Oil & Gas Stocks Under Pressure

Mon, 28 Mar 11:30 am

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After opening the day on a flattish note, the Indian Markets have slipped downwards. The BSE Sensex is trading lower by 119 points (down 0.5%) and the NSE Nifty is trading lower by 27 points (down 0.3%). The BSE Mid Cap and BSE Small Cap indices are trading lower by 0.4% and 0.5% respectively. The rupee is trading at 66.67 to the US$.

Sectoral indices are trading on a mixed note with stocks from the capital goods and oil & gas sector witnessing selling pressure. However, stocks from IT sector are witnessing buying interest.

As per an article in NewsRise, government is examining the possibility of selling up to 49% stake in the loss making national carrier Air India. Reportedly, the government plans to form a four to five member panel to consider the stake sale.

Air India has last made profit in the year 2007. The company has seen its market share shrink in the recent years to the low cost airlines such as Interglobe Aviation ltd, GoAir and SpiceJet. The stake sale will help the company to achieve its divestment target and maintain the fiscal deficit at the projected level. However, the government denied the report considering the stake sale in the loss making firm.

Recently, in his interview to The Inner Circle newsletter of Bonner & Partners, Vivek Kaul talked about how the government continues to run an extensive network of loss making businesses. According to him, the biggest reason for the sad state of the PSUs is that the government wants them to survive. And whenever there are decisions to let go of the PSUs, there are protests.

In another news update, US Food and Drug Administration (USFDA) have made certain adverse observations after inspecting Natco Pharma Ltd facilities at two locations. The facilities are located near Chennai and Hyderabad. The observations have been made by USFDA in Form 483.

However, the company states that the observations are minor in nature. The company has already sent responses and compliance report for these observations. Further, the management believes that there would be no adverse impact to its current or future pipeline products coming from these facilities.

The US drug regulator conveys its concerns on manufacturing practices in Form 483. Companies receiving Form 483 observations must respond to the USFDA in writing with their corrective action plan and implement the plan expeditiously. If the company fails to satisfy USFDA about corrective actions, a warning letter may be issued. The stock is trading down by 12.2%.

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