Indian Indices Nosedive as Britain Vote to Leave EU

Fri, 24 Jun 11:30 am

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In a major global development, Britain has voted to leave the European Union (EU). This came as the 'Leave' campaign secured around 51.8% of the vote in the referendum.

Reportedly, while England voted overwhelmingly for Brexit, Scotland and Northern Ireland backed 'Remain'.

The exit of Britain from EU or 'Brexit' has caused mayhem in global financial markets. It sent the Sterling to its lowest level since 1985 with a decline of 11%. Euro too slumped around 3.3%. Crude prices in global markets plunged as much as 6%. Safe haven assets such as gold and the yen were seen witnessing buying interest.

To keep a regular tab on the movements in commodity and currency 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.

The Brexit has caused a blood bath on Dalal Street. Indian Indices plunged over 1,000 points. The BSE Sensex is presently trading down by 1,003 points (down 3.7%), while the NSE Nifty is trading down by 321 points (down 3.9%). The BSE Mid Cap index is trading down by 3.2%, while the BSE Small Cap index is trading down by 3.6%. At the time of writing, the rupee was trading at 68.02 to the US$.

Sectoral indices are trading on a discouraging note with stocks from the auto, banking, metal and realty sector witnessing maximum selling pressure.

The Brexit is said to have major implications for the international financial market and exchange rates. Our recent edition of The 5 Minute WrapUp explains how you should prepare for a post Brexit world.

As per an article in the Economic Times, coal and allied industries in India would need an investment of over 10,000 billion to achieve the coal production target of 1.5 billion tonne by 2019-20. A report by PwC and industry body Indian Chamber of Commerce said addition of 700 million tonne (MT) of coal production capacity by the above period would require an investment between Rs 130-150 billion on coal mines itself.

Coal is a primary fuel used for electricity generation. Although the state owned Coal India has a monopoly in mining and related activities, it is not able to meet the growing energy needs of the country. And as a result, India still needs to import thermal coal.

One must note that the government continues to reform the energy sector. The ministry has taken initial steps towards commercial mining and sale of coal in India. the ministry has declared to allot the mines to states that would be free to sell the mined coal to interested industries. For this, the Centre has identified 16 coal mines with an estimated annual capacity of around 40 MT.

A state would be able to own a mine in other states as well and use it for commercial purposes. The coal ministry has already invited applications from state utilities with allotments expected to be made in August after the coal ministry scrutinizes the applications and makes the allocations.

We think commercial mining of coal is a step in the right direction. The move, coupled with the above projected investments, could open up many avenues in the mining sector and will pave way for further reforms.

Moving on to the news from pharmaceuticals space, Sun Pharmaceuticals Industries said that it is betting on newer and more complex products to offset the rising competition in its lucrative US dermatology business.

The company is banking on Tildrakizumab, an experimental psoriasis drug that recently completed late-stage trials. Full results of the trials are said to be due out soon.

One must note that Sun Pharma was the first among its Indian peers to enter the US dermatology space. The company did so by acquiring a controlling stake in Israel's Taro Pharmaceuticals Industries Ltd in 2010.

The company, earlier this month, had launched its first dermatology product in the form of its sunscreen brand 'Suncros'. The product had been launched through the company's Global Consumer Healthcare business vertical.

Presently the stock of Sun Pharmaceuticals is trading down by 0.2%.

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