Indian Indices Witness Selling, FDI in India, and Top Cues in Focus Today

Thu, 30 May Pre-Open

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India share markets witnessed selling pressure during closing hours yesterday and ended their trading session in the red.

At the closing bell yesterday, the BSE Sensex stood lower by 247 points (down 0.6%) and the NSE Nifty closed down by 67 points (down 0.6%).

The BSE Mid Cap index ended the day down 0.8%, while the BSE Small Cap index ended the day down 0.6%.

Sectoral indices ended in the red with stocks in the metal sector, banking sector and auto sector witnessing most of the selling pressure.

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Top Stocks in Focus Today

From the engineering sector, Larsen & Toubro (L&T) share price will be in focus today as the company yesterday acquired over 3.6 lakh shares of Mindtree from open market.

After this transaction, L&T's shareholding in Mindtree stands at 28.8%. The latest stock purchase was made at Rs 980 per share.

From the finance sector, DHFL share price will be in focus today after reports stated that textile group Welspun may take partial ownership in the slum rehabilitation projects that DHFL has financed.

As per the news, the Welspun group is in talks with the local builders that are currently developing the projects to take joint ownership.

The report added that Welspun has already informed the cash-strapped DHFL about its intention and it could either be Welspun taking the projects on its books or a family office of promoter BK Goenka picking up the stake.

FDI Declines for the First Time in Last Six Year

The Department for Promotion of Industry and Internal Trade (DPIIT) in its latest data has showed that foreign direct investment (FDI) in India declined for the first time in the last six years in FY19.

The FDI fell by 1% to US$44.4 billion as compared to US$44.9 billion recorded in FY18.

Last time it was in FY13 when foreign inflows had registered a contraction of 36% to US$22.4 billion compared to US$35.1 billion in FY12.

Since 2012-13, the inflows had been continuously growing and reached a record high in FY18.

As per the data, FDI inflows in telecommunication, construction development, pharmaceuticals and power sectors declined significantly in FY19.

FDI in telecommunication dropped to US$2.7 billion in FY19 from US$6.2 billion in FY18, in construction development to US$213 million (US$540 million), in pharmaceuticals to US$266 million (US$1 billion) and in the power sector to US$1.1 billion (US$1.6 billion).

However, sectors that recorded a growth in FDI includes services (US$9.2 billion), computer software and hardware (US$6.4 billion), trading (US$4.5 billion), and automobile (US$2.6 billion).

Country wise, Singapore has replaced Mauritius as the top source of foreign investment into India in the FY19, accounting for US$16.2 billion inflows.

India has received US$8 billion FDI from Mauritius. The other major investors in the country includes Japan, the Netherlands, the UK, the US, Germany, Cyprus, the UAE and France.

FDI is important as India would require huge investments in the coming years to overhaul its infrastructure sector to boost growth.

Decline in foreign inflows could put pressure on the country's balance of payments and may also impact the value of the rupee.

How this pans out further remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Sun Pharma March Quarter Results

In the news from the pharma sector, India's largest drug maker by sales, Sun Pharma share price reported a 52% drop in net profit in the fourth quarter of FY19 as against the year-ago period.

The firm in a regulatory filing also stated that Sudhir Valia, its whole-time director, has resigned and been assigned the role of a non-executive director.

During the quarter, the company's net profit stood at Rs 6.4 billion as against Rs 13.4 billion in the same period last year. The company, however, said the result was not comparable due to the one-time impact of Rs 10.9 billion owing to a change in distribution strategy in India.

Consolidated sales grew 21% year-on-year (YoY) to Rs 81.3 billion. Revenues rose 2.3% YoY to Rs 74.5 billion.

Reports state that the past quarter saw higher employee costs as it continued to focus on building the specialty business in the US.

The company said, it is an investment phase in the US specialty business where the company has started direct-to-consumer campaigns for its psoriasis drug Ilumya.

Sales in the US were US$ 443 million for the quarter, a 20% increase over the same period last year, and accounted for 44% of total sales. For the full year FY19, sales were US$ 1,526 million, recording growth of 12%, YoY.

In US, Sun Pharma has 453 abbreviated new drug applications (ANDAs) approved, while filings for 118 ANDAs await USFDA nod, including 13 tentative approvals. For the quarter, nine ANDAs were filed and 12 approvals were received.

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