Telecom Stocks Lead the Gains

Wed, 1 Jun 01:30 pm

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After opening the day firm, the Indian indices have continued their momentum and are presently trading on a positive note. Sectoral indices are trading on a mixed note with stocks from the telecom, FMCG and IT sectors leading the gains.

The BSE Sensex is trading up 88 points (up 0.3%) and the NSE Nifty is trading up 24 points (up 0.3%). The BSE Mid Cap index is trading up 0.1%, while the BSE Small Cap index is trading up by 0.5%. Gold prices, per 10 grams, are trading at Rs 28,762 levels. Silver price, per kilogram is trading at Rs 38,615 levels. The rupee is trading at 67.32 to the US$.

Crude oil is witnessing volatility. At the time of writing, crude oil was trading at Rs 3,286 per barrel, down by around 1.4%. This is seen on the back of a stronger dollar and concerns about the outcome of this week's OPEC meeting. One shall note that the Organisation of the Petroleum Exporting Countries (OPEC) are going to meet in Vienna this week where a deal on capping production is to be discussed.

Tracking the above developments, crude oil futures declined yesterday. However, they managed to close the month of May higher by around 7%. Most of the gains during the month came after reports stated that US crude stocks dropped by 5.1 million barrels to 536.8 million during the last week. The commodity witnessed buying interest after the announcement and touched US$50 per barrel mark during the month. Also, recent comments from industry research group Genscape stated that inventories at the Cushing Oil Hub in Oklahoma fell by 6,86,600 last week. This too aided the uptrend in crude oil prices.

Vivek Kaul, editor of Vivek Kaul's Diary, has written an insightful piece on what the Modi government will do if oil prices continue to go up.

To keep a regular tab on the movements in crude oil prices, you can read weekly market commentary from the Daily Profit Hunter team. Their weekly commentary tracks the developments in the global economy as well as equity, currency and commodity markets.

Moving on to the news from pharmaceuticals space. Glenmark Pharmaceuticals has launched an offer on the Singapore Stock Exchange to raise up to US$200 million through issue of securities. The company has decided on a regulatory floor price for conversion of the FCCBs (foreign currency convertible bond) at Rs 861.84.

Last year, the company's board and shareholders had approved a plan to raise funds up to US$500 million through issuance of securities, including shares or equity-linked assets, convertible bonds, warrants, and depository receipts.

Glenmark Pharmaceuticals manufactures and markets generic formulation products and active pharmaceutical ingredients, both in the domestic and international markets. The company recently launched 'Digihaler', the country's first Digital Dose Inhaler (DDI). The company has also received final approval from the US health regulator US Food and Drug Administration (US FDA) to sell Rufinamide, which is used to treat seizures caused by Lennox-Gastaut syndrome.

In its fourth quarter and full year results for FY16, the company reported 13-fold jump in its consolidated net profit to Rs 1 billion for the quarter ended March 31, 2016. For the year ended March 31, 2016, the company has posted a 47% YoY rise in its net profit at Rs 7 billion. Its current portfolio consists of 113 products authorized for distribution in the US marketplace and 63 ANDA's pending approval with the USFDA. Presently the stock of the company is trading up by 0.4% on the BSE.

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