Sensex Opens Lower; Banking Stocks Under Pressure

Mon, 15 Jun 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.1% while the Hang Seng is down 0.3%. The Nikkei 225 is trading down by 0.6%.

US stocks ended higher on Friday as bargain hunters stepped back into the market following sharp losses a day earlier, but all three major indices suffered their biggest weekly percentage declines since March.

Back home, Indian stock markets opened lower.

The BSE Sensex is trading down by 247 points. The NSE Nifty is trading lower by 62 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.1%.

BSE Small Cap index is trading higher by 0.4%.

Sectoral indices are trading mixed. BSE Bankex is witnessing maximum selling pressure, down by 1.3%.

Healthcare stocks are witnessing buying interest.

Moving on, gold prices are currently trading down by 0.2% at Rs 47,334.

The rupee is currently trading at 75.78 against the US$.

In the news from pharma sector. Dr Reddy's Laboratories has entered into a non-exclusive licensing agreement with Gilead Sciences to register, manufacture and sell remdesivir, a potential treatment for COVID-19, in 127 countries including India.

Reportedly, Dr Reddy's will receive technology transfer from Gilead for manufacturing of this drug and needs to do the manufacturing scale-up and obtain regulatory approval for marketing of this drug in respective countries.

Remdesivir, an investigational antiviral therapy developed by Gilead, received Emergency Use Authorization (EUA) by the US Food and Drug Administration (USFDA) to treat hospitalised patients with severe COVID-19 illness.

In May, four companies, i.e. Hetero, Jubilant Life Sciences, Cipla and Mylan NV, have earlier entered into non-exclusive licensing agreements.

They are still awaiting permission from the Drug Controller General of India (DCGI) for manufacturing and distribution remdesivir in the country.

A few days ago, Zydus Cadila announced that they have also entered into a non-exclusive licensing agreement with Gilead Sciences for remdesivir.

India currently does not manufacture remdesivir.

Dr. Reddy's share price opened up by 1.3%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Profit Opportunities in the Rebirth of India

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

Moving on to the news from telecom sector. Reliance Industries Ltd's subsidiary, Jio Platforms has emerged as the highest ever grossing company in India in terms of private equity (PE) investments, at a time when the world is under a lockdown and businesses face an uncertain future due to the covid-19 pandemic.

Jio Platforms has announced a sale of 22.4% stake worth Rs 1 trillion to 10 global investors in just a span of eight weeks. It is the largest continuous fundraising by any company in the world.

Of this, deals worth at least Rs 607.5 billion are private equity investments from eight marquee global investors.

This is by far the largest known PE investment in a single company in India.

California-based TPG Capital and Greenwich-headquartered L Catterton, on Saturday, said they will invest Rs 45.5 billion and Rs 18.9 billion, respectively, in Jio Platforms at an equity value of Rs 4.9 trillion and an enterprise value of Rs 5.2 trillion.

Reliance Industries share price opened the day down by 0.2%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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