Consumer Durables & IT Stocks Under Pressure

Tue, 16 Aug 01:30 pm

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Indian equity markets witnessed selling activity during the afternoon session on weak macroeconomic data. Sectoral indices are trading on a mixed note with stocks from the energy and metal sectors leading the gains. FMCG and IT stocks are leading the losses.

The BSE Sensex is trading lower by 136 points and the NSE Nifty is trading lower by 45 points. Meanwhile, the BSE Small Cap index is trading lower by 0.2% and while the BSE Mid Cap index is trading higher by 0.3%. The rupee is trading at 66.88 to the US$.

IT stocks are trading with negative bias with Oracle Financial Services and Tech Mahindra leading the losses. Shares of Infosys are currently trading down by 1.2% on the BSE after it was reported that the Royal Bank of Scotland (RBS) has cancelled a major contract with Infosys. The cancellation will impact as many as 3,000 of Infosys' employees.

RBS shelved plans to set up a separate bank in the United Kingdom, for which Infosys was a key technology partner. RBS had awarded a five-year 300-million-euro IT contract to Infosys and IBM for William & Glyn, the major portion of that, was to go to Infosys.

RBS cited high costs and risks as the reason to discontinue its plan to list W&G as a separate bank, adding, it is now looking at alternate means of divestment. The report says the move could result in a loss of as much as US$50 million for Infosys.

The company has reported a 1.4% QoQ growth in sales and a 6.3% QoQ fall in the net profit (Subscription Required) for 1QFY17.

The loss of the RBS deal could force Infosys to downgrade its FY17 revenue guidance (Subscription Required) for the second time this year. Infosys had in July cut its annual sales outlook citing weak demand, which triggered a selloff in the stock. Infosys shares are down 10% since July.

Moving on to news from healthcare sector. Shares of Lupin Ltd are trading higher on an encouraging note (up 0.6%) after it was reported that the company expects to launch nearly 25 products in the US market in 2016-17. The company expects the products to be the key driver for its revenue growth, going forward.

In the current year, apart from the Gavis portfolio, Fortamet and Glumetza, the company expects to launch products like Minastrin and Epzicom. Lupin also expects to go ahead with launches on the dermatology front this year. The company had announced acquisition of Somerset-based Gavis Pharmaceuticals on July 23 last year.

Meanwhile, Cadila Healthcare has received Establishment Inspection Report (EIR) for its Changodar manufacturing plant located near Ahmedabad from the US health regulator after successful completion of inspection (Subscription Required).

The topical plant is a dedicated facility for manufacturing ointments and does not form a part of the Moraiya formulations manufacturing plant. Last month, Cadila Healthcare had received EIR from the US health regulator for its manufacturing facility in Moraiya, indicating "closure of the inspection points" of initial review in 2014.

Cadila Healthcare is presently trading down by 1.5% on the BSE.

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