Sensex Trades Higher; Metal Stocks Lead

Fri, 26 Apr 12:30 pm

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Stock markets in India are presently witnessing buying interest. The BSE Sensex is trading up by 95 points and the NSE Nifty is trading up by 38 points. Meanwhile, the BSE Mid Cap index and the BSE Small Cap index are trading down by 0.2% and 0.1% respectively.

Among the sectoral indices, telecom stocks and automobile stocks are witnessing selling pressure, while metal stocks and energy stocks are leading the pack of gainers.

In the news from the banking sector. Axis Bank reported a net profit of Rs 15.1 billion in the March quarter of FY19, as against a loss of Rs 21.9 billion in the same period last year.

The rise in profit was aided by a fall in total provisions, which more than halved on a year-on-year (y-o-y) basis to Rs 27.1 billion in Q4FY19.

The net interest income (NII), difference between interest earned and interest expended increased 21% y-o-y to Rs 57.1 billion and its domestic net interest margin (NIM) stood at 3.61%, up 2 basis points (bps) y-o-y and down 5 bps sequentially.

The bank's gross non-performing assets (NPAs) ratio, bad loans as a percentage of gross advances were at 5.26% in Q4 FY19, down 151 bps y-o-y and down 49 bps sequentially.

Provisions during the quarter decreased 62.2% y-o-y to Rs 27.1 billion. In the December quarter of FY19, the bank had set aside Rs 30.5 billion as provisions. Post-provisions, the net NPA ratio was at 2.06% in Q4, against 2.36% in the December quarter and 3.4% in the year-ago quarter.

The bank saw slippages of Rs 30.1 billion in Q4FY19, down 81.7% y-o-y and down 19.5% sequentially. Corporate slippages stood at Rs 13.7 billion and the bank said that 72% of this originated from accounts rated BB and below.

The bank's BB and below book stood at Rs 74.7 billion, or 1.3% of its gross customer assets, and was down from the 7.3% peak seen earlier.

Axis Bank's total advances grew 12.5% y-o-y to Rs 4.94 trillion as on 31 March 2019. While domestic loans grew 18% y-o-y, the overseas book shrunk by 29% y-o-y. Its retail loans grew 19% y-o-y to Rs 2.45 trillion and accounted for 50% of the net advances. The bank saw a corporate credit growth of 5%.

Axis Bank share price was trading up by 1.7% at the time of writing.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Dr Reddy's Laboratories has got approval for selling generic Clopidogrel in China.

Clopidogrel is used to prevent heart attacks and strokes in persons with cardiovascular diseases.

Reportedly, Dr. Reddy's is betting big on the Chinese drug market for a US$1.6-billion anti-blood clotting drug from the Chinese regulator after an 11-year wait.

The launch of the product is still some time away. This would be DRL's biggest product in China in terms of market potential. The drug is now undergoing generic equivalent assessment (China requires drugmakers to conduct bioequivalence studies), the reports noted.

Dr. Reddy's is the largest international generic pharmaceutical company in China with presence across all provinces.

Dr. Reddy's had launched generic Clopidogrel in the US market with its partner Mylan in March 2012 after the patent for Sanofi-Aventis' Plavix expired. Plavix was one of the best-selling drugs in the US and during the patent period, the drug roughly had an annual sale of around US$6.7 billion.

To know more about the company, you can access to Dr. Reddy's Q3FY19 result analysis and Dr. Reddy's Stock Analysis on our website.

At the time of writing, Dr. Reddy's Lab share price was trading down by 0.7%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

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