Sensex Opens Lower Ahead of RBI Policy Review

Thu, 6 Apr 09:30 am

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Asian equity markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1.40%, while the Hang Seng is down 0.49%. The Shanghai Composite is trading up by 0.15%. The US and European equities closed mostly lower in their previous trading session.

Meanwhile, share markets in India have opened the day on a negative note as investors maintained a cautious stance ahead of the outcome of RBI Monetary Policy Committee meet later today. The BSE Sensex is trading down by 86 points while the NSE Nifty is trading down by 35 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day on a flat note.

Sectoral indices have opened the day on a mixed note with power stocks and realty stocks leading the pack of gainers. While stocks from capital goods sector and metals sector have opened the day in the red. The rupee is trading at 65.04 to the US$.

Pharma stocks have opened the day on a mixed note with Ajanta Pharma and Panacea biotech leading the losses. According to an article in a leading financial daily, the Federal Court of Australia has ruled against Lupin's Australian arm, Generic Health, in a patent infringement case with Bayer Pharmaceuticals.

In the order, the Australian court has asked Generic Health to pay an amount of Australian dollar 30 million to Bayer Pharmaceuticals for causing loss of revenue. Bayer had sued Generic Health for infringement of its patent for a contraceptive called Yasmin.

Bayer Pharma Aktiengesellschaft and Bayer Australia Ltd had filed a patent infringement lawsuit against Generic Health Pty Ltd and Lupin Australia Pty Ltd, subsidiaries of the company, in the Federal Court of Australia.

The Bayer arms had alleged that sale of tablets by Lupin, containing Drospirenone 3 mg and Ethinyl Estradiol 30 microgram under the brand name Isabelle infringed their Australian patent.

Innovators in the pharmaceutical industry make use of patents largely. They make heavy use of patents whenever they create a new drug. In one of our recent editions of The Equitymaster Digest, we have spoken everything that you need to know about patented drugs, its advantages and its implications. Here's a snippet:

• "That's how the innovators in the pharmaceutical industry work. They make heavy use of patents whenever they create a new drug. The patent allows them to recoup the high capital expenditure that goes into the research and development (R&D) of new drugs. Companies that have a patent on a particular product are immune from competition for the duration of the patent."

However, a number of patent infringement cases have been filed against leading Indian pharma companies and their counterparts in other countries over the last few years. Indian pharmaceutical companies have been facing intense pressure on account of anti-trust cases too in the US.

Lupin share price opened the day on a flat note.

Moving on to the news from stocks in power sector. As per an article in a leading financial daily, Tata Power's arm Tata Power Renewable Energy Ltd (TPREL) announced the commissioning of its 100 MW wind farm project in Nimbagallu in Andhra Pradesh. The company commissioned 36 MW wind capacity of the plant in December 2016.

With this, the operating renewable portfolio of TPREL grew to 1,959 MW, comprising 907 MW wind power, 932 MW solar power, and 120 MW waste heat recovery capacity.

Reportedly, the company has organically added 159 MW wind and solar capacity in FY17. The company is also in the process of implementing nearly 325 MW of renewable power projects at various locations on a greenfield basis.

One must note that TPREL completed the acquisition of Welspun Renewables Energy Pvt Ltd in 2016 to become the largest renewable energy company in India. In order to aggregate its clean and renewable energy portfolio, Tata Power has initiated the process of carving out its 500 MW clean energy assets from its books into TPREL.

Moreover, the government, led by Prime Minister Narendra Modi has laid down an ambitious plan to create capacities generate 100 GW of solar power capacity by 2022.

Renewable Energy Generation Target Over Next Three Years

Meanwhile, Rahul Shah, Co-head of Research, pointed out that a few of the renewable energy projects are already running into financial troubles. Can we rule out a similar fate for the other projects? In his view, investors should not get carried away by the hoopla surrounding renewable energy projects. It's a much-needed initiative to reduce the pollution levels across the country. However, investors in this space must be extremely cautious.

Tata Power share price opened the day down by 0.5%.

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