Pharma Stocks Lead the Losses

Tue, 15 Mar 11:30 am

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After opening the day deep in the red, the Indian indices registered further losses and continued to trade on a negative note. Sectoral indices are trading on a mixed note with stocks from the pharma, telecom and FMCG sector witnessing maximum selling pressure.

The BSE Sensex is trading down 135 points (down 0.5%) and the NSE Nifty is trading down 38 points (down 0.5%). The BSE Mid Cap index is trading down by 0.3% and the BSE Small Cap index is trading down 0.1%. The rupee is trading at 67.22 to the US$.

A majority media stocks are trading on a negative note with Compact Disc and Deccan Chronicle witnessing maximum selling pressure. As per a leading financial daily, Zee Entertainment Enterprises (ZEE) has received an approval for acquisition of 100% equity stake in Fly By Wire International (FBW). The board of directors at its meeting held on March 14, 2016 has approved the same. FBW is engaged in the business as a service provider in the aviation industry providing services relating to managing/operating aircrafts, aircraft chartering services etc.

Further, on a separate note, ZEE has recently launched a new ad-sales division, ATL Media, in the Asia Pacific region. The new division will handle ad-sales for varied Indian and South Asian media businesses in the region. The company said that ATL Media APAC will work with both mainstream and retail clients targeting the South Asian population in key markets. The newly launched division will represent media businesses including TV, radio, print, and digital in the region.

The company follows a similar model in Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region where ZEE has tied up with several channels including Geo TV, Imagine Movies, Cartoon Network apart from its own portfolio of Zee channels.

Zee Entertainment Enterprises is one of India's leading television media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world. 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 Zee Entertainment is trading down by 3.2% on the BSE.

Government data released yesterday showed that February Whole Sale Price Index (WPI) measuring whole sale inflation, declined 0.91% compared with a 2.61% fall in the corresponding period of the previous year. This was recorded as the 16th straight month that India witnessed a fall in wholesale prices.

Food inflation in February stood at 3.35%. Cereals, wheat, milk and meat became costlier in the month. For onions, however, the rate of inflation dropped significantly with prices going down by 13.22%. Also, inflation in pulses was 38.84%. Price rise in potato was -6.28 % while that of egg, meat and fish came in at 3.47%.

As per the data, price inflation of primary articles was 1.58% compared with 4.63% last month. Inflation in manufacturing products was 0.58% compared with 1.17% last month. The December WPI inflation has been revised to -1.06% from the provisional estimate of -0.73%.

After the release of this data, market participants are expecting an interest rate cut by Reserve Bank (RBI) in its upcoming first bi-monthly monetary policy for 2016-17 on 5th April.

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