Sensex Trades Higher; Ultratech Cement Surges on Strong Q4 Result

Thu, 25 Apr 12:30 pm

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Stock markets in India are presently witnessing buying interest. The BSE Sensex is trading up by 151 points and the NSE Nifty is trading up by 56 points. Meanwhile, the BSE Mid Cap index and the BSE Small Cap index are trading up by 0.2% and 0.5% respectively.

Among the sectoral indices, telecom stocks and metal stocks are witnessing selling pressure, while consumer durables stocks and power stocks are leading the pack of gainers.

After the dream bull market of 2017, 2018 turned out to be a wet blanket.

But since March 2019, the Indian markets have rallied sharply. As a result, India managed to outperform most of the other major economies during the second half of the financial year 2018-19 (H2: 2018-19).

The chart below shows the performance of the some of the major world economies during H2: 2018-19 in dollar terms.

Indian Stock Markets Outperform Most Peers

From October 2018 to March 2019, the BSE Sensex increased by 6.8% in rupee terms and 11.7% in dollar terms.

Brazil, Indonesia and China are the only other major economies that did better than India during this period.

Will the trend continue going forward? Let's wait and watch...

In the news from the cement sector. Ultratech Cement share price surged over 6.3% after it reported a consolidated profit after tax (PAT) at Rs 24.4 billion for the year ended 31 March 2019.

Revenue from operations for the fiscal stood at Rs 367.8 billion as compared to Rs 305.4 billion in the previous year.

UltraTech stated that its result for the quarter and the financial year ended March 2019, are not comparable with the previous periods due to merger of Binani Cements into the company, which has now been named as UltraTech Nathdwara Cements.

The fourth quarter earnings also include results from cement plants acquired from Jaiprakash Associates and Jaypee Cement Corp, the company stated.

For January-March quarter, the cement maker's consolidated PAT increased to Rs 10.1 billion versus Rs 4.5 billion in the same quarter a year ago. The total revenue stood at Rs 107.4 billion from Rs 91.7 billion in the corresponding period previous fiscal.

The company's operating profit (EBITDA) also increased by 30% to Rs 24.6 billion as compared to Rs 18.9 billion in FY18.

During March quarter, domestic sales volume jumped 16%, helped by 100% utilization of clinker capacity and cement grinding facility in Madhya Pradesh.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Glenmark Pharma has received approval from Russia's Healthcare Ministry to market Momate Rhino metered nasal spray as an over-the-counter (OTC) product.

It is used for the treatment of seasonal and perennial allergic rhinitis in patients above 18 years of age.

Reportedly, allergic rhinitis affects a significant number of people in Russia. Hence, the approval to market Momate Rhino as an OTC product paves way for the company to widen patient accessibility of this medicine, which is particularly important at the start of the allergy season.

According to IQVIA, Glenmark ranked 41st in the retail segment of the Russian pharmaceutical market as of MAT February 2019.

In the respiratory space, Glenmark is ranked 4th among the companies present in the expectorants market in Russia as of MAT February 2019. The company is ranked 10th in the retail dermatology market in the country.

To know more about the company, you can access to Glenmark Pharma's latest result analysis and Glenmark Pharma's Stock Analysis on our website.

At the time of writing, Glenmark pharma share price was trading up by 0.8%.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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