Soft Start to the Day

Wed, 3 Aug 09:30 am

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Major Asian stock markets have opened the day on a negative note. The stock markets in Japan and Hong Kong are trading lower by 1.5% and 1.7% respectively. Benchmark indices in Europe and the US ended their previous session in red with the stock market in Germany ending the day lower by 1.8%. The rupee is trading at 66.76 per US$.

Indian stock markets have opened the day on a marginally negative note. The BSE Sensex is trading lower by 105 points (down 0.3%) and the NSE Nifty is trading lower by 33 points (down 0.4%). While BSE Mid Cap and BSE Small Cap are trading lower by 0.5% and 0.2% respectively.

Major sectoral indices have opened the day in red with stocks from fast moving consumer goods (FMCG) and power sector are witnessing maximum selling pressure.

As per an article in Livemint, Lupin Ltd has agreed to buy a portfolio of 21 generic brands from Japan based Shionogi & Co Ltd. Reportedly, the deal is valued at Rs 10 billion.

The acquisition will give Lupin access to Shinogi's portfolio, which comprises drugs in therapeutic areas such as central nervous system, oncology, cardiovascular and anti-infectives. These 21 products it is acquiring had sales of US$ 90 million collectively in the year ended March.

The company already has a presence in Japan through its subsidiary Kyowa Pharmaceutical Industry. With this acquisition, the company will rank sixth among generic companies in Japan.

An ageing population in Japan will provide a significant opportunity for the company to increase its presence there. Further, Japanese government too has set a target of reaching 80% generic penetration by the end of this decade. This will bode well for the company. The stock is trading up by 0.1%.

In another news update, Goods and Service Tax (GST) bill is set to be passed in the Rajya Sabha today. The government has developed a political consensus on the bill and the Rajya Sabha is set to endorse the legislation to roll out the landmark tax reform.

The government has given in to the demand of Congress to remove the 1% additional tax on supply of goods for two years with these proceeds going to the manufacturing states. Further, the government has also addressed key concerns of states regarding full compensation for five years for any revenue losses arising out of the transition to GST.

The government is in a minority in the Rajya Sabha with just 72 MPs. Though it has developed a political consensus, the vote will test its floor management skills as it will need the support of at least 163 members in the 245-seat House to pass the constitutional amendment bill.

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