Indian Markets Slump Ahead of Fed Meet

Tue, 15 Mar Closing

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Indian equity markets declined sharply in the afternoon session on global cues as market participants kept an eye on the two-day US Federal Reserve policy meet, which begins later today. At the closing bell, the BSE Sensex was down by 253 points, while the NSE Nifty was down by 78 points. The S&P BSE Midcap and the S&P BSE Small Cap indices closed lower by 0.8% and 0.6% respectively. Losses were largely seen in pharmaceutical and capital goods stocks.

Barring China, major Asian markets ended the day in red. European markets are also trading in the negative territory with benchmark indices in London trading down by 0.6%.

Oil prices were trading at US$36.32 a barrel at the time of writing. The rupee was trading at 67.22 against the US$.

As per a leading financial daily, drug major Lupin stated that it has received nine observations relating to inadequacy and adherence to operating norms for its manufacturing plant in Goa from the US Food and Drug Administration (USFDA).

The observations are on aspects such as inadequacy and adherence to standard operating procedures (SOPs). The company is in the midst of putting together a response to address the FDA's observations.

One shall note that the company's Goa facility supplies over 100 products to various regulated markets including the US and EU (European Union). The plant has filed more than 115 abbreviated new drug applications (ANDAs) in the US market. The company has also made filings for markets like the EU, Japan and Brazil from the Goa facility.

Lupin Pharmaceuticals is the US wholly owned subsidiary of Lupin Limited, which is among the top five pharmaceutical companies in India. Earlier this month the company completed the acquisition of privately held US based GAVIS Pharmaceuticals LLC and Novel Laboratories Inc. (GAVIS).

The acquisition will enhance Lupin's scale in the US generic market and also broaden 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 down by 7.6% on the BSE.

Stocks in the engineering space closed the day on a mixed note with Crompton Greaves and Manugraph India leading the losses. In another news update, Larsen & Toubro's (L&T) construction arm - L&T Constructions has won orders worth Rs 16 billion across its various businesses.

In the Buildings & Factories Business, the company has bagged new orders worth Rs 9.6 billion. It has bagged an order from UP Avas Vikas Parisad for the engineering, procurement and construction (EPC) of a multi-storied residential project in Lucknow. The scope for this project involves civil, structural, mechanical, electrical, plumbing and finishes. Further, the company has received another turnkey order from a leading developer in Mumbai for the construction of a multi-storied residential building and retail space.

In the Power Transmission & Distribution Business (PT&D), L&T has received new orders worth Rs 5.8 billion in the international markets. The company has secured a breakthrough EPC order in Ethiopia from the Ethiopian Electric Power. This is for the construction a 400/230/15 kV substation and three 230/15 kV substations at various locations.

PT&D business has also received an order in South East Asia for the establishment of a high-voltage substation, which will be executed on an engineering, procurement and construction basis. The two orders bode well as the company has been looking to expand its footprint across newer geographies.

Additionally, orders worth Rs 1 billion have also been received from ongoing jobs of L&T Construction's Water & Effluent Treatment Business.

Larsen & Toubro is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. The company addresses critical needs in key sectors - Hydrocarbon, Infrastructure, Power, Process Industries and Defense - for customers in over 30 countries around the world. To get more idea on the business and financials of the company, you can read our latest issue of ValuePro Contenders here (subscription required).

Stock of L&T ended the trading day on a negative note, down by 0.2%.

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