Markets Recover to Finish Strong

Wed, 9 Mar Closing

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After trading below the dotted line, Indian equity markets bounced back in the afternoon trade to finish well in the green amid strong European markets. While the BSE Sensex closed higher by 135 points, the NSE Nifty closed higher by 47 points. The S&P BSE Mid Cap and the S&P BSE Small cap finished higher by 1% and 0.1%. Gains were largely seen in capital goods and realty stocks.

Asian markets finished broadly lower today with shares in China leading the region. The Shanghai Composite is down 1.34%, while Japan's Nikkei 225 is off 0.84% and Hong Kong's Hang Seng is lower by 0.08%. Meanwhile, European markets are trading higher today with shares in Germany leading the region. The DAX is up 0.62%, while France's CAC 40 is up 0.61% and London's FTSE 100 is up 0.29%.

Oil prices gained in the afternoon session and were trading at US$36.6 a barrel. The rupee was trading at 67.46 against the US$.

Buying activity was witnessed across majority of the power stocks with Reliance Infra and KSK Energy leading the gains. According to a leading financial daily, Tata Power's subsidiary - Tata Power Renewable Energy (TPREL), has signed a Share Purchase Agreement with Indo Rama Renewables (IRRL) to acquire its 100% subsidiary Indo Rama Renewables Jath (IRRJL), which owns a 30 MW wind farm in Sangli District of Maharashtra. The transaction shall be completed within the next few weeks. The wind farm, which is fully operational since July 2013, has executed a long-term power purchase agreement with Maharashtra State Electricity Distribution and is registered under the Generation Based Incentive scheme of Ministry of New & Renewable Energy.

With this acquisition, Tata Power's total generation capacity will reportedly increase to 9,130 MW and its operational wind power generation capacity to 570 MW with wind turbines located across five states - Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka, which are the leading states in promoting wind power generation in India. TPREL also has 250 MW of wind projects under construction across Gujarat, MP and AP.

Recently, Union Power and Coal minister, Piyush Goyal said he expected an investment of US$1 trillion in the sector by 2030. Additionally, the transmission and distribution sector would see investment worth US$50 billion in the next five years. Industrial equipment would see an investment of US$25 billion over the same period. This comes at a time when the Indian power sector and the companies directly depending on the power industry have been in a mess (Subscription Required).

Moving on to news from the pharma sector. Lupin has reportedly completed the acquisition of privately held US based GAVIS Pharmaceuticals LLC and Novel Laboratories Inc. (GAVIS). New Jersey based GAVIS is a privately held company specializing in formulation development, manufacturing, packaging, sales, marketing, and distribution of pharmaceuticals products. GAVIS has 62 ANDA filings pending approval with the US FDA and a pipeline of over 65+ products under development. Reportedly, GAVIS's pending approvals address a market of over US$ 9 billion.

The acquisition enhances Lupin's scale in the US generic market and also broadens its pipeline in dermatology, and controlled substance products. The combined company will have a portfolio of over 120 in-market products, more than 185 cumulative filings pending approval and a deep pipeline of products under development for the US. The acquisition creates the 5th largest pipeline of ANDA filings with the US FDA, catering to a US$63.8 billion market. The stock price of Lupin closed up by 0.4% on the BSE.

Healthcare stocks finished the trading day on an encouraging note with Elder Pharma and JB Chemicals leading the gains. In our recent edition of The 5 Minute WrapUp Premium, we highlighted the key developments for the pharmaceutical sector in Budget 2016 (Subscription Required).

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