Markets Finish Lower

Fri, 15 Jul Closing

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Indian equity markets wiped off some losses in the afternoon session but still finished the week on a weak note. At the closing bell, the BSE Sensex closed lower by 106 points, the NSE Nifty finished lower by 24 points. The S&P BSE Midcap finished up by 0.1%, while the S&P BSE Small Cap finished down by 0.8%. Losses were largely seen in technology and IT stocks.

Asian markets finished mixed as of their recent closing prices. The Nikkei 225 gained 0.68%, while the Hang Seng was higher by 0.46%. The Shanghai Composite was even. European markets are trading lower today with shares in France off the most. The CAC 40 is down 0.87%, while Germany's DAX is off 0.6% and London's FTSE 100 is lower by 0.26%.

The rupee was trading at 67.07 against the US$ in the afternoon session. Oil prices were trading at US$ 45.23 at the time of writing.

Pharma stocks finished the day on a mixed note with Alembic Pharma and Torrent Pharma leading the losses. According to a leading financial daily, Biocon's, partner FUJIFILM Pharma Co., (FFP) has launched Insulin Glargine in Japan. This is pursuant to receiving approval for its Insulin Glargine from the Japanese regulator last quarter. Insulin Glargine BS Injection Kit (FFP) has been developed & manufactured by Biocon, and is being commercialized by FFP in Japan.

The company through its partner aims to capture a significant share of the Japanese Glargine market of US$144 million, which is the second largest market outside of North America & Europe (Subscription Required) and is largely dominated by disposable pens.

The company has marketing approvals in over 60 countries for rh-Insulin and in over 20 countries for Insulin Glargine. As per the reports, it is also developing Insulin Glargine for the developed markets outside of Japan in collaboration with Mylan.

Reportedly, the product is a ready-to-use, prefilled disposable pen with 3 ml of 100IU Insulin Glargine. It will provide a high quality, yet affordable, world-class long-acting biosimilar basal Insulin Glargine for patients of diabetes in Japan. According to the International Diabetes Federation, there were 7.2 million people with diabetes in Japan in 2015.

Biocon finished the day down by 1% on the BSE. Biocon is India's largest and Asia's leading biotechnology company with a strategic focus on biopharmaceuticals and research services.

Shares of HDFC finished the trading day on an encouraging note (up 1.8%) after it was reported that the company has raised Rs 30 billion through unsecured rupee-denominated bonds in the first ever 'masala bond' issue. The bonds bears a fixed semi-annual coupon of 7.875% per annum and has a tenor of 3 years and 1 month. The all-in annualized yield to the investors is 8.33% per annum and this rate is five basis points lower than the last domestic issue by HDFC on July 12, 2016.

The rupee-denominated bonds or masala bonds are instruments through which Indian entities can raise funds by accessing overseas capital markets, while the bond investors hold the currency risk.

According to an article in The Financial Express, the company is the first Indian corporate issuer of Rupee Denominated Bonds overseas and bonds will be listed on the London Stock Exchange and cannot be traded in the local Indian market. The issue proceeds would be used for the HYPERLINK "https://www.equitymaster.com/5MinWrapUp/detail.asp?date=04/02/2016&story=3&title=Is-This-the-Best-Way-to-Ride-the-Housing-Shortage-Megatrend&utm_source=archive-page&utm_medium=website&utm_campaign=The-5-Minute-Wrapup&utm_content=story" housing finance business of HDFC as well as for general corporate purposes.

The bond was oversubscribed 4.3 times. As per the reports, the final order book was Rs 86.73 billion from 48 accounts with 8% taken by Asian investors and European investors taking the remainder. Institutional investors made up 82% of allocations and private banks 18%.

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