Markets End the Week Strong

Fri, 11 Mar Closing

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Indian indices edged higher in the afternoon session to finish the week on a positive note after a volatile day of trading amid strong global cues. While the BSE Sensex closed higher by 95 points, the NSE Nifty closed higher by 24 points. The S&P BSE Midcap finished higher by 0.1%, while the S&P BSE Small Cap closed lower by 0.2%. Gains were largely seen in FMCG and healthcare stocks.

Asian markets reversed early losses to finish mostly higher with shares in Hong Kong leading the region. The Hang Seng is up 1.07%, while Japan's Nikkei 225 is up 0.51% and China's Shanghai Composite is up 0.2%. European markets are trading sharply higher today with shares in France leading the region as ECB announced on Thursday that it had cut its main refinancing rate to 0.0% and its deposit rate to -0.4%. The CAC 40 is up 2.05%, while Germany's DAX is up 1.93% and London's FTSE 100 is up 1.5%.

Oil prices were trading at US$38.78 a barrel in the afternoon session. The rupee was trading at 67.09 against the US$.

Shares of Dr Reddy's Laboratories surged 1% today after it was reported that the company has entered into strategic collaboration with TR-Pharm, involving three biosimilar products. A total of three products will be registered and subsequently commercialized as part of this agreement by TR-Pharm in Turkey. TR-Pharm will also manufacture the drug substance and drug product upon completion of its facility investment.

TR-Pharm has begun laying out the groundwork for the technology transfer. This collaboration will be an important component of TR-Pharm's ongoing biological product development and manufacturing business in the region. The partnership will also enable Dr Reddy's to widen the global footprint of its biosimilar business.

Buying activity was witnessed across majority of the healthcare stocks with Strides Shasun and Lupin Ltd leading the gains. In our recent edition of The 5 Minute WrapUp Premium, we have discussed the key developments for the pharmaceutical sector in Budget 2016 (Subscription Required).

Energy stocks finished mixed with Indraprastha Gas and Gujarat State Petronet leading the losses. According to an article in The Economic Times, ONGC Videsh Limited (OVL), an overseas subsidiary of state owned ONGC, along with Indian Oil Corporation (IOC), Oil India (OIL) and Bharat Petroleum (BPCL) is in talks to buy about 35% additional stake in Russia's Vankor oil field in Siberia for close to US$ 3 billion.

Apparently, OVL had last year agreed to buy 15% stake in Russia's second-biggest oil field of Vankor from Rosneft for US$ 1.26 billion. While the 15% deal is yet to be concluded, Rosneft is reportedly now agreeable to selling a total of 49.9% in Vankor to Indian firms. Of the 49.9% stake offered, OVL will take 26% (including 15% agreed last year) and the rest 23.9% will be split equally between IOC, Oil India and Bharat Petro Resources Ltd (BPRL), a unit of BPCL.

In a separate pact, a MoU for IOC, OIL and BPRL buying a 29% stake in the Taas-Yuriakh oil field in East Siberia is also set to be finalized. The stake in Taas-Yuriakh, which is expected to produce 5 million tonnes of oil annually, may cost around US$ 1 billion, going by Rosneft's deal last year to sell 20% stake in it to BP for US$ 750 million. It is to be noted that Vankor is Rosneft's (and Russia's) second-largest field by production and accounts for 4% of Russian output. It produces around 442,000 barrels of crude oil per day.

The crude oil production from ONGC and joint venture fields during 3QFY16 declined 1.3% YoY, mainly due to lower production from onshore fields. The topline of the company for the quarter declined 1.7% year on year (YoY), while bottomline de-grew by 64% YoY, on a standalone basis. Here is the detailed analysis of the results (Subscription Required).

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