Brexit Weigh on Indices

Fri, 24 Jun Closing

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The Indian equity markets languished in the red in today's trade after UK citizens voted in an historic referendum to leave the European Union, leading to fears of protracted political and economic uncertainty in Europe. At the closing bell, the BSE Sensex closed lower by 605 points, the NSE Nifty finished lower by 182 points. The S&P BSE Midcap & the S&P BSE Small Cap recovered in the afternoon session but still finished down by 1.1% and 1.5% respectively. Losses were largely seen in metal and realty stocks.

Asian markets finished sharply lower today with shares in Japan leading the region as financial markets were rocked by results from the UK referendum on European Union membership that pointed to a Brexit. The Nikkei 225 was down 7.92%, while Hong Kong's Hang Seng was off 2.95% and China's Shanghai Composite was lower by 1.3%. European markets are trading sharply lower today with shares in Germany off the most. The DAX is down 6.42%, while France's CAC 40 is off 5.42% and London's FTSE 100 is lower by 4.77%. The pound fell dramatically as the referendum outcome emerged and hit a low not seen since 1985.

The rupee was trading weak at 68.01 against the US$ in the afternoon session. Oil prices were trading at US$ 47.70 at the time of writing.

Pharma stocks finished the day on a negative note with IPCA Labs and Aurobindo Pharma leading the losses. According to a leading financial daily, Glenmark Pharmaceuticals Inc., USA, ( HYPERLINK "https://www.equitymaster.com/result.asp?symbol=GLPH&name=GLENMARK-PHARMA-Stock-Quote-Chart&utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for the generic version of Taro's Nystatin and Triamcinolone Acetonide Ointment USP.

Reportedly, the Nystatin and Triamcinolone Acetonide Ointment USP market achieved annual sales of around US$37.5 million, according to IMS Health sales data for the 12 month period ending April 2016.

The company also received tentative approval by the United States Food & Drug Administration (USFDA) for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg, the generic version of Benicar Tablets of Daiichi Sankyo, Inc. The Benicar tablet market achieved annual sales of approximately US$1.05 billion.

Glenmark's current portfolio consists of 114 products authorized for distribution in the US market and 62 ANDAs pending approval with the USFDA. The company has reported 30.5% YoY growth in sales and 1255.8% YoY increase in net profits for 4QFY16 (Subscription Required).

In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth (Subscription Required) of its existing pipeline and portfolio. Glenmark finished the day down by 2.1% on the BSE.

Moving on to news from PSU banks. Bank of India has raised Rs 5 billion by issue of Basel-III Compliant Additional Tier I Bonds (Series-III). The bonds have been rated AA (-) by Brickwork and A+ by CRISIL and bear coupon rate of 11.5% p.a.

Recently, the bank raised Rs 10 billion by issue of Basel-III Compliant Additional Tier I Bonds (Series-II). The bonds have been rated AA(-) by Brickwork and A+ by CRISIL and bear coupon rate of 11.5% p.a.

The RBI's timeline for implementing Base III norms requires banks to provide for a capital conservation buffer of 0.625% of risk-weighted assets by the end of financial year 2015-16 (FY16). As such, the minimum total capital requirement has increased to 9.625% in FY16. In FY17, this will increase by another 0.625%.

In a similar development, State Bank of India (SBI) also plans to raise US$1.5 billion from foreign markets via bonds to fund its expansion and pay off securities maturing in the year.

The move comes a couple of months ahead of $25 billion redemption of FCNR (B) deposits. Reportedly, SBI's move to raise bonds is not related to the FCNR (B) outflow but to finance its overseas operations.

State Bank of India recently announced plans to merge five of its associate banks and Bharatiya Mahila Bank with itself in order to form a giant bank that would raise its ranking 55th position among global banks. SBI and Bank of India finished the trading day down by 3% and 2.1% respectively on the BSE.

PSU banks languished in red with United bank of India and IDBI Bank leading the losses.

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