a certain extent pertaining to their asset quality picture

The net interest income (NII), referred to as the core income for the bank from the lending business, declined by 17.6% to Rs 27 billion during the quarter. The stock is trading up by 12.6%.

Sun Pharmaceutical too reported its result for the quarter ended December 2015. The net profits almost tripled to Rs 14.2 billion during the quarter as compared to a year ago. Reportedly, company's business from Israel provided a strong cushion to the profitability. Revenues from Israel based subsidiary grew by 9% YoY to US$ 258 million, whereas net profits reported a growth of 33% YoY to US$ 189 million.

However, sales from the US geography declined by 11% YoY to US$ 486 million. Reportedly, sales from US accounts for 45% of their overall turnover. Further, sales from branded formulations in India grew by 8% YoY to Rs 18.9 billion.

Reportedly, the company spent Rs 5.8 billion on research and development (R&D), which constituted around 8.3% of the overall turnover of the company.

Sun Pharma is restructuring Ranbaxy's operations and exiting from low margin and loss making businesses. The management indicated that the integration process is progressing well within the stated timelines and expects to realize synergies in accordance with its laid down timelines.

Although near term operating challenges continue to hurt Sun Pharma's performance, in the Indian pharma space, Sun continues to be one of the stronger players. Differentiated drugs across its subsidiaries will be key drivers for the company.

The biggest challenge is the clearance of issues at its Halol facility and will be an important trigger for the company.

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