Sensex Opens Flat; Automobiles and Consumer Durables Stocks Gain

Fri, 13 Sep 09:30 am

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Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.9% while the Hang Seng is up 0.2%. The Shanghai Composite is trading up by 0.8%. Wall Street advanced on Thursday, and the S&P 500 ended the session within striking distance of its all-time closing high, buoyed by positive developments on the US-China trade front and a promise of continued stimulus from the European Central Bank.

Back home, India share markets opened the day on a flat note. The BSE Sensex is trading down by 14 points while the NSE Nifty is trading up by 31 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.1% and 0.3% respectively.

Except bank stocks, healthcare and telecom stocks, all sectoral indices have opened the day on a positive note with automobiles stocks and consumer durables stocks witnessing maximum buying interest.

The rupee is currently trading at 70.89 against the US$.

In the news from the economy. India's consumer Price Index-based retail inflation reached 3.21% in August, as opposed to 3.15% in the previous month.

This is the highest level recorded in the past ten months since October 2018. Retail inflation during August 2018 stood at 3.69%. During August, inflation in rural areas was at 2.18%, whereas it was 4.49% in the urban areas.

This is the thirteenth month that retail inflation has stayed under the target of 4% set by the Reserve Bank of India. The central bank factors in CPI-based retail inflation while planning its monetary policy.

Overall inflation in the food basket, measured on the basis of consumer food price index (CFPI), rose to 2.99% in August 2019, in comparison to 2.36% in July 2019.

Note that, India has been battling an economic slowdown, with most macroeconomic parameters showing signs of decline.

The GDP growth rate during the April-June quarter fell to a 6-year low of 5%. Over the past few weeks, the government has announced a host of measures to revive the Indian economy. Even RBI has handed over Rs 1.76 trillion from its reserves to help the government achieve its fiscal target.

With inflation in check, RBI could focus its monetary policy to rejuvenate the economy. The central bank has reduced the repo rate by 110 basis points over the last four bi-monthly monetary policy meets in a row. The reduction leads to cheaper EMIs on loans granted by banks.

Meanwhile, India's factory output growth, measured by the Index of Industrial Production, grew 4.3% in July 2019 as compared to the level in the month of July 2018. Factory output had grown 6.53% in the year-ago period.

The slowdown in industrial output was primarily due to slump in the manufacturing sector, which grew at 4.2% in July 2019 as compared to 7% a year ago.

Moving on to the news from the . As per an article in a leading financial daily, Biocon signed a license and supply agreement with a subsidiary of China Medical System Holdings (CMS) for three generic formulation products in Greater China.

Under the terms of the agreement, Biocon will be responsible for the development, manufacturing and supply of the products while CMS will be responsible for registration and commercialisation of the products in China.

The initial term of the agreement shall be for 10 years from the date of commercialisation, extendable by two years on a product basis by mutual consent.

This collaboration can be extended to a broader portfolio in future, the company stated.

The total addressable market size for these three products in Mainland China is about US$800 million, as per recent IQVIA data.

This development is in line with Biocon's long term generic formulations strategy and expands our generic formulations business footprint to the Chinese pharmaceuticals market, which is the second largest pharmaceutical market in the world.

Note that, Indian companies are lining up partnerships with local Chinese firms to launch products in that market, as drug regulator there speeds up approvals, especially for drugs approved by USFDA.

Earlier, Sun Pharma entered into a similar deal with CMS to commercialise eight products in China.

Biocon share price opened up by 0.4%.

In another development, Dr. Reddy's Laboratories received establishment inspection report from the US health regulator for its Visakhapatnam facility in Andhra Pradesh.

Reportedly, the inspection of the two facilities were completed by the USFDA on June 21 this year.

The USFDA gives EIR on closure of inspection of an establishment that is the subject of an USFDA-contracted inspection.

Dr. Reddy's share price opened up by 0.5%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

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