Sensex, Nifty Trading at All Time High; Tata Steel Surges by 5.7%

Fri, 26 May 01:30 pm

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After opening the day on a positive note, the Indian share markets have continued the momentum and are trading at record high levels. Except stocks in the pharma sector all sectoral indices are trading in green, with stocks in the capital goods sector and stocks in the metals sector leading the gains.

The BSE Sensex is trading up by 234 points (up 0.8%) and the NSE Nifty is trading up by 67 points (up 0.7%). Meanwhile, the BSE Mid Cap index is trading up by 1.3%, while the BSE Small Cap index is trading up by 1.4%. The rupee is trading at 64.53 to the US$.

In news from stocks in the pharma sector. Glenmark Pharma share price is in focus today and surged over 3% in intraday trade.

Glenmark Pharma announced that it had received final approval form the US Food and Drug Administration (USFDA) approval for its generic version Olmesartan Medoxomil Tablets, used in treatment of high blood pressure.

The ANDA (Abbreviated New Drug Application) approval granted by the USFDA is for multiple strengths of 5 mg, 20 mg and 40 mg, the company said in a statement.

Glenmark's Olmesartan Medoxomil tablets will be manufactured by the company's facility located in Goa, India. These are a generic equivalent of Benicar Tablets of Daiichi Sankyo, Inc.

Citing IMS Health sales data for the 12-month period ended March 2017, the company said Benicar achieved annual sales of about US$ 950 million.Glenmark's current portfolio consists of 115 products authorised for distribution in the US market and approximately 69 ANDA's pending approval with the USFDA.

The pharmaceutical major also informed the exchanges that S&P Global Ratings reaffirmed its credit rating as 'BB' as part of their annual review cycle. In addition, they have affirmed 'BB' issue rating on the senior unsecured notes issued last year.

Glenmark Pharma share price had plunged by over 30% this month over tepid results and subdued growth.

The BSE Healthcare Index too, is down by 7% over the last month.

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 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 from the steel sector. Tata Steel share price hit a 52-week high in today's trade amid merger buzz surrounding the company's European business.

Multiple media reports suggested that the merger of Tata Steel's European business' with German industrial group Thyssenkrupp AG may lead to potential savings anywhere in 400-600 million euros.

Thyssenkrupp and Tata Steel have been in discussions since July about merging their European steel assets to cut costs and reduce overcapacity.

They came close to signing a memorandum of understanding (MoU). However, talks stalled due to Brexit and management reshuffle at Tata, but the talks have since gained momentum, the reports added.

The plan has been further complicated by Tata's pension deficit in Britain. A deal this month to separate Tata's £15 billion ($19.4 billion) UK pension scheme still left many questions unanswered for both the parties.

However, neither Tata Steel nor Thyssenkrupp AG have commented on the reports. This has not stopped the markets from going into a frenzy.

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