Indian Markets Trade Flat

Thu, 14 Jul 11:30 am

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After opening the trading day on a flat note, Indian markets continue to remain listless with negative bias. Sectoral indices are trading mixed with healthcare and FMCG stocks leading the losses, while power and PSU stocks are in demand.

The BSE Sensex is trading lower by 30 points and the NSE Nifty is trading lower by 9 points. The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading higher by 0.6%. The rupee is trading at 67.20 to the US$.

Energy stocks are trading on a firm note with GAIL and Chennai Petroleum leading the gains.

According to an article in The Economic Times, global rating agencies Moody's and S&P today assigned low investment grade ratings to a US dollar bond issue of ONGC Videsh Ltd, a subsidiary of ONGC.

Moody's Investors Service has assigned a 'Baa2' rating to the proposed foreign currency senior unsecured bonds to be issued by ONGC Videsh Vankorneft Pte Ltd (OVVPL). S&P assigned a 'BBB-' long-term issue rating.

ONGC Videsh expects to use the proceeds of the proposed notes to refinance existing bridge loans incurred to acquire a 15% stake in CJSC Vankorneft for US$ 1.26 billion.

Reportedly, the rating on ONGC reflects the company's strong competitive position (Subscription Required) as one of Asia's largest oil exploration and production companies with a long reserve life, stable production and good profitability. However, ONGC's production is concentrated in India, particularly the Mumbai basin, and its expansion outside India is in higher-risk countries.

As per the reports, secured consolidated debt at ONGC accounted for about 4.3% of its consolidated assets as of March 2016.

The stock price of ONGC is presently trading down by 2% on the BSE.

Pharma stocks are trading on a mixed note with Elder Pharma and Torrent Pharma leading the gains. Sun pharma and Biocon Ltd are leading the losses. Shares of Dr Reddy's Laboratories slipped 1% in morning trade after it was reported that the company is recalling 9,330 bottles of Sirolimus tablets, used for prevention of organ rejection after kidney transplant.

The reason for recall is failed impurities/degradation and out of specification result for impurity secorapamycin.

The voluntary nationwide ongoing recall is a class III recall. As per USFDA a class III recall is initiated in a situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences. The tablets were manufactured by Dr Reddy's Laboratories at its Visakhapatnam plant.

Sirolimus tablets are indicated for the prevention of organ rejection in patients aged 13 years or older receiving renal transplants.

Recently, Dr Reddy's announced a deal with Teva in which the former bought a portfolio of eight drugs for US$350 million. The combined sales of the branded versions of these products in the US are US$ 3.5 billion. In our recent edition of The 5 Minute Wrap Up Premium, we try to explain whether the Teva deal boost Dr Reddy's US sales (Subscription Required).

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