Sensex Pares Gains; Power Stocks Drag

Thu, 11 May Closing

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After opening the day on a positive note and scaling record highs, share markets in India pared early gains and ended the day flat. Gains were largely seen in the auto sector and consumer durables sector, while stocks in the power sector and stocks in the oil and gas sector ended the day in red.

At the closing bell, the BSE Sensex stood higher by 3 points and the NSE Nifty closed higher by 15 points (up 0.2%). The BSE Mid Cap index ended the day up by 0.1%, while the BSE Small Cap index ended the day down by 0.1%.

Asian stock markets finished positive as of the most recent closing prices. The Hang Seng gained 0.44% and the Nikkei gained 0.31%. The Shanghai Composite gained 0.31%. European markets are trading flat today. The FTSE 100 is up 0.03% while Germany's DAX is trading flat and France's CAC 40 is down 0.02%. The rupee was trading at 64.39 to the US$ at the time of writing.

While stocks in the pharma sector have come under pressure recently, Cadila Healthcare share price has bucked the trend and ended the day on a positive note.

Cadila Healthcare (Zydus Cadila) was in focus today as the company received a favourable judgement from a US federal court in a patent infringement case. The judgement enables the company to launch its generic product in the US market.

The US Court of Appeals for the Federal Circuit has affirmed judgement in favour of Zydus Pharmaceuticals (USA) Inc, holding that its proposed generic version of Lialda does not infringe a US patent, the company said in a statement.

Zydus was the first pharmaceutical company to file an abbreviated new drug application (ANDA) for a generic version of Lialda. Lialda is used for the treatment of remission of active, mild to moderate ulcerative colitis and for the maintenance of remission of ulcerative colitis, a chronic inflammatory bowel disease that affects approximately 700,000 people in the United States.

The Court of Appeals' decision is a major step toward Zydus providing a generic version of the drug whose annual sales in 2016 were to the tune of $714 million in the USA.

Cadila Healthcare share price closed the day up by 4.7%.

The Indian pharmaceutical industry has come under a lot of regulatory pressure in the past few years. The sector has faced great volatility over the years.

Volatility in the Pharma Sector

We had recently written about the current predicament of Indian pharma companies in one of the premium editions of the 5 Minute WrapUp:

• Over the past few years, risk in the US markets has increased. The US Food and Drug Administration has become stricter on products entering US borders. Surprise inspections have increased and companies are being issued warning letters. This has impacted the business and earnings of Indian pharma players, causing major volatility for the sector.

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Moving on to news from stocks in the metals sector. Hindalco share price ended the day on an optimistic note after its subsidiary entered into a new joint venture (JV).

Hindalco announced that its wholly owned subsidiary Novelis has entered into a joint venture with Kobe Steel, a producer of aluminum products in Japan.

The joint venture to be named as Ulsan Aluminium, will be formed by Novelis selling Kobe Steel 50% of its ownership interest in its Ulsan, South Korea facility for US$ 315 million.

Through the joint venture, Novelis and Kobe Steel will jointly own and operate the Ulsan facility, which employs over 600 people, with each company remaining responsible for its metal supply and commercial relationship.

The partnership is strategic as it will aide in better utilisation of the Ulsan facility as well as serve the increasing demand for lightweight rolled aluminium products across Asia which is emerging as a manufacturing hub for the global automobile industry.

The transaction will also help Novelis reduce its net debt by generating cash flows. The JV transaction is expected to be closed in September 2017, subject to customary closing conditions.

It is noteworthy that the Ulsan plant completed a major expansion recently, adding a new three-stand hot finishing mill as well as a pusher furnace and annealing furnaces.

Hindalco share price ended the day up by 3.4%

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