Indian Indices Trade in the Red

Tue, 15 Mar 01:30 pm

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Following a negative trend since the opening of the trading day, the Indian indices have continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the FMCG and pharma sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 215 (down 0.9%) and the NSE Nifty is trading down by 60 points (down 0.8%). The BSE Mid Cap index is trading down by 0.7% while the BSE Small Cap index is trading down by 0.6%. Gold prices, per 10 grams, are trading at Rs 28,960 levels. Silver price, per kilogram, is trading at Rs 37,088 levels. Crude oil is trading at Rs 2,462 per barrel. The rupee is trading at 67.30 to the US$.

Stocks in the engineering space are trading on a mixed note with Crompton Greaves and Manugraph India leading the losses. Scrip of Crompton Greaves crashed as much as 73% to Rs 40.5 today. This came as the company demerged its consumer business. From today, Crompton Greaves shares will reflect only its power business, which includes its power transmission and associated equipment business.

Post this development, the consumer business is expected to be listed separately in April. The company had in February 2015 announced the decision to fully demerge its consumer products business (subscription required). The company's board had approved the demerger of the consumer products business into a separate listed company, Crompton Greaves Consumer Electricals Ltd. As per the company, the demerger will create better growth opportunities for its two large but significantly different businesses - power transmission and consumer products business such as fans, pumps and heaters.

Last week, Crompton Greaves had also announced to sell its transmission and distribution business outside India to a US private equity fund, First Reserve International, for an enterprise value of 115 million euros (about Rs 8.5 billion). The company had said the sale will enable it to reduce debt and focus on growing its India business.

Crompton Greaves is one of the world`s leading engineering corporations. Presently its stock is trading down by 71%.

Pharmaceutical stocks are trading on a negative note with Lupin and Divis Laboratories witnessing maximum selling pressure. In another news update, Glenmark Pharmaceuticals has received final nod from the United States Food & Drug Administration (USFDA) to manufacture and market Frovatriptan Succinate Tablets, 2.5 mg. The tablets are the therapeutic equivalent of Endo Pharmaceutical's Frova tablets, used to treat migraine headaches, in the US market.

Quoting IMS Health sales data, Glenmark Pharmaceuticals said that the approved product has an estimated market size of US$ 87.8 million for the 12 months ended January 2016.

Glenmark Pharmaceuticals has a significant presence in branded generics markets across emerging economies including India. It's subsidiary, Glenmark Generics Limited has a fast growing and robust US generics business. The subsidiary also markets APIs to regulated and semi-regulated countries. Glenmark has offices in over 20 countries, 16 manufacturing facilities in 5 countries and 6 R&D centres. The company's current portfolio consists of 108 products authorized for distribution in the US marketplace and 61 ANDA's (abbreviated new drug application) pending approval with the USFDA. To know our view on the stock of the company, you can read our analysis of the third quarter results here (subscription required).

Presently the stock of the company is trading down by 1.8%.

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