Markets End Weak On Industrial Data

Fri, 13 May Closing

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Indian equity markets witnessed heavy selling activity throughout the entire trading session today after data released by Central Statistics Office showed industrial production fell to 0.1% in March and retail inflation jumped to 5.39% in April. Sentiments were also hurt amid weak international markets. At the closing bell, the BSE Sensex closed lower by 301 points, the NSE Nifty finished lower by 86 points. The S&P BSE Midcap the S&P BSE Small Cap finished down by 0.6% and 0.3% respectively. Losses were largely seen in realty and metal stocks.

Asian markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 1.41%, while Hong Kong's Hang Seng is off 0.99% and China's Shanghai Composite is lower by 0.31%. European markets are trading lower today with shares in France off the most. The CAC 40 is down 0.57%, while London's FTSE 100 is off 0.5% and Germany's DAX is lower by 0.28%.

The rupee was trading at 66.76 against the US$ in the afternoon session. Oil prices were trading at US$ 45.96 at the time of writing.

Pharma stocks finished on a mixed note with Elder Pharma and Dishman Pharma leading the losses. Shares of Dr. Reddy's Laboratories finished the trading day in the red (down 2.1%) after the company registered 85.6% fall in consolidated net profit for the fourth quarter ended March 2016. The company posted consolidated net profit figures at Rs 746 million for the quarter under review. It had posted a net profit of Rs 5.18 billion in the same quarter last year.

Consolidated net sales of the company slid 2.95% year-on-year (yoy) at Rs 37.56 billion during Jan-March 2016 period. Net sales stood at Rs 38.70 billion in the corresponding period last year. The company's CEO pointed out that provisions were made as a matter of abundant caution to write down outstanding receivables from Venezuela but will continue to actively engage with the Venezuelan Government to provide affordable medicines to the country.

Apart from anticipated approvals for pending ANDAs that could result in product launches, the company's CEO also highlighted the company's biosimilars business, which was also gaining traction by getting approvals and building partnerships in emerging markets (Sunscription Required).

According to an article in The Economic Times, the company is working on bringing three of its key manufacturing plants in India back into compliance after the US Food and Drug Administration issued a warning letters (Subscription Required) in November citing inadequate manufacturing standards there. Dr Reddy's plans to send a final response to the agency this month outlining the remedial measures it has taken at the plants. The factories contribute about 12% to the company's total revenue, and the company cannot launch products made there until the issues are resolved.

Automobile stocks finished in the red with Eicher Motors and M&M leading the losses.

Shares of Eicher Motors languished in the red today after two of its promoters and Eicher Goodearth Trust sold equity shares in the company worth Rs 21 billion. Anita Lal, Rukmani Joshi and The Eicher Goodearth Trust, part of the promoter group have sold 1.14 million equity shares in Eicher Motors , representing 4.2% of EML's equity shares for Rs 21 billion.

The promoter group shareholding now stands at 50.67%. Reportedly, sale has been done to provide liquidity to the promoters , and the proceeds will be utilized for personal uses, such as portfolio and other investments, and charitable purposes.

The company said the promoters intend to maintain a majority share in EML and do not plan to sell any further shares in the foreseeable future. The scrip of Eicher finished down by 3.8% on the BSE.

FY16 turned out to be a tepid year for the Indian auto industry. The only segment that managed to grow in double digits was commercial vehicles (CVs) . But this was largely led by medium & heavy CVs. Growth for light CVs remained sluggish.

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